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What Is Cryptocurrency and How Do I Buy It?

If you’ve been on the internet in the past 6 months odds are you’ve heard of crypto currency, more specifically bitcoin.

What is it?

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Image courtesy of Daily Express

 

Cryptocurrency is a digital asset designed to be used as a means of exchange that uses cryptography to make transactions secure. (digital money)

Why are people going crazy about cryptocurrency?

There’s two main reasons why crypto is drawing so much attention from the masses.

1.) It is decentralized, meaning the government has no control over it and it’s a global currency. When you travel from the US to Mexico you have to exchange your dollars for peso’s but with crypto, lets use bitcoin as our example, a bitcoin in the US is the same bitcoin in Mexico.

2.)¬†It has a limited supply. One of the biggest issues people see with the dollar is that it gets continually printed over and over with no limit. Crypto currency has a maximum amount that will ever be made. Each cryptocurrency has different max limits, and each has its own pro’s, con’s and uses.

How do I buy it?

When initially buying cryptocurrency also called ‘coins’ you have to exchange your dollars for the coin, but once you have your initial cryptocurrency you can then start exchanging your crypto for other coins you desire to have. You’ll have to sign up with a site like coinbase or kraken.¬†Once signed up you’ll link your bank account and deposit your cash in the amount you desire to purchase of crypto.

Before buying any cryptocurrency make sure you do your own research on the coin you wish to buy, do not follow other people’s hot picks.

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