The cryptocurrency frenzy started a bit more than a decade ago, and in the beginning very little was known about how they work, what they are, not to mention how hard it was to predict in which direction the whole story will evolve. In fact, no one could really imagine that in such a short period of time, they will start becoming an acceptable means of payment by so many serious companies. The pandemic lockdown had a huge impact on how people see them since many were afraid of financial instability, and hence decided to start investing.
For those reading about crypto for the first time, we would like to offer an explanation of what they are for the sake of a better understanding of what we will write about afterward.
Digital currencies explained
You are already aware of the fact that they are a type of digital money. To put it in simple words, they do not exist in physical reality. This digital money works on the basis of cryptographic algorithms. Hence the name cryptocurrency.
It has all the features of real currency, except that they are not backed by the authority of any state and exist only in electronic form, as we already explained.
The article that you’re about to read lists the safest ways and answers the questions of how to pay, shop or send them online, assuring everything is performed with safety. Many useful things that you probably didn’t know, read below!
1. Using trading and exchange platforms
What you will surely notice from so many articles and ads on the internet, is that people mostly opt for different trading platforms. Definitely, the easiest way to use them for these purposes is through exchanges, such as https://the-bitcoin360-ai.com.
But, apart from simplicity, the reason why it is recommended to use such platforms is security. It is because exchange platforms allow you to transfer them to your own wallet after purchase and thus protect them from potential theft.
2. Using the wallet in between purchases and sending
Some platforms and brokers do not support the transfer after purchase to your own wallet, so it is important to pay attention to this feature when choosing a platform so that unnecessary additional costs do not arise due to a subsequent transfer to another platform.
Storing crypto you shop for in your own wallet should be considered in case of long-term investments or if the coin will not be used immediately. However, if you plan to immediately send it to someone else, whether it is for purchase purposes, or anything else, wallets should be avoided as there will be no point in this.
3. Shopping for coins using popular online services
You have noticed how transferring money online has become widespread, because of its obvious commodities. However, more and more of these services are being established, and safety might not be an asset most have. Therefore, it is advisable to use those that have already been proven safe. Find our suggestions below.
PayPal. Their accounts are used by people for many transactions on the Internet and can be used as a payment method when purchasing almost anything, including coins. It is considered one of the safest ways to shop online.
Neteller or Skrill. These are platforms where you can buy cryptocurrencies regardless of your location. Another feature they offer is trading. Just as the one we’ve mentioned in the previous paragraph, these are intended for receiving money and sending it to others on their account, in this case using the Skrill platform. It is possible to pay by card and your shopping can begin. Neteller is an e-money transfer service that transfers money to and from merchants such as forex trading firms, social networking firms, etc.
4. Credit or Debit Cards
By now, many of you are surely wondering whether or not it is possible to buy crypto with a credit card.
It is possible to buy coins with a credit card. When paying with a debit or credit card, it is important to enter the correct card information and wait for the system to confirm the correct information, then you are ready to trade.
Digital currencies can be used for shopping on every website that has a gateway. This is easily found by checking the payment method section. You’ll be surprised how many companies have started to accept them just as real money.
It seems that it happened overnight, literally
When a larger number of the population buys crypto, that coin “breaks through” to the global market faster and faster and becomes more significant and sought after among users, of course, if its true value in it is recognized. But it can be said for sure that the purchase of coins by a large number of users has a great impact on its growth in general. The more in demand a certain coin is and the smaller the supply, the greater the number of users interested in that coin due to the potential price increase. It is what is constantly happening with Bitcoin.
Although they seem like a good investment, generally, they do have their drawbacks. There are always drawbacks, and so is the case with them. The biggest one is investing large amounts in small or unknown coins. It is never recommended to invest in a particular coin if you do not know anything about it and if it does not have an immediate impact on the global crypto market or a great benefit in the crypto world. However, for educated people, flaws are almost non-existent due to great knowledge and interest in that sphere. Hence, if you wish to start dealing with them, we highly suggest you take one of the online courses on how it is done, just to make sure the assumptions you make are based on common sense.