Crypto, what is it? By definition, crypto is a form of payment online for goods and services. Cryptography is used to provide secure online transactions, thus protecting those payments. The world is becoming globalized with monetary instruments called cryptocurrency. In an effort to make transactions faster and more secure by moving toward a decentralized system. Bitcoin, in fact, was the very first type of crypto. Today, we have more than 6,700 different types of cryptocurrency available to us. I have put together details and tools that might help you better understand Bitcoin, Wallets and what it might mean to you and me.
The basics of what Bitcoin represents:
Bitcoin is the world’s first form of decentralized money.
- Bitcoin is simply an asset that maintains its value.
- Secondly, central authorities and governments cannot manipulate Bitcoin.
You can also look at it like this. Bitcoin is based on a peer-to-peer structure. The network is able to operate as its own economy, without a middle man or third-party service providers.
Wallets for Crypto
When you talk about blockchain technologies, there will always be risk and reward. Where there is good, there will also be some bad. In response to this, regulations are being put in place. With that being said, you will definitely want a safe place to buy, sell and store your cryptocurrency.
There are many different wallets out there on the web.
- Coinbase is definitely the most popular way to buy/sell and trade bitcoin, ethereum, and litecoin, among others.
- Trust Wallet is a fast and secure Ethereum mobile wallet and DApp Browser that’s easy to use.
- MyEtherWallet is an open-source, client-side tool for interacting with the blockchain.
- BitGo Cryptocurrency Wallet is the market leader in institutional digital asset financial services, providing clients with security, compliance, custodial, and liquidity solutions.
- StakedWallet.io – This is a new generation cryptocurrency wallet that allows its users to earn on Proof-Of-Stake. Also, with this wallet you can exchange cryptocurrency, benefit from a 5-level referral program and bounty program.
- Jaxx is your wallet for Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Dash, Zcash and a long list of other blockchain assets and cryptocurrencies.
- CoinPayments is a global payment gateway that enables users to easily transact with Bitcoin, Ethereum, Litecoin, and more than 2,000 other cryptocurrencies hosted on its platform.
Finally, When you begin to do your own research you will find a plethora of crypto wallets to choose from. I have only given you a sampling. I find that Coinbase is one of the easiest ways to buy, sell, and store cryptocurrencies. You can connect a U.S. bank account and easily transfer dollars in or out of your investing and trading account. They also have available for use, a standalone Wallet for mobile. I also like the fact that they have a learn and earn program when they introduce new crypto to the available asset list.
Digital Exchange
The Coinbase digital exchange and online cryptocurrency wallet provider is great for people new to Bitcoin. It makes buying and selling very similar to buying and selling stock through your brokerage account. Coinbase trading accounts can hold at minimum 43 different tradable cryptocurrencies, including U.S. dollars and the Coinbase USD Coin, which is pegged to the dollar. Some coins can even earn interest.
Earn Crypto with Coinbase
Another great feature is Coinbase Earn, which gives you free cryptocurrencies in exchange for watching videos and taking quizzes. New cryto gets added all the time and if you have a wallet and are signed up for their email notifications, you get first shot at learning all about the newest additions. Totally COOL, right??
Coinbase Pro is an active trading platform with its own high-end interface, application programming interface (API) support, and fee structure.
The only drawback I have found if you use Coinbase, is the high fees and costs. There are flat transaction fees, and a spread that they charge when converting between currencies. Those fees can definitely add up quickly, so beware. Also, while they are definitely not a common occurrence, Coinbase HAS experienced outages in the past that left users unable to buy or sell.
MY Pros and Cons on Coinbase
What We Like
- Easy to get started with
- Best-known cryptocurrency exchange
- Strong security track record
What We Don’t Like
- High transaction fees
- Past incidents of downtime
You can get more information on blockchain innovation by continuing to the Blockchain Details Page Here. There is so much to learn! We add new things all the time. Remember to bookmark this page and come back often.
