In the crypto world, it’s known that the first purchase with Bitcoin was for a pizza. He paid 10,000 BTC which is about 96 million US dollars today.
If you’re interested in getting started in the crypto world, then you’ll want to learn about it with this guide on crypto 101. Read on to explore this quick but informative guide on the crypto world today.
Table of Contents
What Are Cryptocurrencies?
These are digital representations of value that can be stored, transferred, or traded. It’s a digital asset that you can receive more info here and see how it’s used to pay for items and is traded.
Understanding the blockchain is what allows virtual records of all digital transactions to be created and stored. This helps to prevent fraud and verify ownership. Once you buy, sell, or trade crypto, there will always be a log of it within the blockchain.
You’ll want to focus on the 2 main cryptocurrencies which are Ethereum and Bitcoin. Keep in mind that they both can fluctuate with time so you’ll only want to invest what you can afford.
You can buy, trade, and sell cryptocurrency right from your phone. There are different forums, apps, and ATMs around the world that you can access. Peer-to-peer is another option.
When you’re taking a look at the different places that you can buy cryptocurrency, take a look at their fees and what type of currency that they accept. Not all places will accept the U.S. dollar. Keep in mind that if you use a debit or credit card then the fees might be higher.
ATMs are a common option since they’re a safer method to buy and sell cryptocurrency. There are Bitcoin-specific ATMs that’ll allow you to do this.
While some apps will allow you to trade your cryptocurrency right through them, your best choice is to buy a digital wallet. This will securely store your cryptocurrency. If you instead choose to store it on an app, then it’s more difficult to trade and move the crypto from one location to another.
Keep in mind that there are many risks involved with cryptocurrency. First, since the market is open and there’s no regulation, there are various scams out there. Make sure that you do plenty of research before you choose the platform for trading.
Should You Invest?
While the chances of success are high, so are the chances of failure. Fluctuations occur with cryptocurrency. It tends to experience extreme fluctuations which can be a warning to be careful if you decide to go this route.
A Crypto 101 Complete Guide
After exploring this guide on crypto 101, you should have a better idea of what crypto is. Take your time deciding if crypto is right for you and which platforms are best.
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