Make sure you check out part 1 of this article so you can quickly follow up on part 2.
1. What Types Of Cryptocurrencies Exist And What Can You Do With Them?
If you would like to make worldwide transactions than you should probably use one ( or more) of these ones: Bitcoin, Tether, Litecoin, Ripple. If you want to build an app then you should turn to Ethereum or StorJ. Dash, Monero, and Zcash, for example, offer private financial transactions. It’s a good idea to learn everything about each one and then decide what you would like to do.
2. What Are Exchanges?
Cryptocurrencies can only be bought via an exchange. Some of the most popular exchanges are Coinbase, Bittrex, Binane. On this exchanges, you can use your credit card or your bank account. The only thing you should remember is to not store your cryptocurrencies at the exchange.
3. Where Should I Store Them Then?
Digital currencies are not as easy to store as fiat money since they can be stored at the bank. Digital currencies are stored in a wallet which is an address on the blockchain. Each wallet has a private address for sending funds and public address for receiving funds. You will be given a private key which you must never expose.
4. Are There Different Wallets?
There are different wallet options. For example:
– Mobile wallet – The easiest way to store your currencies why it’s also the least secure.
– Online wallet – Use it with an app that you can get from Google Play Store. It’s more secure than the online one but keep in mind that your phone can get broken or stolen or you might just lose it.
– Desktop Wallet – This is for desktop computers only.
– Hardware Wallet – These ones are very safe since they are built especially for storing crypto.
– Paper Wallet – Least convenient but hack-proof.
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