There are many ways to dip your toes into the crazy world of Cryptocurrencies in Australia with multiple online exchanges available to make the whole process very simple.
It’s an incredibly volatile market so make sure you are only investing what you can afford to lose. Prices can rise very quickly in a short space of time, but they can also plummet just as fast.
Online Cryptocurrency Exchanges
Useful Cryptocurrency Websites
CoinMarketCap shows the current market capitalisations for 1,374 different Cryptocurrency coins and tokens over 7,478 markets. This is a great website to see how all of the coins and tokens are tracking, especially if you are interested in smaller, lesser known altcoins as you can watch them either climb or fall down the ladder to grab a larger chunk of the market.
The most popular cryptocurrency news website would be CoinDesk. It’s useful to keep an eye on any big announcements as this can greatly effect price movements.
Useful Cryptocurrency mobile apps
I personally use this app and it is a great way to see your cryptocurrency portfolio all in the one app if you happen to have your coins spread across different exchanges, hardware wallets etc.
It has a clean and simple interface and will also give you notifications on how much of a profit or loss your portfolio has made for the day.
Similair to Delta, Blockfolio allows you to see your entire cryptocurrency portfolio and provides market information and current prices.
What is Bitcoin?
Bitcoin is the worlds first decentralised digital currency, this meaning that it isn’t connected to a bank or any administrator like fiat is. It started in January 2009 and at first was largely used for making discrete purchases on the Deep Web on websites like Silk Road. Since then, there are many other businesses accepting bitcoin as an alternative form of payment for the purchase of products.
Bitcoin was created by Satoshi Nakamoto, who has never been truly confirmed. This could be an alias name that the creator used to hide his identity, we may never find out.
The price of Bitcoin has gained incredibly over the last few years, causing many people to get involved in investing in various cryptocurrencies. Many financial experts such as Warren Buffet warn people that this looks like one of the biggest bubbles we have ever seen, so people should tread carefully when investing their money into it.
What is Ethereum?
Ethereum is another popular cryptocurrency that was first released in 2015 created by Vitalik Buterin, a cryptocurrency programmer and researcher.
It has enjoyed a huge gain throughout 2017 trading at $14.90AUD on January 4th all the way up to $1,012.50AUD December 31st.
Ethereum uses smart-contracts across nodes on the blockchain to facilitate the trading of money and content.
What is Ripple?
Ripple is another cryptocurrency that has received much attention in 2017 and racing up the market capitilsation ladder sitting in the Top 3 position at the time of this article.
Ripple is an RTGS (real-time gross settlement) remittance and currency exchange network that is gaining popularity among the banks. There are 100 billion XRP (currency of Ripple) in existance which is the limit as no more can be created, much like how more Bitcoin coins can’t be created.