You’ve possibly heard the name “cryptocurrency” being thrown around every so often, but what does it actually mean? In plain terms, cryptocurrency is a type of currency that exists completely online. It hasn’t got a physical form, but exists in a blockchain on a server, that stores data related to transactions in blocks without personal identifying factors. They are not backed by a bank or other orthodox lending organizations, and transactions are fully encrypted to keep personal information confidential, irrespective of the transaction being made.
Historical Origins of Cryptocurrency
The world of cryptocurrency made its first big debut by the launch of Bitcoin, which is recognized as the first successful currency of this form. It was characterized as a peer-to-peer electronic cash system, ensuring to decentralize and cut out any kind of middleman. As Bitcoin kept becoming popular, other cryptocurrencies appeared in the market, giving potential investors access to a greater number of options each and every year.
How to Track Cryptocurrency Portfolio?
A cryptocurrency portfolio tracking solution is built to help hobby and/or full-time investors and traders effectively monitoring and managing their cryptocurrency portfolios. Let’s assume you have a portfolio of 3–9 different altcoins, the prices and rates of these can perhaps change every day or even more often. So, in a week you cannot figure out how much money you have. Prices swing up and down in double-digit percentages on a per-week basis. And one month in crypto seems like a year in the real world; something that’s worth it today could be altogether gone in some years. Even with a very little number of trades, it can be tough to keep track of your profits and losses. This is when you wish to centralize all your coins in a single place – in the crypto portfolio tracker app.
There are scores of outstanding platforms out there that allow easy tracking of your cryptocurrency portfolio. After doing the trades or purchases of your altcoins, you are allowed to directly add this information to the selected program to visualize your profit/loss.
Why Do You Need to Keep Track of Your Cryptocurrencies?
Same as your stock prices are based on market values and ups and downs of the economy, so are your bitcoins, however, there seem to be no downs so far. In spite of that, you would like to keep a track of how many coins you have, how much you can still buy, funds that you are allowed to transfer to your wallet including the transactions you carry out online through your ledgers. Keeping one’s eye on all of these can be made simple if you have the crypto portfolio tracker app to handle those for you.
Reasons To Consider Using Crypto Portfolio Tracker App
- It is free. With nearly all the features that you could get in a paid trading and portfolio management app, here they are offered at entirely no cost.
- You can link your bitcoin wallets and exchange accounts to the crypto tracker and do smooth transfers anytime you wish.
- On your app, you view live information on trend charts, market intelligence, among others. Simply put, you stay updated at all times.
- The app provides a massive library of bitcoins including but not limited to Bitcoin, Bitcoin Cash, Ethereum, Bitcoin SV, Litecoin, Binance Coin, XRP, EOS, and Tezos.
- The app gives in-depth trading analysis in the form of charts and graphs color-coded for your convenience.
- You are allowed to handle multiple portfolios from a single account. Means, no shifting applications, you have everything covered under one roof.
The cryptocurrency app has proven to be an amazing tool as far as crypto portfolio tracking is concerned.