Money is a commodity used as a medium for economic exchange. It is a commodity that we sacrifice our blood, sweat, and tears for. Society would simply fail to work without its presence.
Nowadays, with the advancement of technology comes the advancement of currency as well. IN 2009, a form of currency called cryptocurrency was introduced to the world. Since then, it has become a niche area of expertise, as the concept of this currency is still foreign to many. However, in this day and age, it is slowly getting acknowledged by the general public.
There are even several companies and organizations that accept cryptocurrency as a form of a payment transaction. Here’s a brief introduction to purchasing, storing, and using cryptocurrency.
First, you should decide on which platform you should use. The two choices to decide between include a traditional broker or cryptocurrency exchanges.
The first choice, traditional brokers require you to put your trust in an online broker. These online brokers may provide several ways for you to sell and purchase cryptocurrency.
The second choice is cryptocurrency exchanges, which come in a number of various types. Each cryptocurrency provides the investor with a variety of wallet storage, cryptocurrencies, and interest-bearing account options.
After deciding the platform of your liking, the following step is to begin funding said account. The purpose of this step is so that you can start your journey of trading. A majority of the crypto exchanges allow the usage of fiat currencies. These are currencies issued by a country’s respective governments. These are your traditional banknotes and bank savings.
Other than that, some cryptocurrencies allow the usage of credit and debit cards. However, you may be taking a risk if you choose this route as certain exchanges do not accept cards, and banks may also deny the transaction for cryptocurrency.
After these two steps, you will find yourself at the last step in the process, which is placing an order. This step is as simple as placing an order on an online store. You can just pick the type and number of cryptocurrencies and confirm the order.
However, there are also other ways to invest in the currency. First, you can use payment services such as Venmo, Cash App, and Paypal. Other than that, you can also use investment vehicles. These include ETFs, Blockchains, Bitcoin Mutual Funds, and Bitcoin trusts.
Storing your cryptocurrency
The purchased cryptocurrency is kept in a crypto wallet that can only be accessed with your private keys. Two types of crypto wallets, a cold wallet storage, and a hot wallet storage. The first type, a cold wallet storage, uses offline electronic devices that hold your private keys safely. Whereas a hot wallet storage utilizes online software to securely keep your private keys.
Using your cryptocurrency
Initially, cryptocurrency was made to be used for even the smallest of purchases, however that has yet to come to fruition. Therefore, only certain companies have accepted this type of currency. You can buy items such as luxury goods and cars. You can also purchase insurance and items from e-commerce sites.
Cryptocurrency may be the future of economic exchange. Therefore, it would not be such a loss if you were to invest some of your savings into this currency and delve into world crypto news.