European Central Bank Has No Interest in Banning Cryptocurrencies
With there being talk of the European Central Bank seeking to ban cryptocurrencies, the price of most of them did drop recently, however that has proven to be more Fud spread by doomsayers, and it has just been announced that the ECB has no intention of banning cryptocurrencies.
It was the President of the European Central Bank, that being Mario Draghi who went on record as saying that it is not the roll or a task of the ECB to seek to ban or regulate cryptocurrencies, and as such there will be no attempt to do so.
That did have an immediate effect of the value of all cryptocurrencies, and that as to see them start to gain a lot of the ground lost over the last week or so, with Bitcoin surging in value to $9716.25, Ethereum climbing back up to $935.28 and Ripple shooting up in value to $1.14.
As such if you are someone who does live in Europe then with there being very little chance of the European Central Bank interfering with, attempting to ban or even regulate cryptocurrencies you have been given the green light to invest in them or start to use them to pay for goods or services.
It is it does have to be said, rather refreshing for such an important person and organisation such as Mario Draghi and the ECB to take this approach to cryptocurrencies, for not all regulators are embracing them.
The Number of Cryptocurrencies, Coin and Tokens Grows
Taking a quick glance at the Coin Market Cap website, will enlighten you on just how many cryptocurrencies are currently available, however it is worth noting that website does only list those that have a daily average volume turnover of over $100,000.
As of today there are 1530 cryptocurrencies listed upon that website, however there are now tens if not hundreds of thousands of different tokens and coins available.
As such it is going to take you quite some time if you have made the decision to start investing in cryptocurrencies, as you will need to ensure you are investing those that have the best potential to increase in value over the short for long term.
If that is something you are looking to do, then keep in mind some of the lesser well known cryptocurrencies, coin and tokens may just be worth checking out, for with those being the ones that have the lowest value, if they do take off and prove to be popular with both investors and users, then the percentage increase in their values can be huge.
However, be very careful when you do set about investing in for example a token generation event of initial coin offering, for sadly many of them have no real value and it is only going to be those that do have a solid and well throughout plan and company behind them that are most likely to prove popular with investors and users alike.
Multi Cryptocurrency Compatible Digital Wallets
There is of course a requirement for you to get a digital wallet when you wish to buy a cryptocurrency from any digital currency exchange. However, I would advise you to forget about using one that is offered by any of those digital currency exchanges.
For when you do utilize one of those wallets on offer from a digital currency exchange then your funds may be at risk, if for example the exchange is closed down, goes out of business or is even attached by hackers.
As such it will be worth the time and effort in you opening up and starting to use a digital wallet that is not linked up to and part of any one specifically exchange and also use one that is going to allow you to store different cryptocurrencies and is not just compatible with one singe cryptocurrency.
You are also going to have to pay careful attention to your cryptocurrency holdings, and never put them at risk. As such, if and when you do open a digital wallet make sure that you keep your private keys, passwords and access phrases and the such like stored offline and not on your computer.
By doing so if disaster ever strikes, and your computer is stolen or is damaged beyond repair, then by storing the access details of your digital wallet offline you are going to be able to restore that wallet with the minimum of fuss and effort!