Best Cryptocurrency Exchange
We aim to offer a helpful platform where you can find the best cryptocurrency exchange details before investing money into this online phenomenon. Here you can get information on all the different trading providers and learn about each individual currency.
If you’re new to the world of online Cryptocurrency, it can seem quite confusing and difficult to understand. This is why we have put together some of the best platforms with the things we liked and didn’t like about each one. Hopefully we can make it easier to understand what each one offers so you can decide which one you would prefer to use.
What is Cryptocurrency?
The simplest answer is cryptocurrency is a form of digital money which can be used anonymously and is designed to be completely secure. This currency is based completely online and has no physical form like a Pound Sterling coin or US Dollar note would have. Its security is created using cryptography, a process where information is converted into a code which is almost impossible to crack. This is then used to securely track money transfers and purchases. These transfers are created using specially designed blockchain software.
The very first cryptocurrency, Bitcoin, was created in 2009 and remains the most well-known. There are actually more than 1000 of these currencies now available to purchase online. Another important thing to know about cryptocurrencies is that they are decentralised. This means they are not controlled by a central bank or government, and the money is produced collectively by the whole cryptocurrency system.
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How Do You Buy Cryptocurrency?
When it comes to buying cryptocurrency, it can be a confusing process as it’s not the same as buying stocks or making a standard investment. Instead of getting shares you’ll get digital tokens or coins. There are plenty of platforms which enable you to buy various cryptocurrencies. Before purchasing you’ll need to get yourself a virtual wallet to store the coins in. The best way to do this is to open a wallet with one of the best cryptocurrency exchange services. These allow you to buy and store different coins in the same wallet.
Once you have set up your wallet you can then buy the amount of each currency that you want. Most people use this method if they simply want to use the money for shopping online, using gaming sites or investing in the currencies for a longer period of time. By opening your own wallet you’ll be provided with a wallet address which other people can send coins to as payment. The cryptography software used helps to ensure that these money transfers are as secure as possible.
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Best Cryptocurrency to Invest In
As we mentioned before, there are no over 1000 different cryptocurrencies available online. There are of course some front runners which are more popular than others. The market values of each one are constantly changing so it can be difficult to keep up with them. We would recommend doing a bit of research on them to find out how they work before you decide which ones you’d like to invest your money in.
The original and most widely used of all the cryptocurrencies is still Bitcoin. As of December 2017, one bitcoin is worth roughly £11,000, and it has seen a massive increase in value since its creation in 2009. It was invented by an anonymous person (or group of people) known as Satoshi Nakamoto and was the only virtual currency available at the time. It is now the most widely used and is accepted as payment in many countries and by a number of online businesses.
Another of the most popular ones is Ethereum which has its own currency token known as ‘ether’ which can be transferred between users. It was originally created to use for smart contracts, and has a value of around £300 per coin.
Ripple is another currency which you could consider investing in. With this, transfers can be made more quickly compared with some others, Ripple takes just 4 seconds to process a transaction. At the moment one of these coins is worth around £0.17.
A cryptocurrency similar to Bitcoin is Litecoin as this is also an open source peer-to-peer system. It has a current value of around £75 as of December 2017. It was first set up in 2011 and uses the blockchain software to make direct transactions between individuals and businesses.
You may have heard of the popular internet meme known as ‘Doge’ which features a Shiba Inu dog. There is actually a cryptocurrency called Dogecoin which is based on the meme and was first created as a joke in 2013. It is mostly used to give tips on sites like Reddit and Twitter where users can give each other tips for sharing or creating good content. Their community also gets involved in fundraising for good causes.
Vertcoin is one of the truly decentralised currencies compared to others due to its highly secure algorithms. It is zero premined which means based on its current design, only 84 million coins can ever be created. The current value of Vertcoin cryptocurrency is around £5.88.
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How to Get Started
If you want to get involved and start purchasing these online currencies, check out the different options displayed on our site. With the best cryptocurrency exchange you can find platforms to buy and sell the different types of currency. Just have a look at what’s available now and check out our reviews to learn more about each one.