Cryptocurrency 101: Buying and Holding

The fundamentals of purchasing Crypto, as well as how to keep it secure, by Casey Tonkin

 

Cryptocurrency is a strange and perplexing world.

In this four-part series, Digital Revolution analyzes the history of cryptocurrency, how to get it, what is possible uses of it, and the Australian entrepreneurs aiming to capitalize on this rapidly growing technology.

Second Part :

So Now you are familiar little bit about Bitcoin, How it get started and how it really works, What factors are involve in its price fluctuation so now You might feel interested in purchasing your first bitcoin or other cryptocurrency.

Initially, you need to enter some online place called an exchange to buy crypto coins with fiat currency

Some exchanges operate similarly to a traditional currency exchanges which one could find on airports and other places, where they possess a large pool of crypto so you can buy, sale or exchange directly with them.

Others have built-in trading platforms where you may place a purchase or sell order for a certain quantity of cryptocurrencies at a specific price;, When exchange algorithms detect a similar price level with the price commanded by a user, it gets filled and you receive your order and for all these services exchange charge commission.

Mostly Crypto Exchanges are offering both services to their customers.

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So now the matter of interest is how to choose the best exchange?

It’s absolutely up to you to choose. 

It’s not difficult at all to decide which exchange to go with — there are so many competing and also providing the best services with the least charges and to get your attention that they’ve begun advertising on bus stations.

If you’re feeling super patriotic, consider to go with Australian exchanges i.e CoinSpot, Swyftx, or BTC Markets.

On Another side, you may look at huge international cryptocurrency exchanges such as Binance or Huobi Global, which are offering best services with very small fees, provide accessibility to broader markets, and hundreds of cryptocurrencies.

For Fact Binance has established a wide range of decentralised finance (Defi) solutions, When users can be able to earn interest on their crypto assets, take margin loans for spot trading, Set up leverage of their trade up to 75x and It also own one of the top cryptocurrency, Binance Coin (BNB) which has a huge market capitalisations value.

When these characteristics are combined, Binance resembles a digital bank rather than a currency exchange. In fact all these things are relevant to Satoshi Nakamoto’s vision of decentralized Currency System, free of central bank control.

Since Satoshi Nakamoto mined the first bitcoin, Developers have adopted the idea of blockchain technology and bitcoin to build their own cryptocurrency in the past few years by following Satoshi Nakamoto ideas

Not your keys, not your coins

The next lesson will be about storing cryptocurrency. As with selecting exchanges, there is no right or wrong method to secure crypto assets. Digital Wallet is used for this purpose, each wallet has specific long strings of public address code as well as secret keys that ‘unlock’ the wallet.