Saturday, August 8, 2020

Crypto currency 101

 There is a wide range of crypto these days but the Bitcoin is by far the most often used one. But the idea behind any crypto like it is case with Bitcoin is to eliminate paper money and transfer all monetary transactions online. It is a big new system that is based on block chain technology.


There are several ways to obtain cryptocurrency:

1. Mine it - that means you will put your computer to work and gather information and do some calculations in the background and in return you will be acquiring currency. That is how you become a part of that block chain that fuels the entire project.

2. Faucet claiming - there are many faucets that offer a drop or to of profit for all its users. So behind those sites are computers that are in a block chain, and the owners are letting you benefit a little drop in exchange of you visiting their page that is usually also fueled with adds and promotions. So it's something similar to payed to click system.

3. You can buy crypto from your own local currency and thus transfer your money to a digital sphere. This is maybe the easiest way but there is a catch. Crypto currency is a fluctuating thing, so the value is determined by a stock-market value so your funds can also fluctuate.

4. There are several sites that allow you to earn in crypto, and by far this is the most time consuming way to obtain them because usually you have to do a lot of work before you can actually see some real amounts. 

eWalets are just digital wallets in which you have different compartments, one for every crypto available. When you acquire crypto you can transfer it to your wallet with a special keys and codes and use it further. Wallets have high level of protection and usually require identification on user side in terms of an ID or even sometimes a credit card. For those purposes it is usually better to use an internet safe card so that you have another level of protection.

As for spending well it is same as spending real money. You just select the option for crypto in methods of payment and provide your wallet address. In addition, you can also convert crypto from one to another and try maybe to make profit on the stock exchange, usually every wallet service has a trade part included.

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