What is Cryptocurrency?
We all can see it’s a modern and digital era where we are trying so hard for being fully digital. Most of the people using digital forms in every field whether it is about making payments urgent and anything else.
But the problem is the huge populating is there who are not aware of the cryptocurrency. Cryptocurrency is a type of digital money which makes the transaction more secure and easier.
In the fast pace of life, many scams happen with the people. And these scams happen mostly happened regarding money. Anyone can make a scam with our money as there is modern technology.
People are making lots of online transaction in monetary terms. But what they want in their transaction? Do they want proper or complete or end-to-end safety which somewhat is not going to possible?
Lots of online transactions take place daily and lots of unidentified transaction take place as well. The unknown person withdraws their money or made transactions through their account.
All this is possible due to active internet. Internet serves as an elder to us as elder teaches us lots of things that what to do and what not to do? And it’s also the tool to control those scam. The internet is the cure and with that, also the problem.
Fraudsters using lots of techniques to hack anything and behind that, their emotions are the biggest reasons. And in this regard, technology helps them.
What can we do in this regard? You can do and you can protect yourself from being scammed as Cryptocurrency is developed to reduce these scams.
A kind of virtual currency which utilizes the concept of cryptography so as to safely verify the transactions and to control the creation of possible scams.
There is an advanced system present which has specific terms and conditions in such concept and nobody can change the entries until these terms & conditions fulfilled by them.
What is Crypto Trading?
Crypto trading, or trading in cryptocurrency, is likely the swapping of cryptocurrencies. And as the forex, people can also purchase or sold cryptocurrency for another, like Bitcoin or altcoin for Dollar and Euro.
It’s the way to by which you can enter in the world of cryptocurrencies without owning it. There are so many types of cryptocurrencies. Let’s have a look at it.
Bitcoin – the Bitcoin introduced in 2009 and this is one of the most famed forms of cryptocurrency. Bitcoin is a kind of digital currency where the central bank is not involved and it has large number of user i.e. a decentralized currency.
It can also be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Do you know? The key instrument of Bitcoin is the block chain, it’s a digital public ledger to all transactions.
They are basically a computer file which stored in the “digital wallet” app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.
And you can easily convert them into cash. There are several ways to convert it into cash and in the end you can move that cash into your account. You can sold Bitcoin on the exchange of cryptocurrency, such as Coinbase or Kraken.
One of the simplest way to sell bitcoin and you can withdraw the cash directly into your bank account.
Litecoin – Litecoin is a peer-to-peer cryptocurrency and open source software project. Creation and transfer of coins based on an open-source cryptographic protocol and are not managed by any central authority.
And in clear words, Litecoin is an electronic cash system that transfers funds overseas at high speeds. The processing speed of Litecoin is so high. It gained much popularity at the time of inception. Litecoin is a fully decentralized open-source, global payment network.
Ethereum – Ethereum is both a cryptocurrency and a decentralized computing platform. Ethereum has dominated the litecoin popularity. And behind the bitcoin Ethereum is one of the most usable cryptocurrency.
These are the types of cryptocurrencies in you can start crypto trading. And all the currencies described here are used to exchange cryptocurrencies or for crypto trading. Now, what you are thinking about it? Let’s see about it more.
Is crypto trading a scam?
What do you think about this? As much we know about that Crypto trading is not a scam, it’s a secure platform where you can trade in cryptocurrencies.
And in which cryptocurrencies you are doing crypto trading also has a secure payment option which available to you easily. They all have end-to-end encryption and security to provide you a safe way for crypto trading.
And for keeping you away from scam there is a cyber-team which looks every single activity of your account. And if they find any problem in your account, they immediately or instantly informs you or update you about it.
Still, there are many people who think Crypto trading a scam. And it is all because they lose their money in cryptocurrencies due to scam.
But the problem is scammers uses both the old-fashioned and new tactics to swindle the trader. And the trader is not able to identify them. And it results in scam which takes their belief away from cryptocurrencies.
I know it’s habitual. Because if we lose money in something due to fraud then we are not able to belief on them easily. Still, after seeing the result we could not believe in them.
Crypto trading is not a scam but the scammers made scam to the trader. And we have to stay away from these scammers. But how? This is the most challenging situation. So, don’t worry we also have lots of measures to safely trade cryptocurrencies. Just have a look below.
How to safely trade cryptocurrencies?
We have some steps which help you to stay away from scammers. Just follow these steps:
Invest only what you can afford to lose.
They are more volatile as compared to stocks and bonds, and the industry becomes advanced rapidly. An altcoin that is popular today may not exist a month or a year from now. In other words, traders must consider the possibility of losing everything when they start trading.
Because of that, you will put a very small portion in this sector. And it helps you to minimize the scam as if someone is trying to scam you or to make fraud with you can’t make a big scam to you. So, invest only what you can afford to lose.
Research investment opportunities carefully.
Investors who are going to invest in trading must read the reviews on brokers, and exchanges prior to open accounts. The industry of cryptocurrency has everyday news on new products and exchanges.
So, find good current information is vital. So, must research about investment opportunities and also carefully.
Trade cryptocurrencies CFDs instead.
It helps you a lot in crypto trading as it protects you a lot from scam. In cryptocurrencies CFDs (contract for difference) plays an important role and they smartly prevent you from being scammed.
This can serve two purposes. Firstly, the CFDs are a regulated financial product which means the brokers who offer them should be licensed by a regulatory authority.
And as you can understand, if you trade with these brokers you can’t be scammed somehow. These brokers regulated by reputable financial regulatory bodies, offering varying degrees of protection for your money.
Secondly, many reputable CFD brokers have risk management tools which allow you to limit the amount you can potentially lose. You can stop loss if the market moves against you.
These steps keep you away from being scammed in any situation and protect your money completely. So, read all these steps carefully before trade cryptocurrencies.
About the wallet of Cryptocurrency?
There are many types of Cryptocurrency wallets available and you can use all of them. And as we all know today’s many of the people are shifting toward the digital world.
And one of the first steps of being digital is to start online transactions with online wallets. In the present era, most of the people preferring the online wallets to secure their money.
These wallets provide you the safest trading of cryptocurrencies. In these wallets, you can store your cryptocurrencies and provide you complete assistance regarding your queries.
Because these wallets are recognized as the best & safest ways to secure our money from being stolen or theft. And these wallets also increases the safety of your cryptocurrencies. So, let’s have a look at different kinds of wallets of cryptocurrencies.
Desktop wallets – Different software like cryptonator allow you to store and send cryptocurrencies to track the transactions. These wallets downloaded and installed in the PC or laptop.
These wallets are accessible only in a single computer or laptop in which they downloaded. And these wallets generally developed by token developers.
Online wallets – wallets run on the cloud and are accessible to any computer or device at any location. They are more convenient to access by the people. They are convenient as the people can open them in any device or computer.
So, they don’t need to carry a particular device for their online wallets. These wallets store your private keys online. It serves you very better crypto trading as you can access them anywhere, anytime and on any device.
These kinds of wallets have now reduced the risk of hacks or other possible scams.
Mobile wallets – they easily accessible to your mobile. For these wallets, you have to download an app in your mobile which allows you to make an online payment by just your device.
And with this wallet, you can do a lot of things such as you can pay online anywhere including retail stores via Mobile wallets. Mobile wallets allow you to perform lots of transaction and everywhere you want.
They also serve a better way for trading of cryptocurrencies. They also reduce the risk of scam. In clear words, these are app-based wallets which you have to download and install in your mobile.
Paper wallets – many of the reputed websites offer you the paper wallets. And they provide you the highest security for your cryptocurrencies. For the people who need tight security for their cryptocurrencies must buy these wallets.
As no wallet is more secure as compared to paper wallets. And they are assigning you the paper wallets by generating the pieces of paper with QR codes.
These QR codes generally contain some special characters, letters, private keys, and numbers. This is the biggest reason they are most secure wallets for the crypto traders.
Hardware wallets – they differ from software wallets in that they store a user’s private keys on a hardware device like USB. Although the hardware wallets make transactions online they stored offline which delivers increased security.
They also support different currencies but also the safest way for crypto trading. Making a transaction in hardware wallets is also easy. So, if you think this is a vast process then you are wrong.
You just need to plug the device in any internet-enabled device or computer, enter a pin, send currency and confirm. And you completed your transaction.
They are the wallets which allow you crypto trading for cryptocurrencies. And makes all our payment secure.
A digital currency developed in 2009. Bitcoin offers the promise of lower transactions fees than traditional online payment mechanisms and operated by a decentralized authority.
They are not presented physically, only balances kept on a public ledger in the cloud. The Bitcoins not issued or backed by any banks or governments.
Bitcoins is one of a kind of cryptocurrency. It functions on the biggest public ledger, also known as blockchain, and here all the confirmed transactions are recorded in the form of so-called blocks.
All the users are well-known of their each transaction that assist in preventing stealing or double-spending. There are many wallets available in which you store Bitcoins. They are those wallets which we mentioned above.
As we stated above they do not have a physical appearance like dollars. Then all you have the only record of transactions between different addresses. And you have these records with balances that increases or decreases.
The best part about Bitcoin currency is it is a decentralized currency. And this means that you can settle international deals without messing with exchange rates and charges.
They save your money & time as well as for settling an international transaction you have to perform a very long procedure and have to pay charges for that.
But with the help of Bitcoin, you can stay away from exchange rates and charges which determined on international transactions.
It’s completely free from government interference and manipulation.
As you know they are apps. So, first, you have to download them and install them on your device. And once they installed, you have to set up the app. So, follow these simple steps to initiate crypto trading.
For any crypto app, you have to register first in all the apps. Every single crypto app needs to be registered with the proper or correct information as any wrong information can cause inconvenience.
Every crypt app asks you for registration. But if you don’t know then it provides you a comprehensive guide to set it up. For registration, it asks about your name, email, and phone number.
And after that, it verifies your email by sending a link and phone number by an SMS. You have to open the link which the app sends to your email and have to enter the SMS code.
Once the registration process is completed it will redirect you to the live trading. And if you want to start a trade you have to deposit the minimum amount which the app asks you to deposit.
Don’t confuse with charges or deposit. The amount which the app asks to you to deposit considered to be your trading capital not the charge of the app.
The app is completely free. It requires a deposit as you want to start trading. The app just charges some commission and just only on profits.
After that, they provide you demo that how to trade. It’s a necessary step for those people who newly start trade or who are beginners or inexperienced.
The crypto apps train you a lot in order to refine your skills in trading and teaches you what to do and what not to do?
Once you complete the training. They redirected you to the live trading where you can perform trade. Here you can perform crypto trading. And now it is done.
Make sure you are trading on what you can afford to lose.