Cryptocurrencies are digital virtual currencies based on cryptography. The first and best-known currency is Bitcoin, which saw the light of day in 2009. However, many have only heard of Bitcoin and cryptocurrencies in the last couple of years. By the autumn of 2017 at the latest, Bitcoin’s explosive appreciation has made cryptocurrencies more widely known in the media and in people’s speeches. Make use of the Ethereum (ETH) QR Code Generator happens to be essential here.
During 2017, many jumped into the Bitcoin investment bandwagon and began swearing at the currency’s conquest of the world. Others have followed and thought the Bitcoin bubble would burst at any moment.
But does it make sense to invest in Bitcoin anymore? It is up to everyone to decide. There are thousands of cryptocurrencies today and more and more are emerging. So it is difficult for anyone to keep track of where it is wise to invest and not. However, knowing the topic and being on time can make a lot of money with cryptocurrencies. This was shown by the aforementioned year 2017 when many Bitcoin investors wrap up pretty good profits.
The cryptocurrency debate is often condensed into a Bitcoin debate, but nowadays there is infinitely more to do. This is a topic that you should thoroughly familiarize yourself with before getting involved. On the other hand, many unaware have made lucrative investments in, for example, Bitcoin and other high-value currencies. Sometimes it is enough to just be in the right place at the right time.
Where to buy cryptocurrency?
Cryptocurrencies can be purchased from purpose-built trading sites such as Binance and Coinbase. If you just want to trade currencies, you can also visit Nordnet’s services.
To summarize, buying a cryptocurrency such as Bitcoin is as follows:
Get a Bitcoin Wallet. The safest alternatives are physical wallets such as Ledger Nano S. There are also wallets available online. The most important thing when purchasing a wallet is to remember the store’s security code in a safe place. Without this code, money cannot be accessed by any means.
Find the cryptocurrency trading site you want. These include Binance and Coinbase. Buy some currency and put it in your wallet. For example, you can make a purchase by credit or debit card, or even by bank transfer. After the purchase, it makes sense to play it safe and put the money in your wallet for safekeeping.
How to sell Bitcoins and other cryptocurrencies?
Selling succeeds in the same places as buying. For example, Coinbase and Bitstamp can also sell cryptocurrencies to other individuals. In exchange for the sold currency, you can take something to change the cryptocurrency or FIAT money. FIAT money means so-called real money, for example, euros or dollars. Once you have received the payment, you can transfer the amount you have received to your bank account.
What is blockchain?
The existence of cryptocurrencies is enabled by blockchain technology. This technology enables distributed actors to produce and maintain distributed databases.
Blockchain technology is also stated as follows:
The blockchain is a digital ledger where money-related transactions can be programmed to list the entire value instead of the value of the money alone.
Blockchain technology is not the same as virtual currencies, but Bitcoin was the first major application of blockchain technology. Blockchain technology is also well suited for electronic voting, government reporting and currency trading.