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The cryptos and applications

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Among the most used current topics are bitcoin, cryptocurrency and blockchain; let's break down all these terms .....

What is blockchain technology?

A Blockchain is a non-centralized accounting record of all transactions between individuals. These transactions do not require central authorization. They may comprise blockchain business applications, sustainability, tokenization, fund transfers, supply chain tracking, etc.

What is Cryptocurrency?

Cryptocurrency is a form of virtual currency created to enhance financial transparency. In contrast to traditional currencies, which are governed, issued, and backed by governments worldwide, cryptocurrencies are stateless and lack backing from any central bank, political party, or individual.

The concept of Cryptocurrencies comes from cryptography, mathematics, and computer science, enabling them to function within a decentralized monetary system grounded in clear and transparent centralized authority and trust.

What is cryptocurrency used for?

- Privacy: To protect your identity during cryptocurrency transactions.

- Buying or selling: You can use cryptocurrencies to buy goods or services.

- Investment: Some speculators may invest in cryptocurrency to make a profit.

- Storage: As a way to store your savings in cryptocurrencies such as bitcoin.

- Money transfers: to other countries at a lower and faster cost.

- Fundraising: through cryptocurrency sales.

How to buy cryptocurrency safely?

You can create an account through a cryptocurrency exchange platform. Another option is to trade your digital currency through a crypto broker.

Take into account the following risks before using crypto assets.

Being subject to fraud and scams.

Considered high risk.

Lack of regulation of cryptoassets.

You may have difficulties using your cryptoassets.

There is a risk of losing access to your account.

Transactions may not be reversible.

Getting Started with Cryptocurrencies

You should choose a broker or a cryptocurrency exchange or platform. For this, you will need to find buyers for your cryptocurrency.

1. Create and fund your account using a broker

Buy crypto.

For the first cryptocurrency purchase, you will find many options. To start, you need to enter the token and the amount you want to buy.

Some of these are examples...

- Bitcoin (BTC)

- Ethereum (ETH)

- Dogecoin (DOGE)

- Tether (USDT)

- USD Coin (USDC)

- Uniswap (UNI)

How to keep your cryptocurrency safe

It is advisable to work with a reputable broker initially
To choose a secure wallet
Diversify your assets.
Create backup copies.
Have a sophisticated password
Be alert to phishing.
Do not share any personal information on social media.

How to Store Cryptocurrency?

Cryptocurrency can be stored in several ways, but the most common is through a digital wallet. Digital wallets store, send and receive cryptocurrencies.

The crypto and practical applications

- Cryptocurrencies are used as a means of payment in different transactions but have no legal protection.

- Payments with this virtual currency cannot be reversed once the payment is made. It is recommended to make an initial investigation of the seller before proceeding with a cryptocurrency purchase.

- As a means of currency exchange and transfer of funds from one country's currency to another foreign country's currency. It’s very usual in international commerce, real estate, etc.

- The advantages in transactions with cryptocurrencies are concentrated in lower transfer costs than those of a financial institution, the time saved in the same and choosing the exchange rate to the currency required.

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