Are you considering investing in Litecoin? Then you need a Litecoin wallet! Most of today's cryptocurrencies are created on an open source code. This means that developers can start from the same codes and develop their own cryptocurrencies if they have a slightly different vision. Many people have also done that, including the developers of…
Cryptocurrency 2022 – Tips and Guide
Are you looking for tips and advice on which cryptocurrency to choose? On this page you will find everything you need to know about virtual / digital currency. We take you through the topic from a to z, and you will learn more about everything from what cryptocurrency really is and how the stock market works, to how you can invest and buy your own cryptocurrency. For example, we show you in detailed guides how to buy bitcoin and buy Etherum . The latest news is NFT art , which is very popular as an investment and can be traded on some exchanges. Cryptocurrency mining is also a popular activity for those who would rather extract cryptocurrency instead of taking the risk by investing. Mining is also available via several platforms such as Binance , where you can contribute computing power and automatically choose the cryptocurrency that provides the most profit.
Cryptocurrency has taken the world by storm in recent years, and the stories of ordinary people who have become rich in cryptocurrency are many. If you are one of those who want a piece of the pie, you have come to the right place. Here you get everything you need to know about this exciting world of digital currency.
How to buy cryptocurrency?
Cryptocurrency differs from other types of currency, and there is therefore also a different procedure for selling, exchanging and buying. You can not buy digital currency from a bank, but on a crypto exchange. We will get closer to how these work later. We give you a step by step guide, on how to start the purchase of cryptocurrency.
Select crypto exchange
The first thing you need to do is choose a crypto exchange. Feel free to start with one that is suitable for beginners. There are also many crypto exchanges, which target British users, which can be an advantage as customer service and payment options are arranged in English. We can especially recommend etoro in this context.
We have good tips on our website about what you should look for in a crypto exchange and what factors you should focus on. It pays to start with a simple exchange and then transfer your currencies to other exchanges as you learn more about the industry.
Usually you need to register and create an account on the crypto exchange. It is possible to be anonymous, but in most cases you must have an account. Here you must also identify who you are using ID.
On Norwegian crypto exchanges, you can use BankID, which is the easiest option. If you choose a foreign exchange, you usually have to identify yourself with a driver’s license or passport. While this may seem unnecessary, it is an important measure to prevent fraud and money laundering.
It may take some time before the stock exchange has identified you. If you choose a Norwegian player, it goes much faster. But of course you should not only choose a Norwegian stock exchange due to shorter processing time. Rates and available currency should be what you are looking for.
3. Start the purchase
Once you have registered an account and been verified, you can start buying digital currency. You do this by depositing money into your account in the form of a deposit. It is also possible to buy currency with other existing currencies, but as a beginner you need to make a deposit.
This involves choosing a payment method and transferring money from your bank account. As a rule, you can not do this until the platform has verified who you are through an ID check. When you buy digital currencies, these are stored in a digital wallet on the website.
Only you have access to this wallet and here you keep track of what you own. Some cryptocurrencies use different wallets. You can sell and receive cryptocurrencies from others through this digital wallet.
It is important to get acquainted with the different storage methods. Although many wallets give you the ability to store cryptocurrencies, this is not an option for everyone. You can compare this wallet with a bank account for which you are responsible.
You are responsible for your own safety. This means that you should store keys and passwords in a safe place that is not accessible to third parties or hackers. If you are given the opportunity to choose a wallet, you should do research in advance about the safety of these players.
You can usually store cryptocurrencies in three different ways. The first option is the wallet that the stock exchange gives you access to. You can also use a “physical wallet”, which is considered to be more secure. These are smaller chips with USB connections, so you can load your cryptocurrency into a ” cold storage “.
The last option is a Software wallet. This is an application that can be downloaded to your mobile phone. Many people prefer this option, as it is possible to restore your wallet if you should lose or damage your mobile.[etoro]
How to invest in cryptocurrency
Before you start investing in cryptocurrencies, it is important that you are aware that this can be risky. The market is known to be unstable and fluctuate sharply. It is possible to make a profit and make money in a short time, but investment should only be made with funds you can afford to lose.
A good tip is to start on Norwegian stock exchanges and use traditional bank transfer. With this method, you avoid expensive fees and charges, and you can be completely confident that the transfer will go smoothly. As you learn more about how the market works, you can transfer your cryptocurrency to other exchanges.
English stock exchanges are a good place to start, but do not always offer the same selection as foreign stock exchanges. You can therefore transfer your cryptocurrency after a while or at a later time if you wish.
When you start investing, you will see that some exchanges give you a bonus when you register – this also applies to the Norwegian alternatives. The bonus depends on how much you deposit, but gives you more to spend. However, you should think through security, rates, payment options and available cryptocurrencies, and then consider whether the bonus is worth it.
What is cryptocurrency?
Cryptocurrency and crypto are words that have been on everyone’s lips in recent years. But what does this really mean and what does it mean? In simple words, cryptocurrency is a virtual currency. This is a currency that always works, regardless of governments and banks. It is still possible to speculate and exchange cryptocurrency, on a par with a physical currency. Cryptocurrency is created to be a means of payment that is easy to trade. English kroner and US dollars are linked to central government, a central bank or a nation. This is not a digital currency. A central bank keeps track of transactions, balances and accounts. But when we talk about cryptocurrency, this feature is decentralized.
Decentralization takes place on several computers, often called nodes, in the network used by the cryptocurrency. Systems are decentralized and thus there is no central server, as with physical currency. Here, there are computers that hold all the information – this is sent on to everyone in the network. When buying and selling cryptocurrency, the transactions take place directly between the recipient and the sender. Here, no bank or other intermediary is involved. When a transaction takes place, it is published in the network of the cryptocurrency. This is how the company ensures that money is not used several times.
The difference between investing in stocks and cryptocurrencies.
If you buy a share, you also own a share in the company. This share provides values, often profits, which increase the value to the shareholder. When you invest in cryptocurrency, however, there is no such type of counterparty.
In the case of cryptocurrency investment, the process acts as a settlement tool. Here, there are two parties who both believe that the given cryptocurrency has value, and there is no central bank that can guarantee this value. If you had owned an ordinary currency such as the Norwegian krone, you would also have owned part of the value we create in Great Britain . This does not happen with digital currency.
When we talk about cryptocurrency, it is often Bitcoin that most people think of. This is natural as Bitcoin was the first and is the largest in the market, but there are many other so-called Altcoins. Ripple (XRP) is one of these . Let’s take a closer look at the two largest digital currencies.
Bitcoin was created in 2009, and is the oldest and first cryptocurrency. Ever since the digital currency was introduced, it has reigned as the most well-known in the industry. Bitcoin is often compared to gold, and there are only 21 million of the currencies in the world.
Every transaction made with Bitcoin is stored on all users in the Bitcoin system. To buy this currency you use a digital wallet. The price value of Bitcoin has risen enormously in recent years. This is a very volatile cryptocurrency with a high market value.
There are several famous people who have invested in this digital currency, including Tesla owner Elon Musk. Bitcoin is built on open source and this is where blockchain technology started. The system allows anyone to join the network and send funds to each other in a safe, fast and easy way.
With Bitcoin, you can trade anonymously, and there is no risk associated with identifying traders and buyers. This digital currency was invented by the Japanese Satoshi Nakamoto, but no one really knows who this is. It is speculated that Bitcoin was started by a group of people, who wanted to solve the problem that digital currency was used several times.
Ethereum stands out from other cryptocurrencies, as it does not compete directly with Bitcoin. In many ways, Ethereum compliments the giant, as this is a currency that is mainly used to complete transactions. Ethereum is used to build platforms and other currencies.
We were first introduced to the currency in 2015, but it grew rapidly in value after launch. Here you can create your own cryptocurrency based on Ethereum technology. There are many similarities between Ethereum and Bitcoin, but many of the newer cryptocurrencies are built on the application and technology of the former.
With Ethereum, it suddenly became easier to create new cryptocurrencies, and a blockchain technology is also being built here. This is, of course, a decentralized currency, and no one regulates or owns it.
Cryptocurrency tax: This you need to know
If you have sold, bought or placed values in virtual currency, this must be reported in the tax return. If you are unsure , you can get help from the tax authorities to determine the value of your cryptocurrency .
This is a fortune that does not automatically appear in your tax return, and you must therefore enter this on your own. Many people are not aware of the rules related to cryptocurrency and tax, but this is considered wealth on an equal footing with other assets that have a turnover value.
You can always contact the tax authorities directly if you want further information, or need help entering the wealth in the tax return. The most important thing is that you are aware that you have to pay taxes on your wealth and profits.
How does the cryptocurrency exchange work?
Buying and selling crypto can seem a bit complicated for beginners. One of the things you should familiarize yourself with is the crypto exchange itself. A crypto exchange is in fact a website where you exchange, sell and buy cryptocurrency. You can do this with traditional currencies such as Norwegian kroner or US dollars, or with other digital currencies.
Crypto exchanges can be compared to an online broker, and this is where you buy cryptocurrency. There are many exchanges around the world, and some are more professional than others. If you want to trade or trade professionally, you also need more advanced trading tools. This usually requires you to create an exchange account and verify your identity.
But it is also possible to shop more sporadically and easily, and therefore there are platforms that do not require an account or verification of ID. There are different platforms suitable for different purposes.
A trading platform is a website that connects buyers and sellers. If you choose this option, you have to assume that the platform charges a small fee for each transaction you make. The platform shall provide sufficient information about these fees.
Another option is to use brokers. The websites with brokers are suitable for both beginners and experienced, but it is the broker who sets the price for each cryptocurrency. Whether you should choose a broker or not is up to your own preferences.
The last option is direct trading. These are websites, or platforms, where two parties sell, buy and exchange between each other. Here, individuals are responsible for trade, regardless of which countries the buyer and seller are in.
With direct trading, a set market price is not taken into account. Each seller sets their own exchange rate, which the buyer must adhere to. This is an option many people prefer, but it presupposes that you have knowledge of values and the price.
How to choose crypto exchange?
So there are many options on the market, but there are some factors you should consider before deciding how to shop. We have gathered some advice and tips on what to look for when considering different platforms.
Feel free to spend some time reading up on the stock exchange’s reputation. You are guaranteed to find reviews from individuals online. Look at reviews from previous users and use forums if you are unsure. There are many good tips to get from other individual users.
Read up on fees and charges
Furthermore, you should think through fees. If the website, or the stock exchange, charges a fee for each transaction, there should be sufficient information about this on the website.
Before you start shopping, make sure you understand the rules and conditions of transaction, deposit and withdrawal. The fees can vary and the fees are very different from stock exchange to stock exchange.
Check geographical restrictions
There are crypto exchanges all over the world, but some have user features that are limited by where you are. Some trading tools and platform tools are only available in some countries, so make sure that the platform is optimized for Norwegian users before you register.
Look for verification requirements
Although some platforms do not require ID, many do – especially if you are planning to buy Bitcoin in the UK or US. This means that you must verify who you are using ID, in order to make deposits and withdrawals.
But as I said, there are some platforms that allow anonymous users. Read up on the verification requirements and how long this takes. Although it may feel exaggerated, this is a measure that prevents crime, fraud and money laundering.
All platforms have different payment methods available. Read up on what the relevant platform offers for both deposits and withdrawals. Can you pay by debit or credit card? Is it possible to use PayPal, e-wallets or bank transfer?
If there are only a few payment options available, you may want to look at other players. Here you must also keep in mind that if you use a credit card as a payment method, this requires that you confirm your identity. There may also be higher fees for processing and transaction.
Finally, you should look at the exchange rate the platform offers. Different players offer different prices, and it is not uncommon for the gap to be large from platform to platform. If you check the price carefully, you may be surprised by the large price differences. This is of course important to take into account.
How to find cryptocurrency exchange rates?
You can find good overviews of cryptocurrencies online. If you are considering investing in a form of digital currency, the cryptocurrency is one of the most important things you need to look at in advance. The exchange rate of the cryptocurrency is far more volatile than, for example, the price of traditional currencies.
It is therefore important that you follow the market closely to be able to make good investments. Ideally, you should find an overview that is always up to date on the major digital currencies. As prices and prices are often volatile, there will always be some risk involved when investing in this.
There are many factors that can affect the price, including supply and demand. This is of course the biggest factor, on a par with other courses. If there is a large demand for, for example, Bitcoin, but also a small supply, the price will rise significantly. An increase is often followed by a fall, where supply is high and demand is low.
In addition, mining can affect the price. To extract digital currency, computers with a lot of power and capacity are required. The costs of this mining operation – ie computers, electricity and labor, will affect the price.
What is Blockchain?
Blockchain is an expression you are guaranteed to come across when you read up on cryptocurrency. This is a technology invented by the Japanese Satoshi Nakamoto , the founder of Bitcoin. Gradually, other industries have also seen the potential in Blockchain, and the technology has really come to stay.
Blockchain was first introduced in 2009, but gradually there are more options that use this technology. In Norwegian, we often call Blockchain blockchains. This was the very foundation and foundation of electronic means of payment, and commercial transactions are now running on this technology.
There are blockchains that allow two parties to make transactions, without a third party verifying this transaction. Decentralization is thus possible, and we no longer need a bank that guarantees that the transaction takes place, that the money is genuine and that it has not been used before.
With blockchains, a computer program will verify the transaction, and this program is available to anyone and everyone. Although technology was invented to make digital currency a reality, the ability to conduct transactions without an intermediary openly has revolutionary potential. This has, for example, made it possible with NFT art , which is very popular at the moment, and can be bought and sold through popular trading platforms.[nft]
Is there a Norwegian cryptocurrency?
There are several Norwegian crypto exchanges on the market, and this is a good place for beginners to start. The largest Norwegian stock exchanges are approved by Finanstilsynet, which gives you extra security when you first start buying, exchanging and selling digital currency. Here you can check if a crypto exchange is registered in the business register . Note that the stock exchange may be owned by a company that has a different name than the actual stock exchange you are searching for in the register. Then you may need to search for this business instead.
The advantage of choosing a Norwegian crypto exchange is that you also get access to Norwegian payment services. Here you can use everything from your regular bank card to Vipps. In addition, it will be easier to register and verify ID, as you can usually use BankID. English crypto exchanges always give you the most important and largest cryptos.
It can also be an advantage to use Norwegian platforms, as this gives you the opportunity to get help and customer service in Norwegian. As a beginner, you will probably encounter many words and expressions that are unknown to you, and a good customer service is therefore important to have available.
Etoro is a good alternative for you who want to use a regular bank and a english stock exchange. Here you can quickly identify yourself using Vipps or BankID, and the registration therefore only takes five minutes.
How is Bitcoin and cryptocurrency recovered?
Many people wonder how cryptocurrencies are made and where these digital currencies actually come from. Here we can consider the most popular variant, namely Bitcoin. To keep the network of the currency secure, there are so-called “miners”. These are the ones who approve transactions.
Bitcoin mining can be compared to gold mining. There is still gold in the mountains and underground, and Bitcoin exists in the same way in the design of the protocol. On the other hand, the protocol has determined that there can be no more than 21 million Bitcoin, but it is mines that bring these forward.
Once all the Bitcoins have been mined, it will not be possible to find more – unless the protocol is changed. Those who work as miners are paid transaction fees and small gains to validate transactions and add blocks to the blockchain.
In connection with mining, you will come across the term «node». This is a computer that validates transactions, blocks and runs the actual software to Bitcoin. The computers are powerful and have an overall responsibility to confirm all pending transactions. Node does the job an intermediary would do in other transactions that are not decentralized.
Everyone can stay, drive or be a node. All you have to do is download the Bitcoin software. This is free, but takes up a lot of space and uses a lot of energy. There are nodes that spread transactions in the network. Here, one node will send information to other nodes, which pass it on. This way, the transactions are approved quickly and securely.
Not all nodes are miners, but some are mining nodes. These are people who go through outstanding transactions and put them into the blockchain. Although there may be deadlines to embark on these tasks, it is a tough competition.
There are many miners out there competing for the same reward. You need an extremely powerful computer, high technical competence and a lot of power to feed the processors. Mining and nodding are mainly interesting for those who want to find out more about how cryptocurrency, especially Bitcoin, works.
Benefits of cryptocurrency
Many people start investing and buying cryptocurrencies, due to the many benefits compared to stocks and mutual funds. There are also many uses, something you can read more about at Great Britain sCasino.com , which many do not think about. You can also pay with crypto when you play poker online , which is a great advantage for Norwegian players. We will take a closer look at why digital currency has become so popular and what advantages the stock exchange has compared to other types of market.
Cryptocurrency is very volatile. There is a lot of speculative and short-term interest here, which also makes the markets all the more exciting. It is clear that cryptocurrency is unstable, but these rapid fluctuations and frequent price movements make it possible to both earn and lose on the same day.
One of the great advantages of the crypto market is that it is open 24 hours a day, seven days a week. As mentioned, there is no centralized management here, and therefore the stock exchange and the market can be continuously open. The transactions usually take place directly between two parties, no matter where in the world these parties are located.
We use the word liquidity to measure how quickly a digital currency can be converted into physical cash, without this affecting the market price. Improved liquidity is important for many reasons and it provides faster transaction times, increases the accuracy of analyzes and not least gives better prices.
The crypto market is liquid, precisely because the transactions are spread across several exchanges. This means that smaller exchanges, or small “trades”, can have a major impact on the market price. That is why we call the crypto markets volatile, which is a great advantage for many investors.
Affects the world economy
Cryptocurrency has also provided the beneficiary of the global economy. This form of exchange of money provides increased protection against fraud and identity theft. There are a lot of security routines associated with cryptocurrencies, and this is good for the world economy. In addition, the market has provided lower fees when making transactions for electronic exchange.
There are also many who believe that cryptocurrency can help break down barriers related to financing in developing countries. It is relatively easy to start with cryptocurrency, and even countries without banking infrastructure can use the platforms via their mobile phones.
What is cryptocurrency trading?
Trading involves speculating in price movements. You sell and buy the currency on a stock exchange, just like when you sell and buy shares. It is also possible to cryptocurrency via a CFD trade, but then you do not get ownership of the currency itself.
In other words, cryptocurrency trading is a term used about the actual transactions you make on the trading platform. There are many words and phrases used interchangeably in cryptocurrency. To make it easier for you to start trading, we’ll take a closer look at some of these.[trading]
Spreading in cryptocurrency trading is a word used about the difference between the selling price and the buying price. Spreading or Spread, is the amount or commission a broker charges you for each position you make. When you perform a position, you pay “spread”.
The price of a car here varies depending on which platform you use and which cryptocurrency you trade with. If a product is traded with a spread, the trader hopes that the market price will exceed the price of the spread. This simply means that you can close the position with a win.
If the price does not exceed the cost of the spread itself, the position will close with a loss. If you find a cryptocurrency with a high spreading percentage, this means that the costs are higher than if you choose one with a low spreading. This is important when considering which platform you want to use.
When trading cryptocurrencies, you need to deal with contracts. These are in a way “tokens”, which are used to standardize the size of the trade. We have already mentioned that cryptocurrency is volatile, and therefore the contracts are usually small.
Leverage is a feature that allows traders to access larger amounts of currency, without having to pay the full value of the position immediately. This applies to non-professional traders. Giring means that you invest more money than you actually have , and take out a loan from your chosen trading platform.
Shifting is risky and is not recommended for beginners. If you should lose more than what you own, you will be in debt to the platform. Leverage is mainly something that is done by the very experienced, as there is a lot of risk associated with such a loan.
If you are engaged in gear trading, margin requirements will be an important part. The term is used to describe the deposit you originally made, to maintain and open a geared position. It is important to keep in mind that the margin requirement will change, depending on which broker you have and the size of the trade. The requirement is usually shown as a percentage.
PIP stands for percentage in points, and is a unit of measurement for various price movements. We use PIP to measure exchange rate changes to the currency, together with another currency. This is what measures movements and fluctuations in the price of a cryptocurrency.
Why buy cryptocurrency?
There are many reasons why people buy cryptocurrency, but it is not to be underestimated that these are mainly financially motivated choices. Many people see cryptocurrency as an investment object, and believe that over time the currency will be worth more than what they bought it for.
This is exactly how people make money on cryptocurrencies. They like to invest in lesser known and newer digital currencies, and sell them when demand is high. This is also how the Bitcoin fortunes grew. At the start of the launch, ie in 2009, you could buy Bitcoin for a few cents. Towards the end of 2017, these were sold for almost two million US dollars.
Over the years, the fascination for digital currency has increased, and many now pursue this as a hobby. Although there is always a desire to make money selling, many people enjoy following the stock market, speculating in prices and finding new, exciting digital currencies.
It is again important to point out that the risk is high and the market is very unpredictable. Although some have made a fortune, this does not apply to everyone. In the beginning, it may be entertaining enough to make short-term investments, so that you get to know how the processes work.
Tips for beginners about cryptocurrency
Many people have a desire to start buying cryptocurrency, but do not quite know where to start. The most important thing is that you familiarize yourself well with the process in advance, and prepare yourself that not everyone earns a fortune overnight.
Remember that you must never bet more than what you are willing to lose – this applies no matter what. While it is possible to make a profit, this should not be the biggest motivator. Do not invest and buy for more than you can afford to lose.
It is also important that you do not take out debt or loans to buy cryptocurrency. It can be tempting to get into debt, especially if you come across a trade or a market you want to take part in. But for your own financial security, you should not take out a loan just to invest.
Finally, it is important that you know what you are investing in and acquire good knowledge in advance. Try to understand what the cryptocurrency stands for and who the provider is. What does the company want to achieve? What is unique about their technology? Gradually, it becomes easier to know what is worth investing in.
Beginners need to think about this
In many ways, we are all beginners when it comes to cryptocurrency. But some have been in the market longer than others, and there are several pieces of advice that are worth noting. In addition to the above tips, it is wise to decide if you want to engage in short-term trading or long-term investing.
With a long-term investment, it is important to have ice in your stomach , and know when it is wise to sell and buy. It is with long-term investment that it is possible to make good money. Short-term trading is also an option, and often what beginners choose to go for. This is safer and you sell while the prices are good.
Familiarize yourself with which cryptocurrencies are interesting for the way you want to invest and trade. Here you can look at more digital currencies, and feel free to start with the most well-known currencies. Of course, it is the biggest names that generate the most sales.
Today, the most common currencies include: Bitcoin, Ethereum, Litecoin, Citcoin Cash and Dogecoin. This can of course change from day to day, and it is therefore important to stay up to date on the market. There are still new cryptocurrencies coming on the market.
Is it safe to invest in cryptocurrency?
Yes, as long as you use secure trading platforms and do not buy for more than you can afford to lose. There are many sunshine stories about Norwegians who have invested richly and made a good profit in recent years. But there are also shadow pages, where Norwegians have taken out loans or spent money they do not really have.
It is important to familiarize yourself well with the market, the stock exchange, the exchange rate and the various currencies. With the right knowledge, you will have a better chance of predicting the volatile market. It is also important to know that the market is unstable in the first place, and there will always be a risk associated with the investment.
As long as you do not spend money you can not afford to lose, read up in advance and use secure platforms, it will be completely safe to invest in cryptocurrency. Use our website as a resource, before you start buying. We offer a lot of information and useful advice to both beginners and experienced.
With the right knowledge, anyone can make it big with digital currency. It’s just a matter of knowing what you’re doing, where to invest and what the price and the stock market really tell you.
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