The crypto market is booming thanks to endorsements by some famous people like Elon Musk and Mark Cuban. Big companies like Tesla, Microsoft, VISA, Mastercard, and Paypal are now using blockchain technology. Tesla, for example, purchased 1.5 Billion worth of Bitcoin as a cash reserve. Tesla released a statement last month, adding Bitcoin as one of the payment methods. Cryptocurrency is here to stay and simplify the way we handle finances.
Three crypto myths that are not true
Myth 1; Cryptocurrency is used primarily for illegal trade
Cryptocurrency, like fiat currency, depends on whose hands they are in, i.e., how they are using it. Many people are now trading or investing in crypto, not for illegal activities but legal activities. If you continue delaying, you might lose a piece of the pie. However, before you make the mistake of choosing the wrong platform, a marketplace that might not give you value for your money, here are five of the best, safe, secure, and easy to use crypto trading platforms. Before I delve into it, let me first debunk some of the common myths about cryptocurrency.
Myth 2; Cryptocurrencies are not safe to trade-in
The best feature about crypto is how secure they are. It is hard to hack because most crypto trading market places generate wallet addresses every time you make a transaction. It means that if you use a specific address to complete transaction 1, that might not be the same address you might use for transaction 2. If someone does not know what your wallet address is until you initiate a transaction, the chances of being hacked are low. Also, cryptocurrency uses blockchain technology that is safe and secure to store transactions in blocks of data. Significant Banks like Barclays have now adopted blockchain Technology to improve the safety of their customers’ personal information.
Myth 3; Cryptocurrency can only be used as a mode of payment
It is not valid. For example, Vechain ensures that quality is observed in the supply chain management or Chainlink, aiming to enhance connectivity issues between online and offline systems. Cryptos have many diverse uses; Cash App, for example, can be used to sort out your friend in a faraway continent, sleep on a full stomach or help pay for a sick person's chemotherapy session.
There are so many myths about crypto that are not valid. Just like some people can choose to use fiat for illegal activities is the same way with cryptocurrency.
Five easy to use crypto market places
It is effortless to use the Bitcoin Era; you need to open an account and load up your wallet with a minimum deposit of $250. It provides real-time data using an advanced programming system. Accurate data helps in making timely decisions, maximizing profits as you minimize losses. It would not be profitable if you planned to buy Bitcoin at $55,000, only to find it at $58,396.50 days later.
When you are trading, remember to set the stop limits. A stop limit is when you put a specific price and either sell or buy when the price is reached. For example, if you set the stop limit for Bitcoin at $59000 when that market price is reached, you can be alerted, and you can choose to buy or sell Bitcoin at this price. You can always edit the trade parameters whenever you want. The parameters include currency you wish to trade in, profit limit, stop limit, how many times you intend to trade in a given time, or the frequency and risk level.
Bitcoin Era has a team of customer care that is always available and ready to help. You do not have to wait for hours or days before your issue or concern is addressed.
It is a trading platform available online and as an app for IOS and Android. To pay a fee, it uses Bitcoin or its native crypto called BSQ. If privacy is your thing, Bisq can offer you that. You have control of your funds since Bisq is non-custodial. Unlike some trading platforms that control your funds and, if they suspect you of any illegal activity, have the right to hold or seize them.
It is one of the largest markets for cryptocurrency and trading pairs. Using the Binance coin on this platform reduces the fees by 25%. It has advanced trading software that generates advanced charts. You can use SWIFT to deposit dollars in a user's account and purchase selected cryptocurrencies using a credit or debit card. It allows deposits using fiat currencies like Euro, Japanese yen, Canadian dollars, and others. It is easy to create an account and trade using Binance.
Cash App resembles a traditional online banking app that enables you to trade in Bitcoin. It is because you can use this app to pay expenses for a friend, colleague, or relative, shop online, and even withdraw Bitcoin. If you are interested in a trading platform that can enable you to enjoy both worlds, the Cash app is the app for you. It works like Venmo. You can have your debit card if you are interested. However, you can only trade in Bitcoin at set withdrawal limits of $2,000 every 24 hours and $5,000 every seven days.
Coinbase has an easy to use interface, making it convenient to trade-in. It has high liquidity and generates real-time data. The data comes in handy when you want to set stop limits when trading. Coinbase has diverse research on the cryptocurrencies available on their platform. It is always helpful for a user to research before investing. With Coinbase, you have the opportunity to have real-time data and information available on the same interface.
We all want to make investments that can earn us money which is mostly the case. However, every market has a probability of incurring losses. Cryptocurrency trading is no different; the market is very volatile. It changes rapidly, leading to either profits or losses.