In this crypto 101, let’s look at some of the critical elements to look for when researching a suitable platform.
The cryptocurrency and blockchain sector has evolved from a uncertain outcast into a market with a $1 trillion valuation in a few years.
Because of this growth, new investors entering this digital currency market frequently find themselves bombarded by many exchanges, wallet services, tokens, and management tools.
In response, developers have overwhelmed the market with numerous tools and platforms designed explicitly for managing crypto and streamlining token ownership to appeal to the user majority.
Managing digital assets using these apps or websites has never been easier, but not all platforms are built equal.
Crypto enthusiasts are always looking for ways to streamline their crypto activities and reduce the time spent on menial tasks like bulk payments and withdrawals, auto-conversion, and even canceling transactions.
However, when selecting a crypto platform, there’s a lot to consider because platforms vary in features and capabilities. Some offer a wide range of tools and services, while others focus on a single area of functionality. Some platforms also offer more advanced features, while others focus on simplicity.
While it’s essential to research the suite of tools available on each platform and how easy they are to use, finding the right platform boils down to convenience, safety, and automation.
Single-asset crypto wallets are the most common digital wallets in the space and just support a single cryptocurrency.
Users use single-asset crypto wallets because these wallet options make it simpler to manage their assets.
Multi-asset crypto wallets allow users to benefit from the advantages of multiple cryptocurrencies and fiat currencies. Even better, these digital wallets allow users to track price fluctuations across various assets and improve their portfolio performance.
CoinPayments provides a custodial wallet developed to support over 2000+ cryptocurrencies. For investors, this variety makes it easier for users to exchange coins for other coins or currencies with a few clicks.
Crypto conversion is a valuable addition to any crypto transaction because users can convert crypto into other currencies. This is a helpful feature for those who want to diversify their portfolios.
A key benefit to the auto-conversion option is that anyone can convert crypto without completing unnecessary verification steps or paying any withdrawal fees (sending fees vary based on the network).
Considering the volatility in the cryptocurrency market — this is a must-have feature to protect against significant financial losses if the price of a coin fluctuates rapidly. CoinPayments offers an auto-conversion for its users.
There are many benefits to automated payment methods. With this option, anyone can send and receive money online and in real-time.
Picture automatic payments for services, subscriptions, paying bills, and even installment payments.
With our auto-forward feature, anyone can automatically send payments to any crypto wallet or set up recurring payments through a Simplified Payment Verification (SPV) system.
Cryptocurrencies are advancing, and there are more opportunities to make mistakes when managing assets. It’s crucial to focus on the right tools to prevent asset loss.
The best tools can help users track coin prices, monitor portfolios for signs of distress, monitor market trends, or calculate various metrics related to their portfolio that help protect crypto balances.
For instance, besides using two-factor authentication (2FA) to protect accounts on the CoinPayments platform, individuals and merchants also have priority access to a crypto vault designed to store coins safely.
Crypto is still a new asset class with unique characteristics and risks, therefore before trading, understand the transfer restrictions and regulatory requirements around crypto.
When ready to trade, use reputable platforms — only consider providers who focus on security and transparency and offer clear user interfaces.
Finally, remember it can take time for prices to reflect actual value in crypto markets. Therefore, assessing your risk tolerance and long-term goals is essential when considering investments in this space.
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