So you have heard about Bitcoin, Cryptocurrency, Blockchain a few too many times to not wonder what the heck is this all about. We will answer some of the basics for you and offer some deeper dives into the key aspects of these emerging digital assets and systems.
Source of Funds you can use to purchase Bitcoin and Cryptocurrency- Bank ACH, Debit Cards, Wire Transfers and Credit Cards.
To begin buying and using Bitcoin or any type of altcoin or Crypto currency you need to start with what is called fiat currency. These “fiat currencies” are US Dollars, Yen, Pesos, etc. You exchange them for Bitcoin or Altcoins lumped together into what is called Cryptocurrency.
Exchanges – Just like it sounds. Exchanges are places/platforms where you exchange “fiat” currency for Crypto currency. Some of the largest cryptocurrency exchanges include Coinbase, Gemini, Binanace.
Blockchain – the blockchain is like a giant global ledger. Computers around the world track and confirm specific transactions. This “ledger” is one of the things that makes Crypto so consistent and secure.
Wallets – just like the one in your pocket or purse. Wallets are used to store and transfer or spend your Crypto currency.
Investment and Banking Services Companies – These are companies with varying degrees of decentralization and a wide variety of services. Crypto.com, Celsius, Mirror Trading International, Nexo, Swan Bitcoin.
One useful tip any time you are transferring cryptocurrency to any type of wallet is to always check and cross check the first two digits of the wallet address and the last two digits on the sending and receiving wallet. This quick and easy habit ensures you have actually.