Wednesday, May 29, 2024

How to properly organize your investments in cryptocurrencies?

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In recent years, more and more people are investing in cryptocurrencies. Due to the large number of cryptos available on the market and the many fluctuations, it is not always easy to follow the evolution of the investment. How then to optimize the management of investments in cryptocurrencies?

Excel file for cryptocurrencies: the management tool par excellence

Nowadays, organizing investments in cryptocurrencies is an absolute necessity. Indeed, the exponential growth of the virtual currency market has led to a significant increase in the number of cryptos. The movements of these different currencies create fluctuations that are very difficult to follow.

For effective tracking and organization of investments, one of the best options is the use of Excel. It is a software from the Office suite which allows you to create tables, make automated calculations, schedules or databases. Its spreadsheets offer the possibility of transcribing all investments and following their evolution. From then on, it is enough to make daily adjustments to know the real state of the assets.

That said, using an Excel spreadsheet is tricky. For many people this is a real challenge. For this, it is possible to opt for a cryptocurrency management tool, such as Excelcryptos, in order to learn how to manage Excel for crypto .

These tools offer ready-made formulas that make it possible to organize assets efficiently. In particular, they make it possible to better allocate investments, to hold positions despite fluctuations and to know the real state of profits. To find one, just contact a cryptocurrency specialist or Excel.

cryptocurrency investments

The cryptocurrency wallet: an interesting alternative

In the absence of the Excel sheet, it is possible to opt for specialized applications such as cryptocurrency wallets. These are software whose essential function is to facilitate the main movements of cryptocurrencies . These include sending, receiving, controlling and securing.

This application is particularly useful in the organization of investments, since it clearly traces the state and evolution of the market of assets (Bitcoin, Dogecoin, etc.). It is then no longer necessary to make a daily update as in an Excel spreadsheet. How does it work ?

The wallet randomly generates a seed or backup phase. It is a series of randomly drawn words which make it possible to restore and find the assets on a new account, in the event of loss or hacking of the first. The portfolio also allows interactions with the assets linked to the seed . It is then possible to know their real state to make a sale or a purchase.

The seed of cryptocurrency wallets makes it possible to obtain a cryptocurrency reception address or RIB . This allows the holder to easily acquire assets without risking loss or theft. The only downside to the wallet is that the receiving addresses are cryptocurrency specific. It is then not possible to receive Dogecoin with a Bitcoin receiving address.

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