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