Complete Guide On Cryptocurrencies
Learn everything you need to know before you start trading with Bitcoin, Ethereum or any other cryptocurrency. Cryptocurrencies have climbed very quickly. Between January and November 2017, bitcoin (BTC) grew from $ 997.69 USD / BTC to $ 9,718 USD / BTC. With that level of growth comes an explosion in the exchange of cryptocurrencies, which in turn helps the value of the cryptocurrency continue to grow. In current era there are large numbers of countries using cryptocurrencies.
For those who are not experts, exchange operations may sound like something exclusive to the financial elite, but with the rise of online currency markets and exchange platforms, anyone can participate and take advantage of market speculation. It is only necessary to know how it works.
- Create a wallet or wallet
What is this? A wallet (from English: wallet) is nothing more than a digital wallet where we will store or store our virtual and traditional currencies. Actually, it is rather software that provides access to the blockchains of each currency respectively. However, to understand the logic of the process, the previous explanation is enough.
Thus, a cryptowallet allows us to: check the account balance, receive currencies, send currencies and according to the portfolio, access other extra services such as charts or pawn shops ( exchanges ) where to buy and sell cryptocurrencies.
Best Cryptocurrency Purses
Don’t know which purse to choose? Check out the ranking and compare some of the most popular wallets to store, receive and send Bitcoin and other cryptocurrencies
Before opening a wallet, keep in mind that you can choose between different devices and formats to store your cryptocurrencies . The most used are the online version and mobile apps:
- Desktop: Download the software on your computer.
- Online version: access your wallet from any device with internet.
- Mobile application: without a doubt one of the most practical options. You can download the app to your mobile or tablet so that you always carry the wallet.
- Debit cards: this is a new way to store and buy cryptocurrencies. These cards visa, teacher, etc. They are considered “cold storage” or cold storage, they work as your electronic wallet and are connected to an app where you can buy and transfer the coins directly, since the application is also linked to several exchange houses in real time.
- Paper or USB memory: there is also the possibility to print your wallet code in paper format or save it to a USB memory.
- What information will you ask me?
Registering in a wallet does not imply any process other than registering in any online portal. For security reasons some platforms require extra data or documents:
- Personal data: name, surname, date of birth, address, etc.
- Payment methods: you must fill in these fields either with your bank account number, or with your credit card, PayPal account, etc., depending on the method you choose in any case. It is not necessary to complete this step to register a wallet; you can do it later at any time.
- Security and passwords: the best wallets are quite reliable and have different levels of security, for example: verification of the ID by video, secure password, pin + tan to your phone, fingerprint, facial recognition, etc.
Tips before buying
Check the trends and advantages of cryptocurrency, as well as the companies that are behind investing. Remember that virtual currencies are extremely volatile, so it would not hurt if you followed a buying strategy.
Security of your wallet
Although currently both wallets and cryptocurrency exchanges offer high security guarantees, they are not exempt from attacks. Find out well about the quality of the services, if they have suffered hacks in the past and how they have been solved. As a rule, software that has already been hacked is logically more secure; He thinks that the developers have already solved the failures, thereby reinforcing the security of the program.
Most exchange houses sell cryptocurrencies at market prices, also charging an extra commission that can be: a spread for management, a fee for currency exchange and / or a commission according to the payment method.
Do not forget to check these costs before buying because, while some platforms like Coinbase do not charge commissions, others require quite high rates.