What are cryptocurrencies?


You have probably heard about Bitcoin, the valuable cryptocurrency which gained popularity around 2010. Many people associate cryptocurrencies, such as bitcoin, with illegal activities and trading. However, the currency is not illegal in itself, and is both legal and easy to buy for every one that is interested. Furthermore, the value of bitcoin has increased with 9.000.000 percent from 2010 to 2020, making it the most valuable cryptocurrency. 

Cryptocurrency is a digital currency that is not available in physical notes and coins. It is also not owned by a financial institute such as American dollars or Euros. With these currencies, an institute regulates and estimated the value, but with cryptocurrencies, the process is different. 

The value of for example Bitcoin is regulated by supply and demand. If you want to own, hold or trade with the currency you should do thorough research and look up everything to learn about Bitcoin, before you start.

How to buy Bitcoins

Many people think bitcoin is something secret and difficult to get your hands on, but when in reality is available for everyone. The rise of the cryptocurrency and the interest in Bitcoin has made it possible to buy it on cryptocurrency wallet providers. All you need to do is find your preferred site, create an account and choose a payment option. Then you find the cryptocurrency you would like to buy, for example Bitcoin, and choose how many. You can then make the purchase, and now you own Bitcoin! Easy as that. 

Before you buy cryptocurrencies 

Buying Bitcoins and similar cryptocurrencies can come with great wins, and even greater losses. The value of these currencies can fluctuate, and Bitcoin investors must be aware of its history of booms and busts. As a help on the road, you can look for a cryptocurrency wallet that provides you with “stop-loss” and “take- profit solutions. The latter will automatically sell your Bitcoins when the value reaches a certain height. The first tool will opposite automatically sell when the value drops to a certain point. 

What is a bitcoin mixer?

When you register on a bitcoin exchange site, the website will know your identity. This can make the secret currency, not so secret anymore. The currency can still be linked to its owner, but a bitcoin mixer will mix the currency with the other bitcoins in circulation, to maintain your anonymity. 

There are a number of reasons why bitcoins are good. They have become highly popular, leading to many businesses and web shop to open up for paying with crypto currencies. Bitcoin enthusiast and founder of Tesla, Elon Musk, is now allowing his customers to buy the luxury cars with Bitcoin. When paying with this currency, the transaction will proceed in a faster and smoother manner and will be transferred within minutes. Furthermore, the transactions are always free of charges regarding service or processing. This is a few of the reasons why bitcoins are the up-and-coming currency, and why you should start using it. 

the authorABHIYAN
Abhiyan Chhetri is a cybersecurity journalist with a passion for covering latest happenings in cyber security and tech world. In addition to being the founder of this website, Abhiyan is also into gaming, reading and investigative journalism.

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