The first cryptocurrency issued through an ICO (Initial Coin Offering) was Bitcoin, in the year 2009. It laid down the foundation for cryptocurrency and garnered a base of enthusiasts.
Over time, many other cryptocurrencies were introduced. Here is a list mentioning some of them:
● Ethereum (ETH)
● Tether (USDT)
● Stellar (XLM)
● Litecoin (LTC)
● Binance Coin (BNB)
● Dogecoin (DOGE)
To learn what other cryptocurrencies are trading in the market, visit Bitbns. It is an online crypto trading platform. Before diving deep, to learn more about cryptocurrency, here are some crypto basics that one must know.
Are Cryptocurrency transactions safe?
Before answering that, one should know – what is cryptocurrency? A cryptocurrency or crypto is a digital currency, a relatively new alternative to the conventional payment methods. It is essentially a technology, a digital payment made out of encryption technology or cryptography.
When the concept of cryptocurrency was introduced, safety and anonymity were its USP. Crypto transactions are protected by cryptography. Tracking any crypto transaction was very difficult for anyone. This anonymity appealed to the many people who sought a mode of transaction free from surveillance. However, since there is no governing body, such as a central bank, the cryptocurrency is very volatile.
While some people may argue that a currency needs to be stable in order to generate value over time, many have already benefited from this volatility. For example, Bitcoin (the first cryptocurrency) has gained massive value over the years.
How to buy cryptocurrency?
One can buy cryptocurrency using real world money (also known as fiat currency), and it is a simple as well as a straightforward process. If you want to buy crypto, you need to visit an online crypto trading platform like Bitbns. Here you can see the movement of the market, the rise and the dips in crypto prices, and choose the one cryptocurrency you want to purchase.
Where do I keep my cryptocurrency?
Since the banks do not accept cryptocurrency, you need a wallet to store the crypto you buy. There are numerous online wallets available in the market. If you trade crypto on Bitbns, you get the option to store your currency in a Hardware Wallet, considered to be the most secure type of crypto wallets.
How to protect my cryptocurrency?
Unlike hard cash, there are no banks to protect your cryptocurrency. You can only keep your crypto protected in crypto wallets. While the wallet providers take all the security measures to ensure encryption and safety of the assets, there is always some responsibility required from the user’s end.
Follow these steps to keep your crypto safe:
● Before trading in cryptocurrency, ensure you know how it works, how flexible it is. If you purchase crypto that has very limited acceptance, then it may not be that useful for you.
● Do not buy crypto from capricious sources. Only buy from trusted trading platforms like Bitbns.
● Choose a reliable wallet when it comes to saving your crypto. If you decide to use a hardware wallet instead of an online one, make sure you take all the protective measures.
● Make sure crypto trading is legal in your country of residence.
(Disclaimer: Dealing in cryptocurrencies involves high level of risk and may be considered carefully by investors before investing. Investors should carefully consider their investment objectives, trading experience and their risk-taking capacity prior to trading in cryptocurrencies. Being a volatile currency, it carries with itself huge risks of complete or substantial losses in the investments being made thus, investors must seek help from a professional advisor prior to trading/investing. Certain hyperlinks or referenced websites on Zee Business, are for the sake of convenience only and any such descriptions, references to, or links, publications or services does not constitute an endorsement, authorization, sponsorship by or affiliation with Rapidcube Technologies Private Limited. Rapidcube Technologies Private Limited does not guarantee the accuracy, adequacy or completeness of any information provided in the Content and is not responsible for any errors or omissions or for the results obtained from the use of such information. Such information is provided or maintained by third parties and Rapidcube Technologies Private Limited does not exercise any control over the same. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market information, and does not constitute investment advice in any manner whatsoever. Rapidcube Technologies Private Limited will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.)
