Cryptocurrencies are no longer just a side hobby of cryptographers from the far sides of the Internet. Currently, virtual money is boldly entering the mainstream market, and more and more international companies are starting to use them. So the question is how to get your first cryptocurrency? Find it out below.
Cryptocurrencies are divided into many types of currencies with different uses, hence there are two main things to do with them:
The way you use virtual money varies depending on its type, purpose and possibilities. Some are designed to be a direct means of payment, on a par with cash and a payment card. Others are the internal currency used within a specific site or platform, and others are used to store value and long-term investment.
Investing in crypto coins, however, differs from investing on a traditional stock market. The difference lies in the fact that the cryptocurrency exchange is a separate, closed market that is not correlated with other industries, which is why it has its own rules. The price of a cryptocurrency is determined by a completely different factor. In the case of the traditional stock exchange, there are strict regulations and mathematical formulas that determine the value of individual shares and assets. On the cryptocurrency exchange, prices depend on how popular and functional a given cryptocurrency is, with no top-down restrictions on its maximum or minimum value. These factors make up a fairly volatile market that requires a different approach and actions. For example…
Traditional stock traders avoid selling stocks when the price fluctuates because they are confident that the situation will eventually stabilize. On the cryptocurrency exchange, selling during a panic period is even advisable as it is difficult to predict when and if a given coin will stabilize. This may seem like a definite disadvantage of the industry, but it allows for very fast capital multiplication and insanely high returns on investment reaching an average of 150%. However, the cryptocurrency exchange has a much higher entry threshold and often requires the user to already have one of the most popular virtual coins in order to be able to start trading and investing them.
As cryptocurrencies are more and more popular, there are many ways to obtain and store them. The most common are on-line exchange offices, cryptoc exchange and cryptocurrency wallet.
First, you should read the storage analysis, because the right “place” for your cryptocurrency is necessary, regardless of how it is purchased. Cryptocurrency wallets, also known as crypto-wallets or e-wallets, are electronic wallets designed and used to safely store digital currency. Wallets are divided into two types: hot and cold ones.
Not every wallet will suit all cryptocurrencies due to their diversity. However, there is no shortage of information on the requirements of individual e-coins and dedicated wallets. This allows you to choose the type of storage proper for your situation.
The cryptocurrency exchange offers the greatest variety of cryptocurrencies available. However, some of them require the use of one of the larger e-coins as an intermediary when buying or investing in smaller tokens and altcoins. In addition, the threat of theft of virtual coins also requires detailed identity verification before using the exchange, which can be troublesome for people who only want to obtain cryptocurrency without the need to create an account.
A great alternative for people who do not want to risk a stock market stumble is a crypto exchange office without registration. It works in the same way as regular currency exchange offices, but instead of offering fiat currency to fiat currency exchange, it offers fiat-to-crypto and crypto-to-fiat exchanges. Unlike cryptocurrency exchange, they also don’t always have to be 100% digital.
Cryptocurrency exchange offices might be brick-and-mortar outlets as well as on-line ones. Both types offer the same service, i.e. fiat to crypto currency exchange and vice versa. However, they differ in the offer and availability of services.
Brick-and-mortar offices are exchange outlets where you can deposit cash or use a payment card and receive the ordered number of cryptocurrency units to the e-wallet address provided. Using them is therefore very easy. Unfortunately, their biggest downside is a significant handling fee, the fact that they are available only in large cities and often a relatively small selection of cryptocurrencies that can be purchased there.
On the other hand, an on-line crypto exchange office requires some attention in order to carefully view the page and read the terms and conditions. However, after finding the right exchange office, using it is much easier than in the case of the brick-and-mortar outlet. Some of them, such as the Crypto-ATM cryptocurrency exchange office, do not even require an account, so it is a perfect solution for people who want to make a one-off currency exchange and remain as anonymous as possible.
On-line platforms also often have a much richer offer than brick-and-mortar exchange offices. In the case of Crypto-ATM, it offers exchange in three fiat currencies and as many as sixteen cryptocurrencies. After the purchase, the units go to the given wallet immediately after the payment is credited to the office’s account. This allows you to enjoy a quick exchange of funds from the comfort of your own home without multi-stage verification and with a minimum of formalities.
Cryptography has come a long way from a dingy hobby to a thriving industry. It is also more and more obvious that cryptocurrencies will stay with us for longer, so it is worth taking a look at their applications today and try your hand at investing in them through the crypto-exchange, or acquiring in a convenient way using an on-line cryptocurrency exchange office.