Cryptocurrency is vastly trending; one would wonder why is it so? What is the benefit of owning crypto? Read on, I will be breaking this down for you.
Wikipedia defines cryptocurrency (or crypto-currency) as a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
Cryptocurrency is an electronic asset platform that operates like local banks (safe, send and receive virtual currency). The only difference is, you don’t save your virtual or coins offline like local banks, you save it online and you can withdraw it to your local banks. unlike when it was launched newly that there is no way to withdraw it but to trade it online.
Brief History of Cryptocurrency
Cryptocurrency can be narrow down to when it was launched in 1983 by the American cryptographer David Chaum conceived an anonymous cryptographic electronic money called ecash. Early 2009, a lot of decentralized cryptocurrencies was created.
Late 2009, the total cryptocurrency functioning is 6,000 such as Bitcoin, Litecoin, Ethereum, Dogecoin, ZCash, Bare, many are still adding up. Every day, the prices of cryptocurrency changes. it either it goes up or it goes down depending on how people react/transact to it, deposit or withdraw from it.
There are lots of cryptocurrencies, but among all, Bitcoin is more popular. Back in 2009 when Bitcoin was newly introduced, the amount for 1Bitcoin is $0.05 but today, 26th July 2020, 1BTC is $9,712.55.
To know the best top 100 cryptocurrencies and their cost, go to CoinMarketCap now.
The synonymous service between these companies you should familiar with are the terms used, which are Address, Receive, and Send.
ADDRESS: After account registration, you need to create a new address. Say you open a local bank account; your account manager will issue you an account number. The account number will serve as identity or means of interaction between you and the bank. So also, is the crypto address, this serves as your account number where your cryptocurrency will be sent. Crypto address is 15 to 17 characters, usually alphanumeric and case sensitive.
RECEIVE: This is a common and unique term that all the cryptocurrency wallet has. Cryptonator has it as a deposit because some crypto wallet that it has a receive. Whichever way crypto wallet you have may call it; it is used to receiving cryptocurrency from another wallet. Say you want to receive Litecoin from another party, click on Litecoin on your crypto wallet now, then click on copy address then send it to the party that wants to fund your wallet. Is as simple as that.
SEND: This is also a common and unique term. Cryptonator has it as Withdraw. It is used to send cryptocurrency from your wallet to other parties.
Cryptocurrency Wallet Recommendation
#1. Coinbase: This is the easiest crypto wallet to join. It is globally recognised, founded in 2012 in San Francisco, favourite used in 192 countries. It allows you to store and transfer your crypto through either your cryptocurrency address or your registered email. You can also buy and convert your coin from one coin to another, although this is limited to 32 countries among the 192 countries approved to transact with their platform. Go to Coinbase Website.
#2. Luno: London based company with 40 countries approved to buy, sell, transfer, and exchange traditional currencies and bitcoin. You can fund your wallet using your local bank account using Luno and you can also withdraw to your local bank directly with a minimal transaction fee. Go to Luno Website.
#3. Cryptonator: is a latest and most trending platform, known for its instant exchange, deposit and withdraw with it over 1million daily active users.
How can I Earn Crypto?
This is very simple. There are lots of ways you can earn cryptocurrency, but in this post, I will be teaching you three-step way by which you can earn cryptocurrency. They are; Buy and store method, Mining Platform, and Earn per-task performance.
Buy and Store
Say you buy crypto today, leave it for some time, it will either rises or depreciate in value, for instance, I have $50 of bitcoin in 2014, by 2019 that $50 rises up to $124. Why? Because of the prices of Bitcoin rise. Also, assume it goes down, what do you expect? Definitely, I should be having less than $10.
There a lot of crypto analyst that are gurus in calculating how cryptocurrency works and they are good in forecasting when it will rise or goes down. yours is to undermine them and follow their updates.
Earn by Completing Task
Just as the subheading implies, these are sites that pay users or registered interested members for completing a task on their platform. The task could be watching an advertisement placed by their advertiser on their sites, downloading the mobile applications and completing some levels on the application, or by taking some online survey of products and services.
You can earn cryptocurrency simply by claiming at 5minutes interval on any these five websites listed below. Are you good at referring people? The sites below will pay you 50% interest for any referrals you referred to the system.