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WHAT IS CRYPTOCURRENCY

 A cryptocurrency is a type of currency which uses digital files as money. Usually, the files are created using the same ways as cryptography (the science of hiding information). Digital signatures can be used to keep the transactions safe, and let other people check that the transactions are real.

 The main point of cryptocurrency is to fix the problems of traditional currencies by putting the power and responsibility in the currency holders' hands. All of the cryptocurrencies adhere to the 5 properties and 3 functions of money. They each also attempt to solve one or more real-world problems.

 Cryptocurrencies are digital assets people use as investments and for online purchases. You exchange real currency, like dollars, to buy “coins” or “tokens” of a certain kind of cryptocurrency.  You exchange your money for crypto and use it just like real money (at places that accept it as a type of payment).

 A cryptocurrency can be easily defined as a digital currency.  Cryptocurrencies are also sometimes known as “altcoins” – short for alternative coins. The most famous of all cryptocurrencies is Bitcoin, although there are many new contenders to the market, known as altcoins.

 By mining, you can earn cryptocurrency without having to put down money for it. Bitcoin miners receive Bitcoin as a reward for completing "blocks" of verified transactions, which are added to the blockchain.

 The number of retailers and payment processors accepting bitcoin has increased in recent years, although there are still some major holdouts. Among the products that can be purchased using bitcoin today are electronics, luxury watches, and even cars.

 Is Crypto Safe? The blockchain technology backing cryptocurrency is inherently secure, thanks to the decentralized — and public — nature of distributed ledger technology and the encryption process every transaction undergoes.

 Bitcoin can't be purchased through your bank or investing firm yet — though some organizations are working toward that possibility in the future. For now, you'll have to go through a cryptocurrency trading platform to exchange your U.S. dollars for Bitcoin or other digital currencies.

 

There are two main methods through which you can convert your cryptocurrencies into cash.
  1. Converting any cryptocurrency into cash will involve taxation.
  2. An individual can use a peer-to-peer platform to convert.
  3. It's recommended that you ask for proof of ID and payment.
Can you cash out your cryptocurrency?
If you want to cash out bitcoin to your local currency, you have a fairly simple process ahead. First, you sell your bitcoin and other cryptocurrencies using your preferred cryptocurrency exchange. From there, you withdraw funds to your bank account.
 
 
  • Without further ado, let's look at the three best cryptos for first-time investors.
  1. Bitcoin (BTC) Bitcoin is the grandaddy of cryptocurrencies -- the world's first digital currency and still the leader by market cap.
  2. Ethereum (ETH) 
  3. Cardano (ADA)

 

A cryptocurrency is real money that can be used for payments. Cryptocurrencies such as bitcoin and Ethereum were designed as a way to make payments without relying on traditional modes such as currency notes, debit cards, credit cards or checks.
  • How do you buy Bitcoin?
The most popular venues to buy bitcoins are cryptocurrency exchanges, brokerages (crypto and mainstream), and payment services like PayPal. You can also buy Bitcoin from peer-to-peer exchanges.
 
  • How long does it take to earn 1 Bitcoin?
New bitcoin is created every ten minutes when a new block is added to the blockchain. Miners receive this new bitcoin as compensation for their work. Mining one full bitcoin can be done with sufficient equipment, energy capacity, and time.
 
  • Here's how to invest in Bitcoin, in 5 easy steps:
  1. Join a Bitcoin Exchange.
  2. Get a Bitcoin Wallet.
  3. Connect Your Wallet to a Bank Account.
  4. Place Your Bitcoin Order.
  5. Manage Your Bitcoin Investments.
 
  • Can you buy crypto with debit card?
You can use a debit card to buy Bitcoin on exchanges that accept debit cards as a payment option. Some debit cards that allow Bitcoin purchases include the Binance debit card, Coinbase debit card, Wirex debit card and BitPay debit card, just to mention but a few.
 Coinbase has a minimum spend of $2 and the minimum deposit depends on how you transfer money.
 
 
  • How to Cash out Bitcoin Using a Broker Exchange
  1. Decide which third-party broker exchange you want to use. 
  2. Sign up and complete the brokerage's verification process.
  3. Deposit (or buy) bitcoin into your account.
  4. Cash-out your bitcoin by depositing it into your bank account or PayPal account (applicable to some services).
 
  • How can I get Bitcoins for free?
  • Download Free Bitcoin Mining Software
  1. EasyMiner: It is a GUI based free Bitcoin miner for Windows, Linux, and Android. 
  2. BTCMiner: BTCMiner is an open-sourced Bitcoin miner containing a USB interface for communicating. 
  3. MinePeon: It is also an open-sourced Bitcoin miner with prominent stability and performance.
 
  • Best Places to Buy Bitcoin in 2021
  • Best Overall: Coinbase.
  • Best for Beginners: eToro.
  • Best for No Cost: Robinhood.
  • Best Instant: CoinMama.
  • Best for Interest and Borrowing: BlockFi.
  • Best for Privacy: Bisq.
 CRYPTOCURRENCY 


 
 

 

 

 

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