Fall has arrived and that means Thanksgiving is right around the corner. Thanksgiving is a time to reflect on the many blessings that have come into our lives during the past year. It’s also an occasion to celebrate our connections to those we love as we take the day to enjoy the company of good friends and family. We hope that you will take some time to do the same.
Please be advised that our office will be closed on Monday, October 14, 2019, in celebration of Thanksgiving. Our Customer Support and Verification departments will be unavailable on this date. As this is also a Canadian banking holiday, please allow additional processing time for deposits, withdrawals and e-currency exchanges. If you require assistance, you may leave a Support Ticket for us at any time and we will promptly respond to your inquiry when our office reopens on Tuesday, October 15.
The short answer is there isn’t. There will always be a degree of risk inherent in any investment you make. However, with some tips, you can minimize loses and make market volatility work in your favour.
It’s been 10 years since the creation of the world’s first cryptocurrency. What began as an attempt to create a “trust-less” cash system, whereby costly third-party intermediaries would no longer be needed, has grown to include more than 1,600 different cryptocurrencies. Of course, not all cryptocurrencies are equal and the method by which they are created is surprisingly easy, making it possible for anyone with some basic coding knowledge to create their own. It’s believed that only 20 cryptocurrencies account for 89% of the total digital currency market. This means that the vast majority of cryptocurrencies will never have values above a few cents, with many disappearing altogether as more established digital currencies increase their market capitalization.
For many of us, the price volatility of cryptocurrencies discourages us from purchasing them. In less than 4 months, Bitcoin dropped from a high of nearly $20,000 to less than $7,000. This volatility continues to define the cryptocurrency landscape with the value of many altcoins rising and falling as quickly as the ocean’s tides. Despite this instability, not all digital currencies are risky investments. Stablecoins are cryptocurrencies that are secured to an asset with a stable value, such as gold or the U.S. dollar. Notable examples include Tether and Facebook’s new Libra cryptocurrency which will be introduced in early 2020. These coins have a fixed valuation and present themselves as safer investment options than more volatile cryptocurrencies like Bitcoin and Ethereum. Stablecoins are ideal for conducting routine transactions and are quickly growing in popularity among people who live in nations with unstable monetary systems.
Minimize Your Risk With Dollar-Cost Averaging
If you’re like most investors, you want to join the multitude of individuals who are actively buying, selling and trading popular cryptocurrencies, the 20 or so that make up nearly 90% of the digital currency market. Fortunately, there is a simple strategy you can use to reduce potential loses and make the volatility of the cryptocurrency market work to your advantage: dollar-cost averaging. Dollar-cost averaging allows you to build up your assets over time while helping you to avoid making emotionally driven decisions. The strategy is surprisingly easy to use; instead of purchasing all your cryptocurrency at a single point in time, you divide up the total amount of money you would like to invest in digital currencies and make smaller purchases over an extended time period. For example, instead of purchasing $500 of Bitcoin in one day, you would buy $100 worth of Bitcoin every 4 weeks for 5 months, or purchase $50 worth of Bitcoin every 2 weeks for 5 months.
Your $100 investment will purchase more Bitcoin when the market is down and this increases the potential for gains if the market turns around. Likewise, when the market is up, your $100 purchase will buy less Bitcoin which will reduce the risk of loss should the market turn the other way. Dollar-cost averaging has been successfully shown to reduce the risk of buying volatile asset classes. It also helps dissipate the anxiety of committing a significant amount of your capital to a single asset purchase while simultaneously giving you the freedom to reevaluate your investment strategy, opting to invest more or less as time goes on.
Buying Cryptocurrency with SolidTrust Pay
Buying cryptocurrency is easy with SolidTrust Pay. Currently, you can purchase 12 different cryptocurrencies using your STPay e-wallet: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Binance Coin, Dogecoin, Litecoin, NEO, OmiseGO, Tron and Ripple.
Before you can make your initial cryptocurrency purchase, you must first create a secure SolidTrust Pay account and set up an external cryptocurrency wallet. Popular cryptocurrency wallets include Coinbase, Mycelium and Electrum, but there are dozens of options to choose from. Always research your chosen wallet and make sure that it possesses excellent security features.
Once you’ve created your STPay account and external cryptocurrency wallet, buying digital currency with SolidTrust Pay is fast, easy and most importantly, secure. We have been a leader in the online payment industry since 2006 and our corporate-grade anti-virus and firewall protection is continuously monitored by our network of international security personnel. To buy cryptocurrency with your SolidTrust Pay account, follow these simple steps:
Step 1) Create your SolidTrust Pay account by clicking HERE.
Step 2) Verify your account to the Standard Verified level. For more information about our 4 account verification levels, please click HERE.
Step 3) Set up two-factor authentication (2FA) using your smartphone or desktop/laptop. For detailed instructions, please click HERE.
Step 4) Create a cryptocurrency wallet and connect it to your SolidTrust Pay account. If you are using a desktop application, click HERE for detailed instructions. For smartphone instructions, please click HERE.
Step 5) Deposit the amount you wish to spend on bitcoin into your SolidTrust Pay account using a bank transfer, a credit card or a transfer from another STPay member.
Step 6) Log in to your SolidTrust Pay account and navigate to My Money > Withdraw Funds. Next, click on the Altcoins option.
Step 7) Select the amount of money you would like to withdraw to your bitcoin wallet. It may take up to 24 hours for your deposit to appear in your cryptocurrency wallet.
Steps 1 through 4 only need to be completed once. You will then be able to easily buy bitcoin by following Steps 5, 6 and 7. Once your account has been Standard Verified and connected to a cryptocurrency wallet, you may withdraw up to $2,500 per day from your SolidTrust Pay e-wallet (Bank Verified members may withdraw up to $5,000 every 24 hours).
As with any asset, investing in cryptocurrencies involves the risk of substantial loss, including the loss of your entire investment. SolidTrust Pay is not an investment advisor or fiduciary and this content is provided for informational purposes only. Before purchasing cryptocurrency, please evaluate whether it is suitable for your financial situation and personal risk tolerance.