Cryptocurrency is a digital currency that exists only electronically. You don’t need any physical bill or coin. Except if you need to use it that allows you to cash in cryptocurrency for a token. You can exchange the cryptocurrency through someone online. By using your smartphone or computer without the use of any bank. The well-known cryptocurrencies are bitcoin and ether. Although there are different kinds of cryptocurrency and they are adding more cryptocurrencies.
It is a website where you can sell, buy or exchange cryptocurrency for digital currency or money. Like the US dollar or euro. For you to trade more or you want to have bigger stock in cryptocurrency. There is a need that needs you to confirm your ID. But when you want to have a straightforward trade or buy a small amount. You can also look for platforms that do not need to confirm your ID.
How to trade cryptocurrency?
You can get it by exchanging services and goods for cryptocurrency. You can also trade bitcoin for dollars or you can trade in for other cryptocurrencies. Trading is done by the brokers and exchanges. Brokers are the third parties of buy and sell cryptocurrency. You can also trade it right between peers. A peer-to-peer exchange can be managed by a third party or it does not. You need to be vigilant that cryptocurrency prices are unpredictable.
How to get cryptocurrency?
You can buy cryptocurrency through the Crypto Exchange platform. Other people are earning cryptocurrency through a complicated process which is mining. It needs to have super-advanced computer equipment. To solve very complicated math problems.
What is mining?
Those people who are using software and hardware in verifying transactions to the digital ledger are miners. They are solving cryptographic puzzles through software. To gain transactions to the ledger which is known as the blockchain. Hoping that you can get coins as a prize.
How to use it?
They are using cryptocurrency through fast payments. And to escape any transaction fees that the banks are charging. It can also be offering anonymity. Some are holding cryptocurrency as an investment. They are hoping that the value goes high.
How to keep cryptocurrency?
It is kept in a digital wallet. It could be an online, an external hard drive, or a computer. You need to be careful in keeping your cryptocurrency because when something happens. Such as you forgot the password to your digital wallet, the online exchange closed out or it was stolen. Nobody can help you to recover the funds. And you basically transfer using it without an intermediary such as a bank. There is nothing you can do to return all your funds when you face these kinds of problems.