Beginner’s Guide to Understanding Cryptocurrency
So you’ve become curious about why so many people around the world are obsessing over cryptocurrency!
You’ve realized that Bitcoin and other forms of digital currency are here to stay and that they’re here to change the world. But you’re still having difficulty with understanding cryptocurrency and how it works.
This quick guide will help anyone new to crypto to understand how it works and why you should consider using it.
Let’s start with the basics of how crypto works:
The Fundamentals of Crypto
All cryptocurrencies, such as Bitcoin, have a finite amount that can get created — or “mined.” This means that they are a superior store of value to fiat currencies that can get printed on the whims of a central bank.
Bitcoin and other cryptocurrencies work as a hedge against hyperinflation such as what we’ve seen in Venezuela and Zimbabwe.
They also help prevent fraud. Every crypto transaction gets saved on a digital ledger known as the blockchain. However, these transactions are anonymous so they protect your financial privacy.
But why would anyone want to buy crypto? Why has this form of digital currency become so popular?
Why Crypto Matters
As of this publication, the layman uses crypto as a means to an end. Many people buy Bitcoin, in particular, with the hopes of selling it for fiat currency.
Upon its launch in 2010, a whole Bitcoin could get purchased for $1. As of November 2021, one Bitcoin costs around $60,000! This means that many potential millionaires and billionaires waiting to sell their Bitcoin for a high price.
But crypto matters because it’s a sounder form of money. As mentioned in the previous point, it offers a stable currency for those without access to one.
All fiat currencies lose their purchasing power as their supply increases. Some countries have done a “better” job than others in destroying their national currency’s value.
With crypto, one can use a digital currency that can’t get inflated. This means that your crypto won’t lose its purchasing power in the long run. Financial privacy is also crucial in the world of increasing surveillance and government overreach.
Where to Get Crypto
So, are you convinced about buying crypto?
If so, you have to consider where you’ll buy your crypto from. One of the best options is to use a cryptocurrency ATM. You can click here to see if there are any near you.
With a cryptocurrency ATM, you buy crypto using cash. This gets stored on a virtual wallet that only you can access. The details of how to access this wallet get printed on a receipt that the ATM will dispense.
Crypto is the future of money, so you want to make sure you start accumulating digital currency today!
Now You’re Understanding Cryptocurrency
While there’s still a lot more to understanding cryptocurrency, this guide covers the basics of what everyone needs to know.
Cryptocurrency is the answer to the unstable fiat currencies that we all have to deal with. It helps prevent fraudulent transactions while also protecting your financial privacy.
Make sure you start buying cryptocurrency as soon as possible. Your best bet is to start with a cryptocurrency ATM.
You can read more detailed guides on crypto on our website!
