Financial literacy is becoming an important item on the lists of many. Unfortunately, it is not getting the mainstream attention it deserves. Being financial literate allows one to break out of the ‘rat race’ of earning money and spending it. By being conscious of your spending and accumulating wealth, you not only become richer: you become more independent.
Investing is one of the best vehicles to become financially independent and create passive income. With the rise of decentralized financial products, there is a whole new domain to be explored. By leveraging the best crypto trackers, you can learn about these products along the way.
The financial world has long been supported by technology. Actually, the market became accessible to retail investors through technology. Lower transaction fees and automation have been key ingredients to the liberalization of markets.
Blockchain technology is even more reliant on technology: it is based on cryptography combined with game theory. Through this combination, Bitcoin was created and followed by many other coins. Now, the market has over 4,500 coins at the time of writing, and this is growing by the day.
The technology behind these coins (blockchain) promises to lower transaction fees and create reliable, decentralized networks without intermediaries. This forms a new class of assets, whereof many will not see the light of day. But, there are dozens of these coins that will find a strong market and capture their potential. Therefore, it is important to start monitoring these initiatives and invest in them carefully.
A portfolio tracker is a natural first step to start your decentralized finance adventure. You can shortlist the coins you are interested in, and follow their respective charts. Next to that, you will receive news on the overall markets and the coins you selected. This will enable you to explore and understand the market. Since it behaves differently from traditional finance, it helps to get a hang of it in this way.
You can start mimicking a portfolio by creating groups of coins to see how they evolve. Similar to traditional finance, you need a strategy to be successful in the long-term. For example, you can combine a set of stable coins with the ‘blue-chips’ of crypto (e.g., Bitcoin, Ethereum) and create a separate basket with more risky investments in smaller coins.
There are many portfolio trackers on the market, how can you determine the best crypto trackers? This depends on the use cases you are looking for. Some advanced trackers allow you to connect with exchanges and wallets. This comes with numerous advantages. For example, you can see the transaction fees of the respective exchanges to select the one with the best rates and fees. When you keep your funds in your wallet, you can continue to participate in the consensus mechanisms (e.g., Proof of Stake) and allow your portfolio to grow.
If you are interested in even more app-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
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