Many people are looking at the new year and deciding to make changes in their lives. The cost of living crisis is ongoing, and as the world of Web3 begins to open up, you might be wondering if you should buy cryptocurrency in 2023. Here are some tips on the best cryptocurrency to buy and how you can keep it safe.
What is cryptocurrency and why should I invest in it?
Simply put, cryptocurrency is a digital coin. Imagine you have $1 USD or £1 GBP in your hand, and you want to put it in a money box to save. You could spend it online and save the cryptocurrency equivalent in a digital money box on the internet. Many people believe that cryptocurrency could eventually replace physical money now that more consumers are buying products and services online. Think about how many times you pay for items using your bank card. Do you even spend “hard cash” these days? Cryptocurrency is just another version of money, and some businesses accept it as payment alongside traditional cash or debit card options.
Can I get a cryptocurrency loan?
In the same way that we might take out a loan from our bank to help fund a large project, so we can do the same with cryptocurrency. Many high street banks are now operating online and some are also working with cryptocurrency alongside fiat (traditional cash) money. You might look at crypto loans USA to support your next big project and set up a solid base for investing in cryptocurrency online so that you can decide where to spend your money.
Which cryptocurrency should I invest in?
This can be a difficult choice to make, especially if you have limited funds. Since Elon Musk famously bought Twitter in 2022, there has been more attention drawn to the Dogecoin cryptocurrency, which is one that I have begun to invest in. It appealed to me because the dog used on the logo looks like my pet dog, so I took it as a sign that this was my currency of choice. Bitcoin remains the leader of cryptocurrency, closely followed by Ethereum, but they are expensive to invest in. There are lots of smaller cryptocurrencies available, and I equate them in terms of “small change” when compared to fiat money, just to make sense of them. These include Solana, Tether, Cardano and many others. You can also invest in USD as cryptocurrency.
Why is Web3 important in the world of cryptocurrency?
Choosing the best cryptocurrencies to invest in can help move you into the world of web3. This is another phase of the internet and how people utilise it. For many people, the internet is their world, a place where they buy and sell products, where they socialise with friends, and where they do business. It is also opening up to lots of opportunities, including famous performers selling tickets for online events and including special assets that can only be bought with cryptocurrency.
How do I keep my cryptocurrency safe?
In the same way that you trust a bank to keep your money safe, you can do the same with cryptocurrency. You can own a digital wallet to store your cryptocurrency, and the way this works in theory is to keep your money purely for yourself. It is still quite complicated for most people to understand but moving into web3 means that people can take better care of their money if they convert it to cryptocurrency. You can choose an online cryptocurrency bank that works in the same way as a high street bank if you want to.
Cryptocurrency is the way forward
Do you already own cryptocurrency? Which is your preferred cryptocurrency coin or NFT? I am still at the beginning of my personal journey in the world of web3 but I am excited to explore it further, and I am convinced it will become part of everyday life for my children when they grow up. Let us embrace the world of cryptocurrency!
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*This is a collaborative article