What Is Cryptocurrency

What Is Cryptocurrency?

What is Cryptocurrency

Hi!, I would like to welcome you to the Cryptocurrency Introduction page.

If you are a beginner in crypto this is the page  from where you must start your journey.

What is Cryptocurrency?

Cryptocurrencies are a type of digital asset. It is a bit like online banking without a central bank.

The system that makes the currency possible is based on cryptography.

With that in mind, not every digital asset is meant to be used as a currency. In simpler terms, it’s an alternative to traditional currencies.

General description of Cryptocurrency

All transactions are added to a public ledger. This ledger contains the past and present ownership of each coin.

When you make transactions you broadcast to the cryptocurrency’s network that you’re transferring ownership of your coins to someone else.

The network then adds this transaction to the ledger after verifying that you own the coin you are spending and that you have not spent it before. For this the network spends computational power. For the computational effort and time spent by the community members who helped make the transaction possible, a reward in form of a new currency is created.

Welcome to the Revolution

In just a few years the entire crypto market has gone from nothing to over 170 billion dollars.

I am excited for you and hope that you make the best use of our  resource and become a valuable member of the crypto community.

When we talk about crypto , we must first start with the KING of all Crypto “Bitcoin”.

Before we get into – How one can invest in Bitcoin, it is important to understand – ” What is Bitcoin?” – Click Here.

First Step

Before you buy cryptocurrencies, you must first buy bitcoin. You can buy whole bitcoins, or you can buy fractions of a
bitcoin.

How to Invest in Bitcoin? / How to buy Bitcoin?

One of the easiest way to buy Bitcoins is through online exchanges like:

  • Coinbase
  • Gemini
  • Kraken
  • Localbitcoins

Cryptoshib – “It is very important to keep all information about your exchange and codes private. Do not give your friends, kids and relatives access to such information as they might do something unintentional which may harm your account .

Make sure to keep different email addresses and password for crypto. Remember if someone hacks you, there is nothing you can do to get it back.”

Once you have bought your Bitcoins, the next step is to store them. So until you know where to want to store , do not move your Bitcoins from the exchange.

List of online exchanges where you can buy and sell Bitcoins and Altcoins – ONLINE EXCHANGE LIVE

Next – Storage of Bitcoins

As you progress with your skills in crypto , you need to keep your Bitcoins secured. That is where wallets come.

You want to store your crypto where you control your PRIVATE KEY.

Some examples of wallets :

  • Blockchain.info
  • Myetherwallet
  • Jaxx
  • Metamask

 

For Added layer of protection you can store your coin in a Hardware wallet like Trezor or Ledger Nano. In Hardware Wallets your Private Key is isolated from the Internet making it the safest option for storing your coins.

It is OK to give your PUBLIC KEY to other people or platforms to receive crypto currencies but never make the mistake of giving the PRIVATE KEY to anyone.

If you give away your PRIVATE KEY to someone they can access to your account.

Always remember to copy down your Provate Keys and keep them in a safe place. Also some platforms will offer backup phrase, recovery link or backup seed. You need to keep these safe as wellin case you need to recover your account.

Next – ” What is Altcoin? ” – CLICK HERE