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It has been 13 years since bitcoin appeared, and even those who initially treated it as a frivolous project have to admit: cryptocurrency is gradually becoming more and more part of our lives.
The best cryptocurrency exchange
In this article top crypto news, we will consider such topical issues as how cryptocurrency differs from ordinary money and why it deserves attention, how to get crypto assets with and without investments, how to send and receive it, and sell it for fiat money.
What is cryptocurrency and how it differs from fiat money
In real life, a cryptocurrency is a type of electronic currency that is used to send and receive money. It is a programmed code which has no physical analog in reality. Cryptocurrency is not backed by anything, like fiat money, but otherwise differs from them significantly in the following ways:
- Issue. Traditional banknotes are issued by the central banks of countries. In this case, the issue is not limited, which subsequently inevitably leads to inflation. Cryptocurrency (most types) has a limited issue, so it does not depreciate, but rather increases in value over time. And it is issued not by a single center, but by everyone.
- Form of issue. In addition to paper and metal, there are also plastic and electronic forms of fiat. Cryptocurrencies, on the other hand, can only be accessed through the internet. Considering the fact that almost every payment can be made online today, and there are more and more shops that are connecting the possibility of cryptocurrency payments to their services, it is not a significant loss.
- Governance. It is regulated by law and cannot be influenced by any ordinary person because Fiat is fully controlled by the state authorities. It is a form of fiat that is issued and distributed by the government. It is also common for digital blockchain systems to be managed by the community, so any changes to them need to be approved by the entire community. This system is not controlled by one specific center. Getting your funds transferred abroad is much cheaper thanks to the lower commissions and faster payment results than with a bank. Most importantly, you will be able to make payments in real time.
- Anonymity. The factor that is of particular concern to states and at the same time attracts users to cryptocurrencies. It is difficult to determine the belonging of any transaction or wallet to a specific person, although it cannot be said that it is impossible.
Of course, it was not without drawbacks. The exchange rate of cryptocurrencies is very volatile, i.e. the price of the cryptocurrency fluctuates very rapidly. Currently, there are very few places where you can freely use cryptocurrency to pay – this is due to government crypto regulation news, since few countries are fully willing to accept digital currency as a form of payment. It has become the first country in the world to accept digital currency as a payment method.
Where and how to buy cryptocurrency
From theory, let’s move on to pressing problems – instructions for working with digital money. There are several ways to buy cryptocurrency as show crypto news sites.
Cryptocurrency exchangers
As far as crypto latest news show focused exchange services are concerned, there are now many of them in operation. Their functions are similar to those of fiat-based exchange services: the user chooses the direction of exchange, enters the details, and confirms the trade.
It is possible to choose the exchanger with the best rates and commissions by making use of the well known BestChange service.
The purpose of a cryptocurrency exchange is to provide you with the ability to create an account, sell or buy digital currency, and exchange it for a fee. Several platforms offer a variety of additional functionality – for example, platforms for IEO sales, charts and trading tools, and ways for generating passive income, among others – in addition to working with fiat.
Almost all exchanges require verification of the identity of users who wish to operate with larger amounts on a daily basis. For small amounts, verification is often not mandatory.
Crypto wallet
There is no need to register separately on any of the sites since most wallets, in addition to providing storage functions, also provide the option of exchanging currencies. It is a rather quick and convenient process. Unfortunately, the exchange rate here is often overestimated.
P2P platforms
This is a platform where people can trade directly with each other. One person posts an ad for the buying/selling of cryptocurrency, another responds to it. The platform acts as a kind of guarantor of the transaction, where money from both sides is blocked until both parties confirm it.
Payment systems
There are many electronic payment systems on the Internet that allow you to manage fiat, but later some of them also received functionality for working with crypto. So with their help you can very easily and quickly exchange digital assets. But you need to take into account that storing cryptocurrency in the payment system refers to the custodial method, you do not control your keys.