Cryptocurrencies can be a way to make a fortune, but you need solid technical knowledge. Find out how and why to take a Cryptocurrency trading training.
The cryptocurrency industry is growing fast, generating billions of euros. Logically, many online courses are emerging for this technology.
As well as learning the best trading techniques, such a course can lead to becoming a cryptocurrency professional. According to Monster Insights, the average crypto marketing manager earns $127,000 a year in the United States.
However, it’s important to choose your Cryptocurrency trading training carefully if you want to acquire real expertise and technical skills. By selecting the best programme, you will be able to understand everything about cryptocurrency in order to invest or create your own Blockchain.
The cryptocurrency industry is growing fast, generating billions of euros. Logically, many online courses are emerging for this technology.
As well as learning the best trading techniques, such a Cryptocurrency trading training can lead to becoming a cryptocurrency professional. According to Monster Insights, the average crypto marketing manager earns $127,000 a year in the United States.
However, it’s important to choose your Cryptocurrency trading training carefully if you want to acquire real expertise and technical skills. By selecting the best programme, you will be able to understand everything about cryptocurrency in order to invest or create your own Blockchain.
What is cryptocurrency?
Cryptocurrency is a type of decentralised digital currency. It is used as a means of payment, but investors can also hold onto it in the hope that it will increase in value.
There are thousands of different cryptocurrencies. The most popular and oldest is Bitcoin, created in 2009.
Other well-known cryptocurrencies include Ethereum, XPR and Bitcoin Cash. Each of these currencies has its own specific features.
Cryptocurrencies are entirely digital, so are not linked to physical notes or coins. Instead, holders store their cryptocurrency in a digital wallet.
This wallet can be online-only, or in the form of a device accessible offline. Cryptocurrencies are bought and sold on online platforms called exchanges, such as Coinbase or Kraken.
Decentralisation is a major feature of cryptocurrency. While most traditional currencies are backed by a central bank, crypto is maintained and valued solely by its users.
Cryptocurrency transactions are recorded on a decentralised ledger: the Blockchain. Every time a crypto is bought or sold, the transaction is added to the Blockchain.
This is a public database of all transactions, accessible by anyone. Anyone can consult the Blockchain, but the data on individual transactions and the people involved is secured using cryptography.
For each transaction added to the Blockchain, a digital validation process enables verification and prevents any attempt at fraud. Security is therefore a major advantage of blockchain.
What is cryptocurrency used for?
Cryptocurrencies have the characteristics of both a currency and an investment. Experts are still debating whether it belongs in either of these two categories.
Cryptocurrency can be used as a means of payment. However, purchasing power is limited as few businesses accept the currency.
The volatility of crypto further limits its appeal as a means of payment, as does adoption, which remains limited.
For many people, cryptocurrency is more of an alternative type of investment. In the same way that you can buy and trade shares in public companies, you can buy crypto in the hope that it will increase in value over time.
However, unlike a resource like gold, crypto has no inherent physical value or use. As a result, its value is entirely tied to an unpredictable demand cycle.
Investing in the unregulated cryptocurrency market presents major risks. Regulators are still working out how to classify cryptocurrencies, whether for trading, payments, taxation or anti-fraud purposes.
It is therefore important to be cautious, to be well informed and to undergo Cryptocurrency trading training to acquire expertise.
Cryptocurrency and cybersecurity
The blockchain technology on which cryptocurrencies are based is inherently secure. It is a distributed, public and decentralised ledger technology. What’s more, every transaction goes through an encryption process.
However, the security of cryptocurrencies differs from that of a traditional currency such as the US dollar. Because cryptos are not backed by a government authority, they do not have the same protection.
In the US, money deposited in a bank is insured by the Federal Deposit Insurance Corporation (FDIC). This is not the case with cryptocurrencies, whose losses are not covered by the government if the company goes bankrupt.
In a notice published in 2014 on cryptocurrencies, the Consumer Financial Protection Bureau warns on this point. The institution also warns about more specific risks such as volatile exchange rates, potentially high fees on exchange platforms and the risk of fraud.
If funds are lost or stolen, it is virtually impossible to recover them due to the decentralised nature of Blockchain and the absence of any government oversight.
What’s more, even if the cryptocurrency is secure, that doesn’t mean it’s a safe investment. Its value remains based on pure speculation.
As is often the case, experts recommend diversifying your investment portfolio. Ideally, cryptocurrency should represent only part of your investments.
What's the best strategy for cryptocurrency trading?
Cryptocurrencies are first and foremost speculative assets. Even the value of the best-known ones like Bitcoin and Ethereum fluctuates regularly.
That’s why experts advise against investing more than 5% of your total portfolio in cryptocurrency. It’s also not advisable to invest more than you’re prepared to lose.
If you’re planning to invest in crypto over the long term, it’s not advisable to buy and sell different currencies. Instead, choose an amount, invest it and keep your crypto.
Complex trading of different cryptocurrencies can also generate a quick profit, but it’s a risky approach and rarely viable.
Why take a Cryptocurrency trading training?
According to Investopedia, the cryptocurrency market could reach $1.7 billion by 2027.
It’s still not too late to jump on the bandwagon and learn all the subtleties of this technology so you can profit from it.
Taking a dedicated Cryptocurrency trading training can teach you everything you need to know about working with digital currencies and investing effectively.
Some courses offer an overview of crypto and its use cases, while others focus on more specific aspects.
A Cryptocurrency trading training can also provide access to the new professions linked to this technology. On LinkedIn, Indeed or Monster, thousands of job offers mention Bitcoin and Blockchain.
Even large companies such as JPMorgan Chase, Amazon, Apple and PayPal are recruiting cryptocurrency experts.
A large proportion of these jobs require technical expertise in Java, Python, C/C++, Nods.js, and skills in artificial intelligence and Machine Learning.
Cryptocurrency jobs include AI engineers, marketing managers, software engineers, financial analysts and web developers.
How much does a Cryptocurrency trading training cost?
The price of a Cryptocurrency trading training varies greatly. There are some very comprehensive free courses, while some paid courses offer only basic information.
So before you pay any course fees, it’s essential to take a good look at the content of the programme and the teaching methods. Make sure you get value for money.
Some courses offer a free trial, so you can try before you decide. In all cases, choose a course that suits your budget.
DataScientest courses are eligible for funding options.
How do you choose a cryptocurrency training course?
The cryptocurrency scene generates astronomical sums of money, and therefore attracts scammers and thieves. As a result, it can be difficult for a beginner to find a legitimate course.
While it’s possible to start investing in crypto without taking a course, understanding the dynamics of the market or how Blockchain technology works requires training.
Select a programme that covers advanced concepts, and offers an understanding of the technical workings of cryptocurrencies.
DataScientest training courses enable you to acquire expertise in the Python language, or master Machine Learning techniques. Find out more about our training courses now!
You now know everything about cryptocurrency training. For more information, see our feature on NFT training courses and our feature on Blockchain training courses.
