A helpful guide dedicated to the readers of CCBeast, with the aim of understanding and learning more about CryptoCurrency.
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INTRODUCTION TO CRYPTOCURRENCY
If we had to define the term cryptocurrency, it would lead us to explaining it as a digital currency which includes several encryption techniques applied, in order to regulate units of currency and verify transfer funds. However, there is so much more to that! Cryptocurrency can be traded, exchanged, invested etc.
HOW DID IT ALL BEGIN?
As soon you have finished reading this article, whenever you will hear about cryptocurrency, you will automatically think of Bitcoin. Bitcoin is the first decentralized project of cryptocurrency and the leading one for the moment, having its set-off in 2009. The “inventor” of Bitcoin is Satoshi Nakamoto, a Japanese 52-year old man. The word inventor in the previous sentence is put between “” because the name of Nakamoto is believed to be a nickname to the real identity/identities of the inventor/s of Bitcoin. Whoever invented Bitcoin, does not really need to reveal his/her identity, only for the fact that since its set up, the value owned reaches one million bitcoins, equal to 4.7 billion dollars. According to “Nakamoto”, Bitcoin did not come up as a planned project, but it was a result of the organizing of a peer-to-peer electronic cash system. The creation of digital cash remains one of the most inspiring inventions that the society has seen so far.
CRYPTOCURRENCY IN DAILY LIFE
As complicated as the process of cryptocurrency may sound, many people decide to cope with the confusion, and still use this maneuver of transferring money. And they have a point! Money preserved in cryptocurrency is secure from any kind of influence, and it also raises its own value with time passing by. By using cryptocurrency, you also get a faster, private, anonymous, and most important, comfortable payment method. There is another key word in the previous sentence: anonymous. The word anonymous is heavily related to cryptocurrency, due to the advantage of many individuals who are involved in the black market or any kind of activity that is against the law. Cryptocurrency is a major help in their activity, since as mentioned above, it provides discretion and full safety.
TRADE OF CRYPTOCURRENCY
The role of a trader must never be misunderstood with the one of a buy-and-holder. Being a trader in the area of cryptocurrency is quite the same as being a trader with physical cash, because cryptocurrency is actually, real money. This means that you have to be beware on what you will be involved and trade (think of scam cases).
Nevertheless, you certainly should be skillful in the “game” of computers. No big rocket science required, but your level should be a little bit more higher than the average. That is why you can always get a partner in trading, who can do both 🙂
The brokers of cryptocurrency are another trick in this complicated area. Cryptocurrency is not the same as shopping! You can get a personal shopper to get the right outfits for your physical shape, style and appearance, but you MUST NOT always be this reliable in cryptocurrency. Always keep an eye on how you interact with a broker, and never “let go” of your money so easily. As we mentioned above, cryptocurrency and anonymous are highly-related together, and so can a broker be.
In conclusion, generally, trading is beautiful, interesting and profitable. Trading in cryptocurrency is confusing, complicated and VERY PROFITABLE… if you play the cards right, of course!
EXCHANGE OF CRYPTOCURRENCY
Completing a transaction in cryptocurrency means you have to go online and sort the issue on your own. The same happens with the exchange process of the amount of money you possess. Many foreign students can find this very helpful, as they are used to hitting the exchange centers. They convert the official currency of their money to the currency of the new country they are studying.
In cryptocurrency, you don’t just “show” the cash and get the amount preferred in exchange. First, you must know how to pick the right exchange spot. Consulting with a professional and experienced individual in this area will lead to a pleasant and fair exchange process. You should also consider that just like in every physical exchange point, these “spots” in cryptocurrency also do have their own taxation fee. It varies, so the less you give away, the better is for you. Your location is also a key element when you are about to exchange money. Not every exchange host is available to exchange money from a specific country to another.
INVESTMENT OF CRYPTOCURRENCY
When it comes to investing in cryptocurrency, Bitcoin is the basic, again. To invest in cryptocurrency you should be aware of owning a well-thought and balanced strategy. Buying cryptocurrencies is equal to being present in a stock market. The prices rise and fall from one moment to another, so this is a risky game! Investments can be as profitable, as damaging and bankrupting, if not proceeded and taken care the way they must be. The key of receiving pleasure and the right amount of money in cryptocurrency is that you have to keep the eyes on the prize. Never settle for the path of least resistance.
After you have purchased your crypto, now you have to store them somewhere. If cash money is stored in a wallet or a safe, you do not need those with cryptocurrency. There are several storages where you can use personal keys, passwords by numbers or words, create backups for your crypto-coins etc.
Economics 101 taught me something, the basic of this field: There is no such thing as a free lunch! And my professor was right. No pain, no gain? Correct! No matter how wealthy you can become with cryptocurrency, there will always be TAXES. Taxing in Bitcoin is much more complicated and nerve-wrecking than paying taxes in real life, because you have to make a full review of what you have earned, and calculate every single profit. Initially, if you have an unsuccessful trade, you will still be taxed, so the profit is worthless. Double loss!
In conclusion, cryptocurrency is a fascinating field for technology and economy lovers. It is a means of money transfer, which serves for good, despite its multiple complications. Keep in mind that you do not necessarily have to apply cryptocurrency on your own. You can always seek the help of an expert