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BTS, DASH, LTC, USDT and other cryptocurrencies / Мир криптовалют

TwoRoadsModerator

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Cryptocurrency. Definition and description​

Cryptocurrency is any kind of currency in digital or virtual form; To protect transactions in cryptocurrency, encryption (cryptography) is used. There is no central authority to issue or regulate cryptocurrencies. A decentralized system is used to record transactions and issue new units.

What is a cryptocurrency?​

Cryptocurrency is a digital payment system that does not involve banks in verifying transactions. It is a peer-to-peer system that allows anyone, anywhere, to send and receive payments. Cryptocurrency payments exist exclusively digitally in an online database describing specific transactions. They do not imply transactions with physical money that have circulation and the possibility of exchange exchange in the real world. When transferring funds in cryptocurrency, transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets.

The first cryptocurrency was bitcoin, created in 2009 and the most famous to date. Cryptocurrency trading is interesting in terms of making a profit; as a result of speculative activities, price jumps for cryptocurrencies are periodically observed.

How is cryptocurrency applied?​

Cryptocurrencies are processed in a distributed public ledger - blockchain, where records of all transactions are stored, updated by currency holders.

Cryptocurrency units (coins) are created during the mining process. This is a process in which the processing power of a computer is used to solve complex mathematical problems, resulting in the generation of coins. Users can also buy currency from brokers and then store and spend it using cryptographic wallets.

Bitcoin has been around since 2009, but financially, cryptocurrencies and the application of blockchain technology are still in their infancy; their rapid development is expected in the future. In the future, cryptocurrencies can be used in trading transactions with stocks, bonds and other financial assets.

Examples of cryptocurrencies​

There are thousands of cryptocurrencies. The most famous of them are listed below:


Bitcoin

Bitcoin, created in 2009, became the first cryptocurrency and still retains the highest popularity. The currency was designed by Satoshi Nakamoto and is believed to be a pseudonym for a person or group of people, while the exact identity of the developer remains unknown.

Ethereum

The Ethereum blockchain platform was developed in 2015. It has its own cryptocurrency Ether (ETH) or Ethereum. It is the most popular cryptocurrency after bitcoin.

Litecoin

This currency is most similar to bitcoin, but innovations such as faster payments and processes that allow more transactions are more quickly developed in it.

How to buy cryptocurrency?​

The question may arise how to safely buy cryptocurrency. This usually happens in three stages.

Step 1. Platform selection

The first step is to choose a platform to use. As a rule, one can choose between a traditional broker or a specialized cryptocurrency exchange.

  • Traditional brokers. These are online brokers offering the purchase and sale of cryptocurrencies, as well as other financial assets: stocks, bonds, ETFs. These platforms tend to offer lower trading fees but fewer crypto features.
  • Cryptocurrency exchanges. There are many cryptocurrency exchanges, each offering different cryptocurrencies, wallet storage, interest-bearing account options, and more. Many exchanges charge fees based on the assets traded.

Step 2. Depositing funds to the account​

The next step after choosing a platform is to fund your account so that you can start trading. Most cryptocurrency exchanges, depending on the platform, allow users to buy cryptocurrencies with fiduciary (government-issued) currencies such as the US dollar, British pound, euro, and when paying with debit or credit cards.

Cryptocurrency purchases with credit card payments are considered risky and are therefore not supported by all exchanges. Some credit card companies also do not allow cryptocurrency transactions. This is due to the extremely high volatility of cryptocurrencies - when trading certain assets, it is not recommended to take risks by making transactions on credit or potentially paying high commissions for credit card transactions.

Step 3: Placing an order​

Orders can be placed through the website or mobile app of the selected broker or exchange.

There are other ways to invest in cryptocurrencies. These include payment services such as PayPal, Cash App, and Venmo that allow you to buy, sell, and store cryptocurrencies. In addition, there are the following investment instruments:

  • Bitcoin trusts. Bitcoin trust shares can be purchased with a regular brokerage account.
  • Bitcoin mutual funds. There are Bitcoin-pegged ETFs as well as Bitcoin mutual funds.
  • Blockchain stocks and ETFs. You can indirectly invest in cryptocurrencies through blockchain companies that specialize in the technologies underlying cryptocurrency mining and cryptocurrency transactions.
After the acquisition, it is necessary to ensure reliable storage of the cryptocurrency, which guarantees protection against hacking and theft. Cryptocurrency is usually stored in crypto wallets.

There are also different wallet providers. There are two types of funds storage: "hot wallet" and "cold wallet".

  • A hot wallet is a cryptographic storage that uses online programs to protect private keys to assets.
  • A cold wallet (also called a hardware wallet), unlike a hot wallet, uses offline electronic devices to securely store private keys.

Как купить криптовалюту.


Cryptocurrency scam​

Unfortunately, there has been an increase in the number of crimes related to cryptocurrency. Cryptocurrency-related fraud can take one of the following forms.

Fake websites. Scam sites with fake reviews and crypto jargon that promise huge guaranteed returns if you keep investing.

Virtual financial pyramids. Cryptocurrency scammers advertise non-existent opportunities for investing in digital currencies, creating the illusion of huge profits, while paying off earlier investors with new investors' money. The BitClub Network scam raised over $700 million before its members were charged in December 2019.

Fraud in online dating. The FBI is reporting an emerging trend of online dating scams, where users of dating apps or social media are persuaded to start investing or trading virtual currencies. In the first seven months of 2021, the FBI Internet Fraud Complaint Center received more than 1,800 reports of online dating scams related to cryptocurrency; while losses reached $133 million.

Fraudsters can also impersonate real virtual currency traders or set up fake exchanges to trick users into giving them money. Another type of cryptocurrency scam is fraudulent offers to sell individual retirement accounts in cryptocurrencies. Then there is a hacking of cryptocurrency wallets and theft of virtual currency.

Is Cryptocurrency Safe?​

Cryptocurrencies are usually based on the use of blockchain technology, which describes the way transactions are recorded in blocks with time stamps. This is a rather complex technical process, which results in a digital ledger of cryptocurrency transactions that is sufficiently resistant to hacking.

In addition, two-factor authentication is required to complete transactions. For example, you may need to enter a username and password to start a transaction. You may then have to enter an authentication code sent as a text message to your mobile phone.

However, all these security measures do not exclude the possibility of cryptocurrencies being hacked. Several major hacks have cost crypto startups dearly. The two largest cryptocurrency hacks in 2018 are the $534 million Coincheck crypto wallet hack and the $195 million BitGrail crypto exchange hack.
 
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beastcoast

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закупаемся крипто на зимой, если все не спустим здесь ))
 

Marcel

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Everyone has long ago bought in, now they are waiting for the Short, and the collapse of the banks
 
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