Cryptocurrencies for Dummies

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Basic Guide On Cryptocurrencies for Dummies

When the first crypto asset – Bitcoin – emerged, just a few geeks knew its essence and value. Over time, hundreds of new cons were developed, and the world gradually started to understand the value of this market. Today, everybody knows what crypto is. However, this article will explain cryptocurrency for dummies and tell how to buy cryptocurrencies in the simplest way.

What is Cryptocurrency for Dummies?

Cryptocurrencies are digital money with many use cases, similar to traditional money. For example, today, many services accept crypto as a payment method: booking, shops, cafes, travel tours, tickets, etc. Digital coins will likely receive a much wider adoption because traditional money has many drawbacks that crypto eliminates:

  • There are no middlemen in crypto transactions, so they are fast and cheap
  • Bank and wire money transfers have become outdated
  • Not all people have access to bank services (over 3 billion people worldwide have no access to banks), but to access crypto, you need an Internet connection.

Cryptocurrency is actively used for trading and investment. Crypto startups often raise investments through ICO, offering their tokens at a low price to gather investors.

Trading is also a popular way to make money with cryptocurrencies. There are some trading styles:

  • scalping
  • day trading
  • swing trading
  • buy and hold.

Picking and adhering to a trading strategy is the key to success in trading. It helps to control emotions and not to make mistakes and emotional decisions.

How to Buy Cryptocurrencies?

Many crypto platforms offer crypto assets and different trading tools. It is recommended to start with cryptocurrency using one of the official platforms such as Binance, WhiteBIT, etc. Advanced traders largely use Binance, while WhiteBIT is better for novice users. It has a convenient interface, tools that even a beginner user will handle, and advanced financial instruments for experienced traders. To buy crypto, you need to register an account, pass KYC (which takes a couple of days), add your bank card, pick a payment method, and find the crypto converter to show you the current price and fee for your transaction. These all take just a few minutes, and that is it – you are the crypto owner! The platform has a blog where you will find interesting articles about crypto for dummies.