Brian Wallace

@nowsourcing

The Definitive Guide to Cryptocurrency

No, Bitcoin is not a generic term that means all kinds of cryptocurrency — there are actually dozens of different kinds of cryptocurrencies and each has its own specific name. Cryptocurrency is becoming a household word, but most people still don’t fully understand what it is, how to buy it, or what to do with it. It’s a lot more confusing than buying a stock or exchanging your money for foreign currency.

In order to buy cryptocurrency you have to first pick out an exchange. You’ll need to pick one that is available where you live, that sells the currency you want to buy, and that has agreeable fees for transactions. Binance, GDax, and Kraken are currently some of the most popular exchanges, but there are many out there from which to choose.

Once you buy your cryptocurrency you need to figure out how best to store it, and that means knowing what you will be doing with it. There are a few notable large corporations that accept some forms of cryptocurrency for payment, so if you are going to be using your crypto to purchase things you will need to keep it in a hot wallet. If you are not purchasing things with it, you will need to keep it in a cold wallet for security — this prevents it from being accessed online and possibly stolen.

Learn more about cryptocurrency from this definitive guide to cryptocurrency!

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