Three great ways to learn more about Cryptocurrencies

There’s no doubt that the crypto revolution is already here, and that cryptocurrencies such as Bitcoin, Ether, Litecoin and Dash are going to be with us for quite a while. The most interesting development, though, is the positive approach that the Canadian government is taking toward them, as opposed to other places around the world – an approach that has so far proved itself very successful and beneficial.

About two months ago, authorities decided to approve the launching of a Bitcoin-based ETF, to be traded on the TSX – and to say that the public showed great interest is even an understatement. That fund is now worth nearly 1.2 billion CAD, and since then several other crypto ETFs have joined this party, including a few Ether-based ones. Meanwhile, in other parts of the world, regulators are still trying to enforce laws on crypto trade which are nearly impossible to enforce.

All in all, this means that there is great potential for reaping profit off of cryptocurrencies in Canada these days. However, according to crypto arbitrage, the risk is great here as well,, since the rates of the top crypto coins are more volatile today than ever. That’s why you should make sure you get enough background knowledge and education on the subject before putting your funds on the line. Knowing how cryptocurrencies work will help you make the right decisions. Here are a few good places to start.

Crypto 101

There are thousands of cryptocurrencies in the crypto market! The cryptocurrency use cases may vary depending on the scenario required. You can learn trading just like you would learn anything else: through courses. This is recommended for people who are less autodidact in their nature. There are plenty of these courses out there, and naturally the ones which are more expensive, are also more comprehensive. Online courses are also something worth considering, especially now that there is a stay-at-home order in Ontario. 

Make sure, though, that you choose a reliable source. “There’s nothing worse than spending hundreds or thousands on education,” told us Ray Glover from CreditEUBank, a veteran financial institution offering several investment paths, “just to find out that you’ve been scammed – and, believe me, there are plenty of scammers out there in this business.”

Do it (almost) yourself

Many online trading platforms now offer very attractive rates on buying and selling of cryptocurrencies. Furthermore, today you can do it via CFDs (contracts for difference), meaning you do not need to actually own the crypto coin you are invested in. This saves a lot of hassle and bureaucracy, such as dealing with crypto wallets or taxation.

CreditEUBank, mentioned earlier, is one of these brands. Today they offer competitive rates on top trading cryptocurrencies, open for buying and selling on a 24/7 basis. However, the most important aspect of trading with brands like CreditEUBank is the fact that traders, especially novice ones, are accompanied by professional brokers with experience in the field. This is a good way to learn hands-on how the crypto trade industry works but, once again, you should find a credible brand to work with, you can try crypto arbitrage on this occasion.

Drop everything and read

If you are autodidact by nature, how about trying to understand how it works by yourself? There are plenty of reading materials, online and offline, which can explain cryptocurrency trade. The big advantage here is that it’s not expensive, so you can try to learn the tricks of the trade by yourself first, and if you feel it’s not enough, gain some more knowledge elsewhere.

Cryptocurrency Investing for Dummies, written by Kiana Danial is a good place to start. The Everything Guide to Investing in Cryptocurrency by Ryan Derrousseau is also recommended, but keep in mind that these are very general knowledge sources. If you want to dig in a bit deeper, try surfing the web and getting some reading recommendations there.

Final thoughts

This is a good time to learn about the money of tomorrow, even if you’re not planning on turning it into an income source. Who knows? Maybe later you will want to. The fact that we’re probably going to be stuck at home for the next few weeks, due to the COVID-19 situation, is another catalyst for gaining knowledge during all of that spare time.

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