Cryptocurrency is changing the face of money in the same way that placing a point spread can change your life.
Come with us as we explore the past and present of cryptocurrency.
It wasn’t until 1995 that David Chaum, an American cryptographer, came along with Digicash. Digicash was an anonymous cryptographic form of electronic money.
It wasn’t until 2008 that cryptocurrency was given a second look and by 2009 it was widely released to the public. Bitcoin, which was the first form of cryptocurrency, was founded by what is thought to be a group of programmers called Satoshi Nakamoto.
The release of Bitcoin began a chain of events that would change not only cryptocurrency but the world at large.
Bitcoin was the first cryptocurrency that used blockchain technology and operated under a decentralized leadership.
Since 2009 the face of cryptocurrency has changed. There have been a lot of cryptocurrencies that have emerged. We have seen the rise and fall of many cryptocurrencies with a few becoming popular.
Today, cryptocurrency is used widely to make online payments and has also created jobs. You can now send cryptocurrency from one part of the world to another without any issues.
However, it’s important to know that you need to find a person or company that uses the same cryptocurrency as you do. You cannot pay a Bitcoin holder with Ethereum and visa versa.
How to Buy Cryptocurrency
The first thing you need to do to purchase cryptocurrency is to choose a broker. A broker works as an intermediary between the buyer and the seller.
The broker makes money through commission which is received when a transaction happens. There are a few brokers that claim to be free but make money off of selling information about what other traders may be buying and selling.
Secondly, you need to create and verify your account. To create an account all you need to have is a stable internet connection and desktop. You may be asked to verify your identity or even your email address by clicking on a link.
Depending on the broker you choose you may be asked this. The reason why you may be asked to verify your identity is to reduce the risk of fraud and to also help with federal regulatory requirements.
If you’re interested in buying or selling cryptocurrency you may not be able to do this if you do not verify your identity. You may be asked to provide your ID or driver’s license and you could also be asked to take a selfie to match the ID and driver’s license information you have given.
The next step would be to deposit funds into your account to invest in your choice of cryptocurrency. With this step, you can use your credit or debit card to make a transfer. Always keep in mind that when depositing funds into your account you may need to wait between one to three business days.
It’s important to note that when you are depositing your cryptocurrency that you may be subject to high-interest rates making it expensive. It is also very risky so it’s best to ensure that you are using a trusted broker.
Now that you’ve deposited your funds into your account you are ready to make a purchase. When making a purchase always ensure that you do enough research on the cryptocurrency you are purchasing. This includes the abbreviations of the different cryptocurrencies and the ones you are interested in purchasing.
Cryptocurrency has changed over the last few years however the changes made have helped it gain more traction. It’s always important to look for the cryptocurrency you are interested in and ensure that you do enough research to make the right decision.