How to invest in crypto

Cryptocurrency is one of the hottest forms of investment available today. However, it is also one of the most confusing and volatile, and indeed, people across the world have developed a series of questions about how they can potentially get in on investing in this form of digital currency. 

What is Crypto?

Cryptocurrency is a form of digital currency. Unlike other forms of paper currency, its worth is not tied to any specific central bank. Instead, crypto is sold via the blockchain, a decentralized ledger that records every Bitcoin transaction. Like other forms of currency or investments, the value of a cryptocurrency is tied to its supply and demand.

Most people have heard of Bitcoin, the most popular form of Bitcoin, which is currently valued at more than $51,000. However, there are more than 4,600 different types of cryptos, each with its own price. 

Is it a Good Investment?

This question is hard to answer because what is a good investment for one person may be a terrible investment for someone else. On one hand, some cryptocurrencies have shown incredible growth. For example, Bitcoin has enjoyed astonishing growth in 2021, nearly doubling in price. Other currencies have also seen major growth. Over the same period, Ethereum has more than doubled, and Dogecoin has shown an increase of almost 500%.

However, crypto is also highly volatile. Yes, Dogecoin has increased nearly 500%, but it was up 700% this year, so the price has moved significantly. Bitcoin is also well known for its wild increases and decreases. As such, if you have little tolerance for risk, or may need to access your money sooner rather than later, an investment in crypto may not suit your needs.

How You Can Buy Crypto

There are many apps and websites that will allow you to purchase crypto. When it comes to finding out how to buy cryptocurrency, you want to make sure you find an app that is secure, easy to use, highly responsive and offers great promotions. SoFi checks all of these boxes and more. 

SoFi will give you $10 in Bitcoin the first time you make a purchase - in other words, you can use SoFi to make a quick buck before investing. The app promises a secure platform for users, ensuring that your investments will be safe within their world-class technology. The app also allows you to make purchases 24-7 - there are no set times or limits on when you can make your financial moves, unlike other stock apps and markets. You can also use SoFi to chart your investment progress and find other cryptos that are making positive financial moves.  SoFi charges a markup - as virtually all crypto apps do - but the cost is extremely low, with the app charging a mere 1.25%. This is a highly competitive price and will ensure that as much money as possible stays in your wallet.

When it comes to crypto, you need to make sure you know what you are getting into and use the most secure app possible. Thankfully, SoFi can help you do just that.