Cryptocurrency for beginners Leave a comment

In this tech era, everything just steps up, modernize, and go digital. This happens the same with our money. Yeah! You heard that right. You notice the title right so what is this cryptocurrency. Today’s article is gonna be ten thousand feet overview of this. This will be long read & informative for you.

What is Cryptocurrency?

A cryptocurrency is a digital or virtual currency that is secured with cryptography. Which makes it nearly impossible to counterfeit or double-spend. cryptocurrencies are decentralized networks based on blockchain technology.

You have one question hitting on your mind that – is cryptocurrencies are safe?

Investments are always risky. Where the return is maximum there is also more risk. The cryptocurrency market is very volatile the price fluctuates every second. If you want to invest some of your money in crypto then the first step for you will be to gather the knowledge as much as you can after that when you’re ready then invest.
Some of the cryptocurrencies are – Bitcoin aka BTC, Ethereum, Litecoin, Ripple, Monero, Libra, etc.

Different types of cryptocurrency wallets-

There are different types of wallets that are available out there that helped you to keep your cryptocurrency safe. Different wallets used for different purposes. So if you don’t know about this kinda Wallets, don’t worry about this section you’ll pretty much know with it.

As you store or keep your money into your wallet or in someplace just like that you need a wallet to store your cryptos.
These wallets are simply a combination of your private key and your public address.

There are 5 types of wallets are available there.

  1. Hardware Wallets
  2. Paper Wallets
  3. Desktop Wallets
  4. Mobile Wallets
  5. Web wallets

Paper Wallets basically keep your private keys offline. It’s another way to keep your cryptos secure and stored offline. Paper Wallets not for everyone.

1/ Hardware Wallets – As the name suggests, this is the hardware devices build for storing your cryptos.
It is a USB- like a device with a screen and buttons. You can connect this battery-less device with your pc or mobile via USB.

2/ Desktop Wallets- These are the installable software pack that is available for your desktop operating systems like Windows, Mac, Linux.

This can be a good and secure way to store your cryptos. First and most important use a security software or service in the device that you’ll gonna store your cryptos.
Some of the Desktop Wallets are – Exodus, Electrum, Bitcoin core.

The most popular hardware wallets are
*The ledger nano s
*The Trezor.

3/ Mobile Wallets- Mobile wallets for Bitcoin and other cryptos are the most used wallets in this time in the market because of they are mobile-based and easy interface. Before going with a mobile some factors or things that you should double-check.

  • Control your private keys.
  • UI that easy to use.
  • Active community.
  • Feature of Back up and restore.
  • Compatible and can be used with different OS.

4/ Web WalletsWeb Wallets are always connected with the internet and you can access via different internet browsers like Google Chrome, Firefox, etc.
The web wallets sometimes hosted or sometimes non hosted too.
To get better control over your digital asset use the non hosted wallets.

Some of the hosted wallets are –
*Coinbase
*CEX.io

Some of the non hosted wallets are-
*MetaMask
*MyEtherWallet

NOTE- This is the least secure than the other wallets. If you can invest up to $150 then go for a Hardware Wallet. The best secure medium for store your cryptos.

Buy or Sell cryptocurrency in India-

Some platforms are available in India that helps you to buy or sell cryptos

  • Wazirx
  • Binance
  • Bitbns
  • LocalBitcoins
  • Paxful

In the above-mentioned wallets, some of them offer features like P2P and direct bank withdrawal.

Hope you have a great learning experience. Thank You.

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