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What is Cryptocurrency?
Cryptocurrency is a new sort of money: revolutionary, decentralised, neutral and safe. To explain it the easy way: cryptocurrencies are digital forms of money which you can use just like Euro’s or Dollars. You can buy goods, services, trade and speculate with them. Nowadays you can even gamble with cryptocurrencies in a Cryptocurrency casino.
Bitcoin is the most famous cryptocurrency and it’s a digital decentralised currency of which the price fluctuates on the open market. Instead of the traditional payments we use like credit cards, cryptocurrencies are the preferred payment method in the internet nowadays.
Cryptocurrencies can be sent:
– Directly from person to person (internationally)
– At very low transaction fees
– As anonymous as you like
– As easy as an email
– Always and everywhere using the internet
– Without a bank or other third party
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Bitcoin was the first decentralised digital currency in the history of mankind. The most revolutionary about Bitcoin is that there is no central government or bank involved. Spending and creating Bitcoins as well as checking the integrity and safety of the cryptocurrency are done by the Bitcoin network itself. The Bitcoin network consists of people like you and me that chose to use Bitcoin software. This Bitcoin software enables us to use our internet connections to send and receive Bitcoin and other cryptocurrencies, hence creating an online payment system without central authority.
Money in the cloud
You could see cryptocurrency as money in the cloud. You can always access it and payments are conducted fast and secure. Because the cryptocurrencies are kept in the cloud, just like the internet, they have no physical or national boundaries. A good way to see cryptocurrencies is as digital cash money. Just like cash money, the cryptocurrencies are truly yours, payments are done from person to person. We could say that cryptocurrencies are a ownership based system instead of a debt based system. Cryptocurrency transactions are non-reversible and have a high level of anonymity. You don’t need to know or trust your counter party, the network itself acts as a third person that makes sure there cannot be cheated.
Easy to accept and spend
Spending cryptocurrencies is as easy as scanning a QR code and pressing a button on your computer, tablet or smartphone. With cryptocurrencies you conduct a so called ‘’push’’-transaction, just like with cash. You send the money yourself instead of it being withdrawn from your account. You no longer have to fill in endless questionnaires and personal details and no companies or third parties can access your banking details.
Accepting cryptocurrencies as payment method is also very simple. All you need is a cryptocurrency adres where people can pay in to. If you don’t want to receive and stack the digital cryptocurrencies up, you can cash them out to fiat like Dollar, Euro and Pounds within seconds. Transferring cryptocurrencies to fiat money is fast, easy, cheap and without any terms & conditions or monthly contracts.
Where can I spend cryptocurrencies?
You can spend cryptocurrencies at more and more places nowadays. You could order food or book a hotel. It’s also possible to buy games on Steam, for example. Although cryptocurrencies aren’t fully mainstream yet, the list where you can spend them grows every day.
Why should you use or trade cryptocurrencies?
Cryptocurrencies are used in multiple ways and there are countless reasons to own, use and trade them. Some of these reasons are:
– Extreme profit possibilities
– Digital storage of value
– Instant transactions, no more waiting multiple business days on a international wire transfer
– Low transaction fees, whether you send 0.1 or 1 million cryptocurrencies
– Now buying fraud or chargebacks
– No contract fees
– No terms and conditions
– Independent from governments, borders, countries and censorship
– High level of anonymity
– Possible to send very small amounts (micropayments)
– Possible to cash out any time to fiat money
– No banks, governments or other third party interference
Where do cryptocurrencies come from?
Cryptocurrencies are created by the cryptocurrency networks themselves. This proces is called cryptocurrency mining. You too can earn cryptocurrencies by using the calculating computing power from your pc (or with special hardware) to verify crypto-transactions and save them. There are also other ways to earn free cryptocurrencies, one of them being by using so called faucets.
Where can I buy cryptocurrencies?
Not everyone can use their computing power to participate in cryptocurrency mining. Luckily, it’s possible to buy cryptocurrencies on several cryptocurrency exchanges. These exchanges buy and sell cryptocurrencies with a small fee and allow the user to trade them for other cryptocurrencies with other people. If you like to keep your cryptocurrencies in the same portfolio as your stocks, bonds, commodities and index funds, I suggest you take a look at the brokers suggested below. At each of these brokers you can buy and sell the most famous cryptocurrencies either 1:1 or with leverage.
Suggested Cryptocurrency Brokers
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Why are cryptocurrencies so volatile?
Cryptocurrency prices aren’t set by a central government or bank. They are being bought and sold from multiple locations which makes them different in value in different parts of the world. There are average stream rates available which show the average of the biggest and most populair exchanges.
Questions regarding cryptocurrencies?
If you have any questions regarding cryptocurrencies or cryptocurrency trading. Please feel free to comment below. I will try to answer your question as soon as possible.