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Coinstore’s Beginner’s Guide to Cryptocurrency — What You Need To Know

Welcome Back Coin Collectors

If you are new to cryptocurrency, this is the right place to be! Today, Coinstore will be sharing with you all the basics you need to know regarding cryptocurrency — from what is cryptocurrency, why you should invest in cryptocurrencies, how you can invest, and more for beginners!

Find out more and increase your knowledge on cryptocurrency by reading on:

1. What is Cryptocurrency?

Essentially, cryptocurrency is a decentralized digital or virtual asset that is usually used over the internet. Secured by cryptography, making it nearly impossible for hackers or users with malicious intent to counterfeit or double-spend. All cryptocurrencies are based on blockchain technology — a distributed ledger enforced by a dencentralized network of computers. Information such as each unique transaction, balances and account numbers are being recorded and written onto the blockchain, ensuring that the data are being lock-in and cannot be replicated or altered for security purposes.

Such decentralized structure allows for assets to exist without being under control of the government and central authorities. Through peer-to-peer networks, everyone has the chance to participate and use cryptocurrencies without any form of authentication.

2. Why are Cryptocurrencies Popular?

Cryptocurrencies have become inherently popular in recent times as they have many characteristics that are more superior than traditional assets like gold and fiat currencies.

Here are some aspects in which cryptocurrencies fare better than traditional assets:
A. Profitability: Cryptocurrencies enables users to make quick money (with correct judgement), typically through spot trading and futures trading. With the popularity of cryptocurrency now, trading volumes are high with high liquidity, allowing traders to earn money within minutes, especially through the use of futures trading.
P.S. If you haven’t read our spots vs futures trading article, head over to read now!

B. Usability & Ease-of-use: Many countries and companies are now adopting the use of cryptocurrencies as payment, with it only becoming more frequent and universal in the future. This will increase the adoption of cryptocurrencies by majority of the consumers, especially with the creation of cryptocurrency debit cards.

C. Low Fees: The use and trading of cryptocurrencies requires little to no fees, compared to other modes of payment such as credit cards — where you incur interest over time. On certain platforms such as Coinstore, there are low maker and taker fees at 0.2% as well as low withdrawal fees, with low minimum required amount for each transaction, compared to certain large exchanges, making it more accessible to majority of the users and consumers.

D. Decentralization, which means not under any regulatory body: Without regulatory intervention, cryptocurrencies are not affected by instabilities from any authorities, such as hyperinflation and unstable economies. Many see cryptocurrencies as an alternative way to protect their wealth and they can be safer than traditional assets, as they are not as subjected to the volatility of the political and economics scene, making them more appealing.

E. Security: As mentioned above, cryptocurrencies are not susceptible to regulatory instabilities, as such they may be safer to invest in, without being afraid of any personal data and identity being stolen through malicious attacks of main and central data storages.

3. What is Cryptocurrency Mining?

Cryptocurrency mining is the process that allows new tokens or coins to enter into circulation of the market, where these coins or tokens are gained from verifying transactions on any blockchain. Mining is done miners through a sophisticated hardware that solves an extremely difficult mathematical problem, and the first miner that succeeds are rewarded with a fee as they managed to secure a blockchain — known as proof of work (POW).

4. How Can You Purchase Cryptocurrencies?

Most commonly, cryptocurrencies can be purchased through cryptocurrency exchanges, like Coinstore. On Coinstore, you can purchase many major cryptocurrencies such as BTC, ETH, SUSHI, BAKE, DOGE and UNI. We also offer other popular and interesting tokens such as AXS, MBOX, ENJ, SKILL and YGG. On Coinstore, we offer one of the lowest maker and taker fees around (as mentioned above), together with marginal withdrawal fees that do not require minimum transaction amounts.

Coinstore is currently running a campaign where we offer no trading fees for spot trading transactions! Simply just register for a Coinstore account, complete KYC and receive a 20 USDT trading fee voucher and redeem 1 USDT from our telegram group. Register on coinstore.com now!

Other avenues of purchasing cryptocurrencies are through over-the-counters and cryptocurrency ATMs.

5. When Should You Invest in Cryptocurrency?

Cryptocurrencies are one of the more highly speculative and volatile investment avenues in the market, but they are also easily tradable and offer high returns with little money, depending on the token and coin you decide to invest in. Additionally, the adoption of cryptocurrency is becoming more mainstream, with The Bitcoin ETF (BITO) being listed on the New York Stock Exchange, it is highly likely that cryptocurrencies are gonna be even more popular and widely used in the future. Suggesting that the prices and value of cryptocurrencies are going to get better from here (if you invest in the profitable ones at the correct time), thus there is no better time than now to start investing in cryptocurrencies, before it becomes more difficult to enter the market.

Do a more thorough research and watch the market closely before making a decision to trade or purchase any cryptocurrencies, ensuring that you do not make a rash decision!

Content by:
Sook / Coinstore Crypto Enthusiast

Any comments, tips, or projects to share with us? Just drop Sook an email at sookhui@coinstore.com. Look forward to hearing more from you guys 😉

About Coinstore

It’s never too late to start diving into the world of cryptocurrency. Whether you’re young or old, a pro or a newbie, Coinstore welcomes you to our arcade where we learn together… the fun way! We make cryptocurrencies available for everyone in a sleek, exciting and simple fashion, equipping you with experience and techniques to buy, sell and trade on the go.

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Disrupting the crypto industry by bringing in “fun” in finance. We are your financial arcade where people see complexity, we provide clarity.

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Disrupting the crypto industry by bringing in “fun” in finance. We are your financial arcade where people see complexity, we provide clarity. coinstore.com

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