Infographic on Understanding How Cryptocurrencies Work
You will certainly be going on a very sharp learning curve if and when you start researching how cryptocurrencies work, however to make your life easier I have compiled the following infographic that should walk you through the basics!
Blockchain
All cryptocurrencies are going to have a blockchain, and that is simply a digital ledger that records all transactions
Verifies Movement of Coins
Proves Ownership
Transactions cannot be altered
Digital Wallet
To gain access to your coins and tokens stored on a blockchain you must get a digital wallet.
Free to Download
Mobile Wallets Available
High Level of Security
Can Store Different Cryptocurrencies
Security of Cryptocurrencies
You must always keep you digital wallet details safe and secure, as without them you cannot access your cryptocurrencies on the blockchain.
Log in Name
Password
Word Seed
Benefits of Using Cryptocurrencies
Move Coins Anonymously
Small or Large Transactions
Low Cost Transactions
Digital Currency Exchange
To be in a position to start to use cryptocurrencies you will need a digital wallet and then make use of a digital currency exchange to perform the following transactions.
Buy Cryptocurrencies
Sell Cryptocurrencies
Trade Cryptocurrencies
Value of Coins and Tokens
There are lots of different factors that can and will affect the value of cryptocurrencies and here are some things that could make them rise or fall.
Supply and Demand
International Incidents
More Coins Being Mined
Uses of Cryptocurrencies
There are loads of different things you can use cryptocurrencies for and I will now enlighten you on what most people use them for.
Long or Short Term Investments
Paying for Goods
Storing Excess Funds
Paying for Services
Gambling Activities
How to Pay for Cryptocurrencies
When you wish to buy cryptocurrencies depending on where you choose to buy them several different payment methods are available.
Cash
Debit Cards
Other Cryptocurrencies
Bank Wires
Web Wallets
How to Sell Cryptocurrencies
If you do own any volumes of any cryptocurrencies there are several different ways you can sell them and turn them into cash.
Cryptocurrency ATM’s
Digital Currency Exchange
Peer to Peer Transactions
Sources
https://en.wikipedia.org/wiki/Cryptocurrency
https://lifehacker.com/how-to-buy-cryptocurrency-1821935329
https://www.entrepreneur.com/article/305859
https://www.theguardian.com/technology/2018/jan/29/cryptocurrencies-bitcoin-blockchain-what-they-really-mean-for-our-future
https://futurism.com/cryptocurrency-future-money-bitcoin/
https://www.coindesk.com/information/what-can-you-buy-with-bitcoins/
https://www.cfr.org/backgrounder/cryptocurrencies-and-national-security
https://cointelegraph.com/bitcoin-for-beginners/what-are-cryptocurrencies
https://www.wired.com/story/how-to-keep-bitcoin-safe-and-secure/
https://blockchainhub.net/how-to-buy-bitcoin/
