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Would you like to start your adventure with cryptocurrencies, but until now you have associated investments with buying gold and real estate? You are probably wondering what cryptocurrencies are, whether they are worth investing in, and how to invest in the cryptocurrency market? How to start investing in cryptocurrencies in 2023?
Cryptocurrency, is digital money, a virtual investment asset and modern means of payment, the functionality of which is usually based on a distributed ledger system. Most cryptocurrencies are characterized by their decentralized nature, which means that they are not managed by any state, central bank or any financial institution. The operation of cryptocurrencies is based on blockchain technology and advanced cryptographic solutions. Thus, according to some, cryptocurrencies are synonymous with a modern approach to finance.
The most popular of the cryptocurrencies is bitcoin. On the other hand, there are more than 10,000 different cryptocurrencies on the market, which represent different visions of the future, different philosophies and vastly different functionalities. Not every cryptocurrency is based on a traditional distributed, or decentralized, accounting system - like bitcoin or Ethereum.
In the cryptocurrency market, we also have projects like IOTA, which instead of being based on Blockchain, base their functionality on DAG, or Directed Acyclic Graph. Where the Blockchain of cryptocurrencies such as Bitcoin has Nodes that verify users' transactions, IOTA and its DAG have presented a markedly different functionality - each new transaction must confirm two previous transactions.
The aforementioned solution has the potential for massive scalability - once the DAG technology is mastered by developers, it is highly likely that cryptocurrencies based on this solution will be able to trump the functionality of VISA cards, which have the power to handle 65,000 transactions per second.
You already know that one of the uses of cryptocurrencies is payments.
You've probably heard somewhere that cryptocurrencies offer instant, anonymous and secure transactions that take the same amount of time to complete, regardless of the distance of your wallets.
All this, is true, but in the barrel of cryptocurrency honey, there is also a spoonful of tar. A tablespoon.
When the aforementioned VISA handles as many as 65,000 transactions per second (TPS), Bitcoin will handle a maximum of 7 TPS.
Ethereum? Not much better - 45 TPS.
The best performer at the moment is Ripple, which has the power to handle up to 1,500 TPS, depending on the data.
While cryptocurrencies will certainly dominate the payments sector, we will still have to wait for this to happen. The most likely solution will be DAG and scalability with the number of transactions on the network, which IOTA, for example, offers.
At a time when the main marketing slogan for cryptocurrencies is instant payments, at higher volumes this asset is completely marginalised. Boom times often mean very slow and expensive transfers in Bitcoin - with high demand, the commission for miners can be as much as $20 per transaction.
At times like this, we see an exodus of users from Bitcoin, to smaller and often faster cryptocurrencies - for example, Litecoin, which only supports 56 TPS, but due to its smaller footprint is less crowded than Bitcoin's network, making transactions much cheaper and much faster.
To buy cryptocurrencies in Poland, you need to choose the right platform that will allow you to register instantly and buy cryptocurrencies even faster.
In Poland, the easiest way to buy cryptocurrencies is on Egera - a cryptocurrency exchange and bureau - which allows you to register in 3 minutes and buy cryptocurrencies in less than 30 seconds.
The easiest way to buy cryptocurrency for zlotys, is to register on Egera. All cryptocurrencies available on our platform are available in pairs with gold, which means you can withdraw funds from our platform to your bank account at any time!
How to buy cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin or Doge) for PLN?
The first step is to find the right platform - you've already found it because you're on Egera.
The next step is instant registration, during which the platform will ask you for basic data and identity verification, which is required by Polish and European law.
Now all you have to do is deposit the funds - you can do this by bank card, traditional transfer and instant transfer.
At this point you are ready to buy cryptocurrency - choose which cryptocurrency you want to buy and exchange your funds.
In the rankings of cryptocurrencies, the rotation is huge - the projects present in the top ten a year or two years earlier, can in an instant go further down the rankings. For this reason, before investing in cryptocurrencies, you should do a thorough research on which cryptocurrencies have the greatest technological and price potential. By investing calmly, and backing your buying decisions with analysis, you are sure to significantly increase your chances.
The average investor has a 50% chance of investment success, and as practice shows - the chances are successively lowered by the investors themselves - reacting to small changes in the price, abandoning the predetermined investment strategy and expecting higher returns than expected, most often lead to a loss.
You will read about successful investing later in this article. We will now focus on investing in cryptocurrencies.
Bitcoin is regarded as the most stable cryptocurrency - no wonder - we can observe bitcoin's course since 2009. Despite its displacement from the basic functionality envisioned by its creator - Satoshi Nakamoto - i.e. payments, bitcoin still proves itself as a means to store value over time.
Bitcoin is the first cryptocurrency to penetrate the wider consciousness. The popularity of BTC has made it the symbol of the entire cryptocurrency market.
Despite the long development history of the cryptocurrency concept, Bitcoin was only created in 2009. Its creator, the hitherto anonymous Satoshi Nakamoto, could be either one man or a whole group of developers!
The idea behind Bitcoin is to enable transactions between users, bypassing a central authority capable of reversing, verifying and suspending transactions.
The biggest problem posed by the removal of a central authority - responsible for network security - namely double spending, has been solved by devolving power to users.
In the Bitcoin network, transactions are confirmed by equal nodes - Nodes, or users providing computing power via specialised devices that are commonly referred to as diggers.
Investors know Bitcoin very well - they have been dealing with it since 2009. Bitcoin and its investors have been through many peaks and valleys, so they have had time to mature over the past 12 years and become immune to price fluctuations and insignificant signals.
From a broad perspective, bitcoin continues to gain in value. The first increases, which were once considered a real phenomenon, are today - from the perspective of the current price - barely visible.
Despite its negligible transactional value, Bitcoin is an increasingly used means of payment and it is likely to become the first more widely institutionally accepted cryptocurrency for payment.
Because of its age, bitcoin is also the best cryptocurrency to perform technical and fundamental analysis.
Join 21st century investors and buy Bitcoin today!
Ethereum has been present on the cryptocurrency market since 30 July 2015. Together with its entry, there was a certain breakthrough in the world of cryptocurrencies - it was the first cryptocurrency that started its history with crowdfunding. Currently, it is Ethereum that is being pointed to as the successor to Bitcoin, which may come close to its price in the future.
Ethereum is a decentralised blockchain, as with Bitcoin, its source code is public. The Ethereum blockchain has its own cryptocurrency, Ether (ETH), and a dedicated programming language, Solidity, which allows for easier interactions with Ethereum.
With Ethereum, users have gained access to a simpler way to build decentralised applications that are resistant to censorship, downtime and fraud. Ethereum enables the building of security programs, the development of new payment methods, voting systems, but also various kinds of advanced smart-contracts.
Ethereum, unlike Bitcoin and many other projects available in the cryptocurrency market, has a very strong team of developers who are constantly developing the project and adapting it to the requirements of the current years.
The latest change, is Ethereum 2.0, which changes the consensus from Proof Of Work to Proof Of Stake, a consensus that requires less computing power to validate transactions. PoS is based on the number of coins held, but also on other factors such as the age of assets.
Ethereum 2.0 came into effect in late 2020, but the full merger of the two Blockchains, currently operating under two different consensuses, will occur around December 2021.
Continuous development, a team of star developers and strong interest in the project from many representatives of commercial institutions reinforce investors' belief that Ether is an investment gem among cryptocurrencies.
Ripple has attracted a lot of controversy among individual investors, but despite this, cryptocurrency rates clearly indicate that XRP has firmly established itself in the cryptocurrency community.
Due to the controversy surrounding the centralisation of XRP, investors are concerned about the cryptocurrency's further development. The fate of XRP is strongly linked to Ripple. If the company exchanges Ripple, or decides to change its business, XRP will lose all its value.
XRP has been on the cryptocurrency market since 2012. It was created natively as a cryptocurrency running on the Ripple Labs product system. One factor that adds to the skepticism of many investors is that XRP is premined, meaning it has been completely dug up and its subsequent batches are added to circulation by Ripple.
Transactions in XRP are validated with a specific consensus protocol created for Ripple products. RPCA, or Ripple Protocol Consensus Algorithm, is a much faster system in terms of payment processing than the aforementioned Ethereum (15 TPS) or Bitcoin (7 TPS). RCPA processes as much as 1,500 TPS, with the prospect of expanding to the 65,000 TPS currently handled by the VISA system.
XRP is widely chosen and used by huge institutions as the cheapest means to transfer value globally that is not subject to the kind of commissions that are present in interbank transfers.
For many investors, the fact of centralisation and interest from larger institutions means stability and security, making them keen to buy XRP as an asset that can scale its price with the exponentially growing interest from the banking sector - it has now been adopted to some extent by over 200 financial institutions.
American Express, Santander and US-based money transfer company MoneyGram.
Another advantage is the transfer utility itself, which has the potential for huge growth and to replace the traditional VISA card system.
Browsing through cryptocurrency rates, you have surely come across Litecoin. Despite the fact that it is a cryptocurrency with a relatively low valuation, it has a very long history - it has been present on the market since 2011. Interestingly, Litecoin is considered to be digital silver and Bitcoin's little brother.
Digital silver. Despite the fact that the title given by the community indicates a valuation not far removed from gold, Litecoin does not boast the same price growth as Bitcoin.
Created in 2011, this cryptocurrency had one goal - to improve the usability of Bitcoin - and to this end the encryption algorithm was changed to a less advanced one. Litecoin does not use SHA-256 as Bitcoin does, but instead uses Scrypt, which by being less advanced allows the required computing power to be reduced, making Litecoin's entry threshold for mining theoretically lower than Bitcoin's.
In 2011, Litecoin had the unique feature of handling 56 transactions per second, while Bitcoin only handled 7.
Charlie Lee described the place of LTC as a currency that will always be behind Bitcoin, but will complement it precisely in the field of transactions. In his vision, Bitcoin was to be designed to handle large international transactions, while Litecoin was to be more focused on smaller transactions.
There is a funny correlation - when interest in Bitcoin grows, the price of Bitcoin increases, the number of transactions increases, and then... The price per transaction in Bitcoin increases dramatically. At that exact moment, many more advanced cryptocurrency users switch to Litecoin to complete transactions at significantly lower prices.
Litecoin is attracting interest from investors who are looking for a safe asset with lower price volatility than other cryptocurrencies. Litecoin's value doesn't achieve the same massive increases as Bitcoin, but its holders have had the opportunity to multiply the value of their assets during every cryptocurrency bull market to date.
In 2021, dog cryptocurrencies experienced a real renaissance - SHIB (Shiba Inu) CORGI (Corgi Inu) appeared, and the oldest of them - Dogecoin - underwent a real renaissance. Its price soared to incredible levels, reaching ATH on 8 May 2021 - 0.73 Dollars (USD).
The cryptocurrency, meme, has captured the heart of many early investors, indirectly contributing to the popularity of the cryptocurrency industry as a whole. It is to DOGE that the success of the exponential growth of new cryptocurrency users is pinned, having soared from 143 million in April, to 221 million in June 2021.
Dogecoin is a satirical cryptocurrency that encourages new people to enter the cryptocurrency market thanks to its fun and friendly environment. It is thanks to this cryptocurrency that many users have asked themselves the question - cryptocurrencies? How to start?
Dogecoin's image has been significantly warmed by Elon Musk via Twitter. The Dogecoin community, present on Twitter and Reddit, has also contributed to improving the image. The community is organised enough to have held a number of successful fundraisers, including the highly mediaised wrapping of the car of one of Doge's NASCAR racers.
Dogecoin is built on top of Litecoin. It uses Scrypt technology, and operates on a Peer-to-Peer basis. The supply of Dogecoin is unlimited, making this cryptocurrency inflationary.
For investors, Dogecoin is often the first point of contact with the cryptocurrency market. Many of these investors, heard about DOGE through Elon Musk's Twitter feed and news of huge increases in value.
In countries gripped by rampant inflation, Dogecoin has become an alternative to fiat currencies - despite the fact that it is itself an inflationary currency.
The strong cryptocurrency community, which considers Dogecoin to be a truly free and valuable cryptocurrency, is also a strong factor.
One of the first steps you take towards investing in cryptocurrencies should be to set up a cryptocurrency wallet. A secure place to keep your funds is the foundation of successful investing.
Interestingly, a cryptocurrency wallet does not contain any cryptocurrencies - it is an intermediary of sorts, between the user and the network that holds the funds.
A cryptocurrency wallet, uses a private key and the public key and address generated from it to communicate.
The private key - nomen omen - must be perfectly protected, and its leakage or loss usually means loss of funds.
Choosing a portfolio is an important decision that depends on the size of the funds you intend to invest. When investing larger amounts, in which 300 PLN or 70 USD is not a large part, it is worth investing in a hardware wallet, which is considered to be the safest form of storing funds. If you intend to invest smaller amounts, calculate carefully whether it is profitable to move the funds in the exchange portfolio.
In the world of cryptocurrencies, there is a division between two basic types of wallets - cold wallets and hot wallets.
In the world of cryptocurrencies, there is a division between two basic types of wallets - cold wallets and hot wallets.
Cold cryptocurrency wallets are characterised by the highest, among wallets, level of security. This type of wallets usually comes in the form of highly specialised devices with dedicated software. You can think of them as a safe in which the funds are very safe, but which requires a whole process of opening.
Cold wallets are characterised by being offline - connecting to the network is optional and users only do so to transfer funds.
Hot cryptocurrency wallets are characterised by being constantly connected to the network. Their higher mobility and better availability translates into a lower level of security than cold wallets, which are always offline.
These types of wallets are mostly free - this is also the only category with dedicated wallets from cryptocurrency developers. For Bitcoin this is Bitcoin Core and for Ethereum it is Geth.
Optional for storing cryptocurrencies on external wallets in mobile, desktop or dedicated web apps, you can store your funds on an exchange!
Without a doubt, the most convenient form of storing funds is to keep them on a cryptocurrency exchange, where we can sell them at any time. Keeping funds on an exchange also allows you to save small amounts of money needed to complete transactions between wallets.
The choice of the cryptocurrency exchange where you will buy and sell cryptocurrencies should be well thought out. The exchange should meet the basic criterion of cooperation with the state financial supervision, which means transparency of the exchange and confidence that you will not encounter any legal or financial problems during your investment activity.
When making your decision, check what the commissions are on the exchange, and whether the trading pairs you care about are present. To be sure of the exchange, also check the experience of the team that manages the exchange.
The company, which operates the Egera cryptocurrency exchange, has been approved as a Small Payment Institution licence and is actively working with government authorities to marginalise the chance of fraud and money laundering occurring. Egera's board of directors consists of individuals with 9 years of experience in securing cryptocurrency-related financial platforms and markets.
On Egera you will find pairs available in your local currency - we support PLN, EUR, SEK, CZK, BGN and many more! FIATs are available in pairs with Bitcoin, Ethereum, Litecoin, Ripple and Dogecoin!
Kantor cryptocurrencies is a place where you can make instant exchanges between cryptocurrencies and traditional currencies such as PLN, EUR or Krona. The exchange office you choose should be characterised by a clear and simple interface, security and great speed - after all, you want to buy cryptocurrencies simply, safely and instantly!
At Egera, registration and identity verification takes just 3 minutes. Once registered, each of your exchanges will take less than 30 seconds. Egera cryptocurrency exchange is available both in a browser window and on the mobile app, so you can exchange cryptocurrencies whenever you need to.
A successful investment is one on which you don't lose - but earn! For many novices, this is the Holy Grail of investing, why do many lose instead of earning?
Beginner investors do not calculate the operations on their funds, do not count the cost of cryptocurrency transfer commissions, and the commissions that cryptocurrency exchanges charge on the exchange of funds. At the end of the day, even though cryptocurrencies are rising, by frequent transfers, the novice investor is still in the red. Always calculate the potential costs and plan where you want to keep your funds.
Young investors often switch cryptocurrency pairs. Intentions vary, but most often it is due to the observation that another cryptocurrency is gaining value faster, so they make the switch, hoping to gain more than their original choice. However, this calculation does not take into account the cost of switching, and the fact that a cryptocurrency that has already risen in value may no longer see as strong a rise as before.
Changes also result from sudden reactions to the price, and sudden changes in investment strategy, if any.
Beginning investors often come to the stock market without a specific plan - they deposit money and buy a cryptocurrency that, to their eye
, has the potential for growth. The strategy requires research on cryptocurrencies, their potential for growth, and an analysis of the cryptocurrency you decide on.
No strategy also means no goals - how much do you want to achieve? In what timeframe? How much can you lose and what kind of correction will the market change from bullish to bearish for you?
If you want to sleep soundly with the knowledge of smart investing, you should set specific goals. Calculate how much you want to earn, set your sales to a specific price and wait. The only thing you should still do is set up an automatic sell in case the price suddenly drops below an acceptable price level.
With a strategy and auto-set sell, you don't have to check the price of your stock every day. This will keep you mentally calm and marginalise the chance of making a mistake to practically zero.
Many believe that the price of cryptocurrencies can be analysed. This is done using technical analysis, which is a collection of various techniques. The aim of technical analysis is to estimate the moment to buy or sell an asset. In a nutshell, technical analysis assumes that cryptocurrencies follow certain repetitive patterns.
During technical analysis you will come across indicators such as trend, moving average - which is one of the most commonly used indicators, support and resistance points, Fibonacci levels, RSI, MACD, Bollinger Bands and many others which you will read about in article on technical and fundamental analysis.
To make a buying decision, you need the latest cryptocurrency data. On Egera, the exchange rate is updated live, so you can find the perfect moment for your investments. In addition, on Egera you will find an interactive chart that allows you to perform a full technical analysis, based on which you will estimate where to buy and where to sell cryptocurrencies.
Buying cryptocurrencies, on a cryptocurrency exchange, involves making an offer to buy. In the offer, you need to specify the quantity of the cryptocurrency, and the price for which you want to buy it. Once the offer is issued, you are left to wait for a comparison with another user's offer, in which the price and quantity are consistent.
Depending on the type of investment you plan to make, you can store your cryptocurrencies on an exchange, where you will have the chance to react immediately and make a buy or sell, or on an external wallet, where you will keep your cryptocurrencies for a longer period of time.
Another option is to keep cryptocurrencies on hand
to make payments with them. More and more cryptocurrency exchanges allow this solution - there are even dedicated cards available, with which you can pay in any shop. At the time of payment, your account will immediately exchange funds, from cryptocurrencies, into the currency in which you intend to make the payment.
To send cryptocurrencies to an external wallet, you only need the address of the wallet you are sending funds to. If you are sending cryptocurrencies from a cryptocurrency exchange, simply log in and go to the withdrawals tab.
According to Polish and EU law, buying cryptocurrencies without verification, regardless of the amount, is not possible.
Yes, there are other ways to get into cryptocurrency ownership than just buying cryptocurrencies. There are a couple of alternatives, some require an abundant wallet, others a lot of time and patience.
Cryptocurrency taps are websites and online platforms that give users small amounts of cryptocurrencies in exchange for performing simple tasks. The tasks usually involve browsing ads, registering with various online services or giving a flattering review to an unspecified company.
An alternative way, is to open your own cryptocurrency mine! You don't need specialised mining equipment to mine many different cryptocurrencies - you can achieve minimal results even with a personal computer or a good laptop. The profitability of such an operation is usually low - but it is a possibility.
If you want to acquire cryptocurrencies through mining, you need to know that it is an expensive investment with a longer payback period. It is also more complicated than buying Bitcoin on Egera!
To mine cryptocurrencies efficiently and profitably, you need hardware. The most common of these are graphics cards, or in the case of Bitcoin, an ASIC - a dedicated chip that has been designed to perform a very specific task.
Digging also requires software, and you can read all about it in article on cryptocurrency mining where you will also find profitability calculations for such a project."
The profitability of cryptocurrency mining depends on many factors - the price of electricity, the cost of mining equipment - diggers, the difficulty of digging and the price of the mined cryptocurrency. Very often, the investment outlay incurred pays for itself over a longer period - half a year, sometimes even a year.
Unlike cryptocurrency mining, you won't encounter complexity at Egera. Instead, you will be greeted by a simple and instant registration process, after which you will be redirected to confirm your identity.
After verifying your identity, all you need to do is to deposit funds - you can do it using a bank card, a traditional transfer or an express transfer. With the funds in your account, you can start your investment adventure on the cryptocurrency market, which will make you called an investor of the 21st century!
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