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20 December 2018 07: 48 & nbspUTC
| updated:
20 December 2018 at 07: 48 & nbspUTC
If you are a layman in the world of Crypto, but you still want to do an incursion, it might seem a little daunting at the start. However, if what you are trying to do is simply buy some cryptocurrencies at their current low prices, look no further than this short and complete guide of a layman to cryptocurrency trading.
You can also read: Best Altcoin to invest in 2018
Where to start?
Before you pay your hard earned money for the purchase of cryptocurrencies, it is best to conduct an online due diligence, from as many sources as possible. There are many things you should be aware of before jumping and you could start by reading our article "5 things to know before investing in cryptocurrencies" to form a general idea at the beginning.
Now that it's out of the way, let's immediately look at what cryptocurrency trading is:
The cryptocurrency trading is nothing more than the purchase and sale of cryptocurrencies, Litecoin against Bitcoin, Bitcoin against a fiat currency such as USD and so on.
For example, in the world of Fiat, there are more forms of payment, ranging from PayPal to debit card, checks in cash. Payment services for mobile apps such as PayTM in India have also become very popular. Now, if you go to a certain restaurant and ask them if they accept payment via LazyPay, they could say "No". They could only accept cash and PayTM. However, in another restaurant, the scene could be completely different where they only accept cash and debit cards, not even PayTM. So, what you can buy against your favorite cryptocurrency depends on WHAT EXCHANGE you have chosen. This brings us to our next point.
Where to buy it?
A wide range of cryptocurrency exchanges available to the user is available. Exchanges such as Binance or decentralized as WAVES can be centralized. While centralized exchanges see controlled trading by developers managing the exchange, decentralized exchanges establish peer-to-peer exchange channels between buyers and sellers with adequate privacy protection.
In the case of centralized exchanges, they work a little like eBay, where a central company manages the way buyers and sellers interact with each other. On the other hand, you can imagine that decentralized exchanges are similar to a site like OLX.com, which allows buyers to list their needs and sellers to list their goods. However, cryptographic exchanges are generally much more privacy-oriented than a site like OLX.com.
You may want to choose from the best cryptocurrency platforms that we have compiled and list your concerns.
How to buy and sell Cryptocurrencies?
Once you go into an exchange, you must first understand what their trading pairs are, that is, if they only accept Bitcoin and Ethereum to buy Litecoin or some other cryptographic currency. A BTC / USDT trading pair means that you can buy Tether using an equivalent amount of Bitcoin (BTC). Equivalence is established based on market price and other factors, such as time spent in trading, how much is traded, and so on.
So you can simply buy and sell, placing orders for the same. The specifications naturally depend on the interface of the exchange you are using. However, if you're looking for a simple sample guide, you can take a look at the article below.
You can also read: How to buy Bitcoin using your bank account
While this article refers only to bank accounts, you will have a general idea of the steps involved.
How to store them?
There are various types of portfolios in which you can store your holdings. They can be a cold offline portfolio or a hot wallet managed by an online service provider. A look at our Bitcoin portfolio article should help you understand the basic types of portfolios available for most cryptocurrencies.
Once you understand which KIND of wallet you want and how much money you're ready to spend, you can choose among the best cryptocurrency wallets of 2018 to store your precious cryptographic coins.
Here are some other articles to read
How to protect cryptographic portfolios?
How to sell your Bitcoins?
How to buy Litecoins?
Rushali Shome
Rushali Shome is a history student with a keen interest in word games, politics and beyond. When you do not type furiously in the "Notes" section of your phone, it can be found by trying to capture the servers' attention in restaurants or weddings for a second help.
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