What are Cryptocurrencies and how do you use them?

Category: Blockchain

The digital asset designed to work as a medium of exchange:  individual coin ownership records stored in a ledger

An online phenomenon

Cryptocurrencies are digital assets and a form of a payment method. For now it’s only available online, meaning there are no coins or notes to use in physical stores. The value is regulated by supply and demand, as any other currency, but there is no national bank or financial institute that regulates it further.

Bitcoin is the most valuable cryptocurrency today and was first recognized through a publication in 2008 by a person under the alias name Satoshi Nakamoto. However, this is a pseudonym and the true name and identity of the creator behind Bitcoin is unknown.

Along with being a popular payment method and not the least an investment opportunity, Bitcoin has been highly hyped up by investors and celebrities such as Tesla Owner and entrepreneur Elon Musk. He has expressed his love and interest for cryptocurrencies several times, and even gives Tesla customers the opportunity to buy his luxury cars with them.

This is how you use cryptocurrencies

CryptocurrenciesWhile cryptocurrencies are a solely digitally operated payment methods, several physical stores will let you use this form when buying something. It is definitely most used when making purchases online, but with an online cryptocurrency wallet, you can pay for anything from clothes, cars and food. You can even use them while playing at pikakasinot and other online games.

However, most people choose to buy, hold and sell cryptocurrencies such as Bitcoin, to use as an investment object to earn money. People have experienced huge increasing in value over the last year, that makes it highly valuable in some periods. this can be a great way to invest, thus the large amount of fluctuation and the high risk. Buying cryptocurrencies is easily done online.

How to buy cryptocurrencies

Buying cryptocurrencies is probably easier than you think. Most people believe that this is something that only the best and most advanced investors can buy, however, it is available for everyone and can be bought online. Start by finding a trading platform or online broker where they offer the cryptocurrency you want to buy. The most popular cryptocurrency with the highest value is Bitcoin. Search for the currency you want to buy, choose how many you would like and pay for it. Now you own cryptocurrencies, easy as that!

Stop Loss and Take Profit

Use the online platform to track the increase or decrease in value and plan when you want to sell or trade the currency. Remember that the value of cryptocurrencies is often more fluctuant than for example when buying and selling stocks. If you are looking for some smart tools for holding and selling cryptocurrencies, look for a site that offset “Stop Loss” and Take Profit”.

Take Profit helps you sell the coins when the value increases and reaches a certain number. Opposite will Stop Loss sell when the value is decreasing to the number you have decided. These tools will ultimately help you to both earn money and avoid losing to much when the value falls. The tools are great for bot advances cryptocurrencies investors, as well as beginners.

Trade Bitcoin

You can buy and trade Bitcoin a number of ways, for example on Bitcoin exchanges or directly from other bitcoin owners. You will also find Bitcoin ATMs in some countries, that gives you the opportunity to buy and sell the cryptocurrency. To do this, you need a Bitcoin wallet, which can be created online for free. There are also bitcoin wallet apps you can use to have it easily accessible on your phone.

they offer safe payments supported by mathematics and energy and security when making it impossible for other people to use your money because of cryptographic signature. It is one of the fastest payment methods ever, because there is no bank to go through. The dreaded “three business days”, is no longer an issue and there are no extra fees if you need to make international purchases and no spending limitations.

These are some of the many reasons why people choose to buy and trade bitcoins and the many other cryptocurrencies.

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