Cryptocurrency has been around since 2009, though the idea was born years before, in 1983, by the American cryptographer David Chaum.
In 2009 though, Bitcoin became the first decentralized cryptocurrency, paving the way for others. Fast forward to 2021, and it is virtually impossible to find a person who has not heard about Bitcoin and altcoins. Yet, many people have little to zero understanding of the crypto world. That’s what we will discuss in this article.
What Is Cryptocurrency?
A cryptocurrency is a digital currency (usually a coin) that uses a computerized database to hold information about each coin. The information includes ownership and completed transactions. In simpler terms, a cryptocurrency is a legal tender that is used to perform transactions. The word ‘crypto’ is added to the word ‘currency’ because of the advanced encryption and coding to ensure security.
How to Use Cryptocurrencies?
Now that you know what cryptocurrencies are, let’s get started on how you can use digital assets. Below, we will discuss a step-by-step guide using the best app to buy crypto – Changelly, with its user-friendly interface, security, and availability of over 140 cryptocurrencies!
Step 1: Make an Account
Begin by registering an account with an online brokerage. Here we will proceed with Changelly because it is easy, secure, and within 2 minutes, you’ll have an account ready. Follow these steps:
- Press the ‘Sign Up’ button.
- Choose the method you want to create an account with – email, Google, or Facebook.
- Return to the exchange page.
Step 2: Provide Your Crypto Wallet Address
On the exchange window, you would be required to enter the amount of cryptocurrency you want to exchange. Under ‘Transaction Details,’ information like the best market rate for exchanging and network fees, along with the total time in which the cryptocurrency will reach your wallet, is present.
Provide the wallet address details, and click on the ‘Next Step’ button.
Step 3: Proceed to the Checkout
You will be transported to a checkout page, where all the information you entered in the previous step is visible. Go over each detail and confirm them. Click the ‘Confirm and Make Payment’ button.
You will be required to send the exact amount from your exchange account or your wallet to the address displayed on the screen. This address can be used only once.
Step 4: Transaction Process
This is the final step, in which the crypto is being exchanged according to the details you have provided. It can take anywhere from 5 – 30 minutes.
And that’s it! Use the bought crypto for trading or shopping on the websites accepting cryptocurrencies as payment.
Important Points to Remember
While dealing with cryptocurrencies, particularly if you are a beginner in this industry, keep the following things in mind:
- Only refer to and read reputable news sites.
- Since the crypto market is highly volatile, stay on alert and make decisions accordingly.
- Move and learn gradually. Avoid pressuring yourself to master the industry.
The journey to the world of crypto isn’t as straightforward as one would like it to be. You should constantly seek information to keep a finger on the industry’s pulse. Only this way, your crypto way will be profitable and successful.
Interesting Related Article: “What is a cryptocurrency wallet? How does it work?“