It’s a digital system of payment that doesn’t need any banking system to verify the transactions. For anyone’s first time on crypto, it may be tough to understand. Cryptocurrency is actually a peer-to-peer system through which anyone can send and receive payment anywhere in the world. Unlike physical money which is carried around and exchanged, cryptocurrency payments exist purely as digital entries to an online database that describe specific transactions. A public ledger record the transactions of crypto funds. Visit this link for more details https://crypto.com/
The term cryptocurrency:
The term cryptocurrency is derived from encryption because it’s used to verify transactions in cryptocurrency. Advance level coding is involved to store and transmit it between wallets and to public ledgers. The whole idea of encryption is to keep it safe and secured.
Examples of cryptocurrency?
There are a number of cryptocurrencies. Some famliar ones are:
It’s the most widely accepted and most commonly traded cryptocurrency. Bitcoin was the first launched cryptocurrency. the launching year of this is 2009. That first launched currency was developed by Satoshi Nakamoto. The short-form used for bitcoin is BTC.
ETH or Ethereum is a blockchain platform with its own cryptocurrency. It was developed back in 2015. After bitcoin, it’s the most popular cryptocurrency.
Litecoin is pretty much similar to bitcoin but has more innovations such as faster payments and processing to allow more transactions.
How to buy cryptocurrency? Is it safe?
Cryptocurrency is easy and perfectly safe to buy only if you are operating it through the right method.
Here are the steps to buy cryptocurrency
1. Select the platform:
The first step is to select the platform. You can choose from traditional brokers or dedicated cryptocurrency traders.
In dedicated cryptocurrency traders, there are multiple options available. They are offering different wallet storage, cryptocurrencies, interest-bearing account options.
These are online brokers which offer different ways to buy and sell cryptocurrencies and other financial assets. Like ETFs, bonds, and stocks.
2. Funding the account:
The next step is to choose a payment method. Most of the countries allow buying cryptocurrency by using government-approved currencies such as the dollar in the USA and the pound in the UK. Or using your credit and debit cards. Buying crypto with credit or debit cards is a bit risky. Some exchanges don’t support this payment method. Credit card companies also don’t allow the buying of crypto. This is because cryptocurrencies are highly volatile and keep fluctuating rapidly. Some platforms also accept wire transfers and ACH transfers. The most important factor while selecting a payment method is fees. The transaction fees. Transaction fee, withdrawal time and deposit is different for every platform.
Chose your platform to buy cryptocurrency and payment methods and order them to buy. Enter the amount of crypto which you want to buy and confirm your order. At present, there are three ways to invest in crypto.
Bitcoin trusts allow you to buy with a regular brokerage account. A retail investor also gets exposure to the stock market through crypto.
Bitcoin mutual funds:
Bitcoin mutual funds and Bitcoin ETFs are also handy options to buy crypto.
Investment in crypto is also available through blockchain stocks or ETFs. These blockchain companies are specialized in the technology behind crypto and crypto transactions.
What type of assets you can buy with cryptocurrency?
Online assets such as e-commerce and tech websites:
There are several companies available on the web which sell digital products and accept crypto on their website. Our website is one of them.
Retailers of some luxury items also accept crypto as payment. Such as Bitdials offer Rolex and other high-end watches in return for Bitcoin. Some futuristic car retails also accept crypto as payment.
Insurance companies have also followed that trend. A Swiss insurance company AXA and Premier shield Insurance in the USA also accept payment as bitcoin and allow their clients to buy through crypto.
Types of cryptocurrency scams people face during First Time on Crypto?
If it’s your first time on crypto you need to be aware of scams and frauds that happen in the buying and selling of cryptocurrency. Here are some common types of frauds that loot people first time on crypto.
Fake websites display fake crypto testimonials and jargon. They promise high profit and returns to your investment. But that’s not the case.
Virtual Ponzi schemes:
Crypto criminals promote fake investment opportunities to invest in cryptocurrency. They create the illusion of high return by paying the new investors with money of new investors. Hopefully this piece of content helps people first time on crypto to be safe from these scamsFor more details read this post. https://cryptocoinsadvisor.com/crypto-trading-bot/.