A Quick Introduction to Cryptocurrency

A Quick Introduction to Cryptocurrency

All the hype around cryptocurrency doesn’t seem to subside. In fact, its popularity is growing faster than ever. Every day, a lot of new digital coins are being announced, which has led to the fact that celebrities and sports clubs consider it a must to have a personalized cryptocurrency. But where are these currencies stored and what can you do with them?

Despite the fact that even the most popular cryptocurrencies like Bitcoin or Ethereum are not recognized by government regulators, the possibilities for their use are quite wide. Almost any online purchase on large sites can be made using these cryptocurrencies. For a while, even Tesla cars could be purchased with Bitcoin. Apart from this, you can also use these and other popular cryptocurrencies even to buy real estate, let alone food, devices, and other services from, say, Microsoft.

How to Store Crypto

There are various ways to store cryptocurrency. A cryptocurrency wallet is a special software device, thanks to which owners can store cryptocurrency, receive and make cryptocurrency exchanges. Each crypto has its own wallet. For example, on Bitcoin.org there is a large selection of wallets for various devices from PCs to smartphones compatible with various operating systems; the same goes for Ethereum.

For a beginner, however, the best way to buy cryptocurrency is on a cryptocurrency exchange. The most reputable exchanges are Cryptsy and Coinbase. You can get familiar with a list of all online exchanges at BitMakler. By using them, you can conveniently make any transactions and even buy crypto with PayPal, bank cards, or other payment methods available.

Why Purchase Altcoins?

While the big players of the crypto market are usable and very liquid, why would people buy less eminent coins that have no real use? The answer is simple - wait till they skyrocket in price. The thing is, it is quite difficult to predict whether a particular coin’s price will go up, or down, especially over time. But since they tend to be cheap after the ICO (initial coin offering), without taking huge risks purchasers wait till the price is favorable enough to sell them. If you see good potential in an announced coin, buy some while the ICO is going and hope for the best. Again, all of the newly released coins can also be easily purchased online, so that you can buy crypto with PayPal and subsequently sell it to make some profit.