There is so much information about cryptocurrency than meets the eye. If you are interested in making investments whether short-term or long-term, you should be ready to do research so that you cannot do mistakes, some of which may be irreversible. Research will also go a long way in helping you from believing unfounded sentiments or myths surrounding the digital currency.
You have probably heard about Bitcoin which happens to be the most popular digital currency, and this can be owned to the fact that it was the first currency to be established before others like Litecoin, Ethereum and Altcoin etc. came along. There are also apps that can be downloaded which are aimed at helping with a number of things such as trading predictability like the Bitcoin revolutionapp. There are some facts about digital currency that this guide has highlighted, read them and be at a place to make informed choices as long as trading and investing in cryptocurrency is concerned.
A summary of facts about cryptocurrency you should aware about
The following are some of the facts about cryptocurrency that you should familiarize yourself with;
- Similar to online banking, digital currency is usually accessed or transacted via software going by the name wallets. There are several of them to choose from which are classified into online, desktop, mobile and hardware wallets.
- You can buy cryptocurrency using payment methods like Paypal, Digital tokens, Bank transfer, Credit or Debit card. Each cryptocurrency wallet has its own payment methods.
- Cryptocurrency mining is the process of creating new coins.
- All cryptocurrency transactions are decentralized with records reflecting on a ledger going by the name blockchain all by use of an algorithm. This is also to mean that nobody is in control of the system.
- You can purchase digital currencies using a broker or online exchanges.