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DCForecasts Mini Guide To Cryptocurrency Trading (For Beginners) – Part 1

Stefan by Stefan
01/06/2018
in Blockchain News
2 min read
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It’s very important to learn the basics of cryptocurrencies if you want to get involved. This mini guide will be separated into two parts for an easier, better understanding. We hope to explain in a simple way and help you get the right decision.

  1. Cryptocurrencies- What Are They?

Cryptocurrencies are simply put- the replacement of fiat currencies. The main goal is to use these kinds of currencies is to  improve and fix the problems that regular systems have. For example, when using PayPal you are sending money electronically and it can take a lot of time and a lot of extra money. Bitcoin, for example, tries to improve this process by shortening the time and lowering the costs.

  1. Are Cryptocurrencies Real Money?

In some way. We get that the concept is very confusing but this is what this guide is for, right? Many new companies are starting to use this payment method instead of a traditional one, accepting bitcoin as a real money for the favors the offer.

  1. What About Blockchain?

The easiest way to put it- it’s a database. With a slight difference from what you already know about databases. A traditional database is stored only on one computer. A blockchain database can be distributed on thousands of computers for a very low cost. The information stored is highly encrypted and it’s almost impossible to expose the entire data file.

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  1. How Do I Buy Cryptocurrency?

You would have to find an exchange platform that you like the best. Of course, make sure before choosing one to learn everything about that specific exchange. We put down a list of few exchanges that we believe are a great option:

  • Coinbase
  • YorkBit
  • Bittrex
  • Binance

Most of these exchanges allow using a credit card just make sure you don’t store them on the platform itself.

 

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Tags: BlockchainBlockchain NetworkBlockchain Technologycryptocrypto newscrypto news ukcrypto news usacrypto updatesCryptocurrency
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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