Corporate Finance, DeFi, Blockchain, Web3 News
Corporate Finance, DeFi, Blockchain News

How to Own Cryptocurrency

As more types of cryptocurrencies keep hitting the market, this virtual currency's world grows daily.

The number of people using cryptocurrency keeps increasing daily, with the majority relying on Nfl expert picks to invest with crypto. Some people own crypto for financial purposes, and others own it as a digital asset for trading.

Whichever motivation you have, you may want to own one or more types of the existing thousands of cryptos. This article will guide you on what you need to know to own cryptocurrency.

Basic Knowledge

The most important thing you need is knowledge. Before you can start using NFL predictions for your bets or investing in cryptocurrency, you must first understand it. There are many sources where you can find the right information.

Online sources are the easiest to access because all you need is a gadget that can access the internet. You can also consult your peers who may already be informed about cryptocurrency. Some individuals and institutions offer cryptocurrency classes, and you can enroll to learn.

You will learn the types of cryptocurrencies, how to store crypto, and where to find crypto.

Storage of Cryptocurrency

After you acquire the basic knowledge about crypto and how it works, you will decide to own some. It is common knowledge that when you want to buy something, you should first know how to store it.

You store crypto in a wallet. It is similar to a bank account, though no bank is involved. There are three types of crypto wallets to choose from.

Hardware wallets are in the form of a flash drive, and you can buy one from a trusted source. The most popular hardware wallets are Ledger Nano X, SecureX, and Trezor. Hardware wallets are not connected to the internet, making them more secure from hackers.

Self-custody wallets are online. No third party is involved in storing your crypto in self-custody wallets, but you must get the software from an online source. You keep your private keys safe by yourself because you will lose access to your crypto if you lose them.

Custodian wallets are also online. You create an account with a service provider of your choice.

This service provider will store your crypto for you. You can easily retrieve your password by contacting the service provider if you forget it.

Each type of crypto wallet has pros and cons. It would help if you did your research to understand which one will be best for you.

Where to Get Crypto

Now that you have the basic crypto knowledge and understand how to store it, it is time to move to the next step; acquiring the crypto. There are different places where you can find crypto.

Friends and Peers
Anyone can transfer cryptocurrency to your wallet, provided you have one. You can start with the people close to you who already own cryptocurrency. Friends and family members can send crypto to your account, and you give them the equivalent amount of fiat currency to enable you to utilize your NFL picks and make wins.

Engage in Cryptocurrency-Generating Activities
When you have the right crypto knowledge, you will find many ways that can earn you crypto. Some platforms give free crypto tokens for creating an account with them. Others have affiliate and referral programs that you can earn from.

You can also sell products on e-commerce platforms that accept payments in crypto form, and that's how you will acquire crypto. You can also play video games that pay winners crypto tokens.

Crypto Exchange Platforms
Cryptocurrency exchange platforms are the easiest and most reliable places for one to get crypto. A crypto exchange is a platform where buyers and sellers meet for crypto trading.

The three exchange platforms are peer-to-peer, brokers, and trading platforms. A peer-to-peer platform is where a buyer interacts directly with a seller when buying crypto, with no third party involved.

A crypto broker is a platform that stocks crypto from different sources. When you visit such a platform, you are buying directly from them.

A crypto trading platform is one where investors engage in profit-generating business. They buy crypto and hold it to sell it when the value is higher. So, when buying crypto on a trading platform, you don't engage with the seller directly but through a third party.

You must research the pros and cons of each type of crypto exchange to decide the most suitable one for you to use.

Mardi 12 Juillet 2022