Planning to enter into the crypto world? Wondering what type of platforms you will use? No worries, you are in the right place. Though it’s been more than a decade since Bitcoin was launched, still the majority of people don’t understand how a cryptocurrency works. This is because many people view it as gambling; you can either earn huge or lose everything in the blink of an eye.
The Crypto Platforms You Will Need to Use
Crypto Exchange Platform
A crypto exchange is a digital platform used for buying and selling cryptocurrencies. One can pick any exchange platform, depending on their criteria. Whatever crypto exchange you go for, make sure it has good reputation and it isn’t banned in your location.
First off, you would need to open an account on any of your favorite crypto exchange and then you can buy cryptocurrency. Since not all cryptocurrency exchanges are the same, the account creation process may differ from one exchange to another. However, it’s quite similar to creating an account on any social media platform. There are a number of things that you should consider when opting for a crypto exchange. The big competition can make it a little tough for you to spot the best exchange in the crowd. First off, you will need to make sure the crypto exchange operates in your country. Going with a banned crypto exchange can land you in hot water. Other things to consider include but are not limited to security, customer support, trading volume, transition fees, etc.
A crypto wallet stores private and public keys necessary to perform crypto transactions, and provides a digital signature approving each transaction. You need to keep your private key safe and secure, which allows for you to unlock your cryptocurrency work to spend or trade your cryptocurrency.
Simply put, a crypto wallet doesn’t store or have any cryptocurrencies in it. It just stores the addresses of your digital assets. Users can choose from different wallet types: Online Wallet, Mobile Wallet, Desktop Wallet, Paper Wallet, and Hardware Wallet.
James has been a crypto enthusiast for a year. He’s an avid watcher of all the latest developments in the space, and enjoys predicting what will happen next with his favorite coins.
He lives in his hometown of New York City with his wife and two sons. His hobbies include watching movies, playing basketball, and reading about how to survive disasters that may occur from climate change or an asteroid impact!