How to start your adventure with cryptocurrency if you have never invested in new technologies? Before starting your first investment, it’s a good idea to think about the options available to you.
Purchase and storage
Buying your first currency can be difficult. Experts advise if you want to invest in cryptocurrencies, you should start by purchasing Bitcoin. However, this is not the only way for beginners. There are also other options, such as going directly to an exchange or Ripple Packet.
A cryptocurrency exchange is a platform that allows customers to trade cryptocurrencies or digital currencies for other assets, such as fiat currencies or other digital currencies. A cryptocurrency exchange typically accepts bid-ask spreads as a commission on transactions for the service or simply charges fees for using the service.
Cryptocurrency exchanges are often registered outside the European Union and the US to avoid regulation and taxation. However, they support Western fiat currencies and maintain bank accounts in several countries to facilitate deposits in various national currencies. Most cryptocurrency exchanges can accept credit card payments, wire transfers, or other forms of payment to exchange for cryptocurrencies.
Exchanges typically send cryptocurrencies to the user’s personal cryptocurrency wallet. Some also have the option to convert digital currency balances into anonymous prepaid cards that can be used to withdraw funds from ATMs around the world, while other cryptocurrencies are backed by physical assets such as gold.
But what about storage? There is absolutely no reason to store cryptocurrency on an exchange. There is a long history of hacks and bankruptcies in the cryptocurrency markets, most famously the Mt. Gox hack that drained hundreds of millions of customers’ dollars.
But where to store cryptocurrency if not on an exchange? Cryptocurrency is held in online wallets and mobile wallets (any wallet that exists on a device that will ever connect to the internet) as hot cryptocurrency wallets. It is easy to access funds on a “hot wallet” – That’s why it’s a good idea to keep only a portion of your cryptocurrency on it that you’ll be trading online or in the real world.
While transactions using hot wallets are very simple, there is a huge drawback – they can be easily hacked. Recent ransomware attacks and previous fiascos of large exchanges should be enough of a beacon for new users.
While you shouldn’t store a lot of value in your hot wallet, it’s important to back up your wallet’s status restore section to avoid losing funds due to an error. With a private key, an investor is able to painlessly restore any wallet to its original state.
When you keep your currency in a device completely offline, it is called a “cold wallet”. For those who are looking for the safest form of storage, these are the best option. Cold wallets are also best suited for long-term investors who don’t need access to their coins for months or years.
Cold wallets are not without their own set of risks, but if you follow the instructions and take every possible precaution, they are greatly minimized. Given the amount of attention that cryptocurrency has attracted over the past few years, it has unfortunately attracted the interest of common thieves as well. As such, a much safer option is to use a cold wallet as a means of storing money.
Ripple card – simple and safe
However, there is a simpler way to purchase and store cryptocurrency. The Ripple packet has the reviews of a service aimed mainly at beginners who are planning to enter the world of investment. All due to the nature of the product consisting of educational materials and free units of Ripple cryptocurrency. Thus, the client will not only acquire a training kit, but also receive an e-money for free. And how is this possible?
All thanks to the Ripple Card, a document confirming the purchase and access to the received cryptocurrency units. Each customer who purchases the Ripple Packet will first receive an email with detailed instructions on how to use the packet, and then by mail the Ripple Card. Access card will be sent in a specially protected packet to the address specified by the customer. It can be received only after showing an identity document.
The Ripple Card will contain the so-called Ripple Code, which is the login and password to a private account on a virtual wallet, where the received e-money units will be stored. The account will be created and secured by the intermediary, but only the customer will have a login to it. Thanks to this, the client will not be obliged to set up their own e-wallet or implement specialized security measures against attacks of hackers and thieves.
In such a situation, the customer will have only one task – to safely store their Ripple Card. This document should be kept in a dry and secure place until you decide to monetize your units. This action is as simple as purchasing the Ripple Education Packet. All the customer has to do is contact the merchant, inform them of their choice and confirm access to the wallet with the Ripple Code. The units will be redeemed within a few days.
The Ripple card is a simple and secure way to store e-money, as the Ripple Code is located only on the access card, making it impossible to be stolen by hackers and online thieves. In addition, it is also a cheap way to obtain Ripple cryptocurrency which is enjoying increasing recognition in the global cryptocurrency market.