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GETTING STARTED
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Getting involved with cryptocurrencies can be an exciting, yet daunting adventure. We are going to lay out some of the essential things to help get you started.
Firstly, while investing and trading in crypto can be immensely profitable, there are zero guarantees. It is not a short-cut to wealth, it requires work, wisdom and patience.
Don’t invest what you can afford to lose. Whatever amount of money you’re putting in, you’ll have to be willing (and able) to lose, should things go south.
What you need to understand
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What wallet should you use
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How to get your first cryptocurrency
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What to do with your cryptocurrency
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Your journey into cryptocurrency starts with downloading a wallet.
The Different Types of Cryptocurrency Wallets
There is a saying in crypto “Not your keys, Not your coins” and that’s the difference between custodial and non-custodial wallets and how much control you have over your coins.
There are various crypto wallet types which can be divided into three groups: software, hardware, and paper wallets. Depending on their working mechanisms, they may also be referred to as hot or cold wallets.
The majority of crypto wallet providers are based on software, which makes their use more convenient than hardware wallets. However, hardware wallets tend to be the most secure alternative. Paper wallets, on the other hand, consist of a “wallet” printed out on a piece of paper, but their use is now deemed as obsolete and unreliable..
Understand Blockchain
The easiest way to understand blockchain is to think of it as a fully transparent and continuously updated record of the exchange of information through a system which nobody fully owns.
This makes it decentralized and extremely difficult for anyone to single-handedly hack or corrupt the system, pretty much guaranteeing full validity and trust in each exchange of information.
Understand Blockchain
The easiest way to understand blockchain is to think of it as a fully transparent and continuously updated record of the exchange of information through a system which nobody fully owns.
This makes it decentralized and extremely difficult for anyone to single-handedly hack or corrupt the system, pretty much guaranteeing full validity and trust in each exchange of information.
What is a Crypto Wallet?
Cryptocurrency is a digital or virtual currency designed to work as a medium of exchange.
Cryptocurrencies, are the tokens used within blockchains to send value and pay for transactions. Additionally, you can think of them as tools on the blockchain, in some cases serving as a resource or utility function. Other times, they are used to digitize the value of an asset.
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No information on this website should be considered financial advice!