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What Is Cryptocurrency?

Have you ever wondered what cryptocurrency is and how it can be utilized to buy regular things? Well, cryptocurrency is a form of digital payment that can be used to buy or sell products, goods, or services. Many companies currently have their currencies that can be traded for a good or service that the brand or company provides. Cryptocurrency should be thought of as casino chips or game tokens. Although you can use cryptocurrency to buy goods and services, many individuals invest in cryptocurrencies as they would for other assets or stocks. Another benefit to using cryptocurrency is making quicker payments and avoiding transaction fees that regular banks charge. Even though cryptocurrency can be very fast to process, there are no legal protections with those transactions. Once you pay with cryptocurrency you can’t get your money back, making it impossible to reverse the transaction. Cryptocurrencies are entirely digital, there’s no physical coin or bill connected to any cryptocurrency. Instead, cryptocurrency is held in a digital wallet, where you can store, buy, or sell your currency. While Cryptocurrency is an exciting and evolving currency, buying it can be risky. You must do a fair amount of research to fully understand the future of cryptocurrency before purchasing it.

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How Many Cryptocurrencies are there and is it safe?

There are many cryptocurrencies in the market as of today more than 10,000 different cryptocurrencies are traded within the public. The total estimated value of all currencies is more than $1.9 trillion! The most popular of the digital currencies is Bitcoin, which was valued at $849 billion. The top largest cryptocurrencies in the world are Bitcoin, Ethreum, Binance Coin, Tether, XRP, Dogecoin, and many more! Cryptocurrency is unexpectedly trackable through a database called a blockchain. This blockchain holds records of all transactions processed with digital currency. Cryptocurrency isn’t entirely secure, since most people consider the U.S dollar more established, cryptocurrency doesn’t have the same protections as many standard currencies. For example, unlike real U.S money, a bank insures your saved money by the Federal Deposit Insurance Corporation (FDIC). Cryptocurrency, on the other hand, has no responsibility for loss or stolen cryptocurrency.

Why are Crypto currencies so popular?

Cryptocurrencies have many supporters, that range from famous millionaires to famous athletes. Supporters see cryptocurrency like Bitcoin as the currency of the future, which may become more valuable than the U.S dollar. Some supporters love the fact that central banks won’t be in control of managing money, since they do charge fees to hold your own money. Some individuals love the future and technology of cryptocurrency and believe that it can be more secure and less expensive than regular banks. Cryptocurrency may go up in value and many investors see that as an opportunity to invest. While Bitcoin is available for purchase in U.S dollars, other cryptocurrencies may need to be bought with another cryptocurrency. For example, you may need to download an app such as Coinbase, Etoro, or Robinhood to hold a digital wallet. This digital wallet is where you can trade, buy and hold digital currency. Imagine this digital wallet as a real wallet but in your phone. A Similar technology that uses this same concept is Apple Wallet, but instead of real money, the digital wallet holds only cryptocurrencies. There are many digital wallets to download on the internet and you must do your research before you download the cryptocurrency exchange app. The most popular cryptocurrency trading exchange is Coinbase, a digital wallet where you can buy and sell Bitcoin and other cryptocurrencies. 

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How do I Buy Cryptocurrency?

There are many steps to buying a cryptocurrency, the first step is to sign up for a reliable cryptocurrency exchange that will allow you to buy, sell, and hold cryptocurrency. The best practice is choosing crypto that allows you to transfer your digital currency to your online wallet. Many of these crypto exchange wallets offer other features, but Coinbase is one of the easiest to manage and exchange your digital assets. Once you have chosen your exchange provider, which can be Coinbase, Etoro, or Kraken, you need to connect your exchange with a payment option. This is the time where you need to gather your documents and depending on the exchange, you may need to provide other documents such as a driver’s license, social security number, and a source of your funds. This can be a regular debit card or credit card, some exchanges require a bank account number to process your exchanges. Some Exchange apps charge a solid exchange fee, which varies with the provider, that can range from 1.49% to 3.99%. It is very important to research before purchasing any cryptocurrency. The more mainstream cryptocurrency becomes, the fees may become higher than it is now. The third step to purchasing your first digital currency is placing your order with a reliable exchange app. After placing your order of cryptocurrency it should be safely stored in a digital wallet. Some wallets offer many features such as extra protection, insurance, or swapping coins for another. If downloading an app sounds too hard for you there are many alternatives to buying digital currencies. Bitcoin has implemented a public Bitcoin ATM, where an individual can purchase cryptocurrency with hard cash and automatically transfer it to a digital wallet.

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How Do You Sell Your Bitcoin?

The same way you purchased your cryptocurrency is the same way you can sell it. On your digital cryptocurrency exchange app, there is a setting or button that will allow you to buy or sell your digital currency. This button is well defined and will give you the option of how much or many Bitcoins you want to sell or buy. Like mentioned before, Coinbase will automatically charge a 1.49% fee to every buying or purchasing exchange. As cryptocurrency supporters, we advise you to do as much research as possible before purchasing your first cryptocurrency. Cryptocurrency is a risk but the risk may come with a high reward, please buy or sell your cryptocurrency responsibly.    

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