Crypto is the hottest thing in the world right now. However, there are a lot of people who are throwing their money around without any idea about what they’re actually buying. If you don’t know how to trade cryptocurrency and want to learn how, this blog post is for you.
We’ll explain how you can buy cryptocurrencies and then talk about some common mistakes that beginner traders make when entering the market. We’ll also go over some basic terms and vocabulary that will help you when discussing crypto promotion trading with others.
1. What Is Cryptocurrency?
Cryptocurrency is a digital currency based on the blockchain. In fact, you can think of it as alternative money that is not associated with countries. There are many kinds of ICO PROMOTION campaign cryptocurrency, but they all share what they have in common:
– They are decentralized, meaning there is no central authority or body responsible for them. Therefore, it’s very unlikely that governments can ban them. – They are fast and secure. Transactions with cryptocurrency happen immediately and in almost real time. There is no need to wait for days or weeks for transactions to be verified by a central authority before being able to spend the money. – They are anonymous and private . Nobody knows who you are unless you want them to. – They are fast, easy and cheap to send across the world. Just like we don’t need to wait days or weeks for money transfers with traditional financial institutions, it’s possible (and even quite likely) that you can send and receive cryptocurrencies in a matter of minutes.
2. What Are The Most Important Cryptocurrencies?
At the time of this writing (June 24th, 2018), three cryptocurrencies have a market cap of over $1 billion:
Bitcoin . – Ethereum . – Ripple . When you hear people talk about cryptocurrency, they’re usually talking about one of these three: BTC, ETH or XRP. Almost every backlinks exchange offers them as an option to trade on its platform.
There are also many other cryptocurrencies that you’ll hear about from time to time, but not nearly as often:
Litecoin . – Stellar . – EOS . – Monero . – MonaCoin . – Dogecoin . – IOTA and many others. You can check out the list of cryptocurrencies available on CoinMarketCap.com
3. What Is Bitcoin?
Bitcoin is one of the most well-known cryptocurrencies, and it’s probably the most accessible. It’s a peer-to-peer payment system that uses very simple maths to process transactions. That means that everyone can trade or exchange bitcoins without having to trust a third party (such as a bank).
Bitcoin is the start of the Cryptocurrency movement. It’s what gave cryptocurrencies and blockchain technology a lot of attention in the first place.
4. What Is Ether?
Ether is a cryptocurrency that powers the Ethereum blockchain. It’s used to pay for transactions and to create smart contracts and applications on top of the Ethereum blockchain. In fact, you need Ether if you want to develop decentralised apps and smart contracts on the Ethereum network. Click here.
5. How Do I Buy Cryptocurrency?
Buying crypto is easier than it has ever been before. You can buy bitcoin and ethereum on most websites that accept offshore bank transfers. You can also buy bitcoin with a credit or debit card, or exchange your local currency for bitcoin with a service such as Changelly.com. You can then use the purchased cryptocurrency to trade it on an exchange where you can sell it for other cryptocurrencies (or fiat money).
If you want to get started trading cryptocurrencies, you’ll need to get some bitcoins first. Once you have those, learning how to trade will be much easier!
6. How Do I Buy Bitcoins?
The best place to start is Coinbase . It’s the only service that allows people in most countries to buy bitcoins via a bank transfer and does not require ID verification. This is the easiest and quickest way to buy cryptocurrencies in the US, Canada, most of Europe, Singapore, Taiwan and many other places around the world. You can sign up for Coinbase here .
7. What Are Fiat Currencies?
Fiat currencies are money that have no intrinsic value. They can be used as a means of exchange but not as a store of value. They are backed by governments or central banks, which give them their value. Most BlockChain government issued currencies are fiat (including the US Dollar and British Pound Sterling).
8. What Is The Best Way To Start Trading Cryptocurrency?
Before you dive into trading cryptocurrency, it’s a good idea to learn how it all works first. This will help you avoid the most common mistakes that people make when buying their first crypto assets.
The best way to do this is by learning the terminology and strategies involved in trading cryptocurrencies. There are tons of guides and resources online that can help you with this, including some of our blog posts. In addition to reading about them, you should also get to practice trading on a free demo platform like CoinSim.com .