Introduction
I have been learning about cryptocurrency recently since it's an alternative to forex. Also, I want to become a blockchain developer in the future. So, understanding cryptocurrency will make things easier for me. In this article, I talk about what I’ve learned so far.
My Cryptocurrency Findings
From my research, Cryptocurrency is a digital currency. It also works differently; it relies on blockchain technology to enable peer-to-peer transfer. I also read that crypto transactions are impossible to reverse because the records are stored on different computers.
Some cryptocurrency I know includes Bitcoin, Solana, Ethereum, and Cardano. People can buy, sell, and transfer cryptocurrencies like fiat currencies. I’ll learn more about the money-making aspect soon enough.
Bitcoin is the first cryptocurrency. It was developed by Satoshi Nakamoto (nobody knows who he is - isn't that incredible?)
How I Purchased My First Cryptocurrency
I searched the internet for how to buy Solana and found different results. Finally, I decided to go with Binance.
How did I go about it?
I signed up for a Binance account.
I did my KYC and verified my identity with my country’s ID card.
I used Binance P2P to buy the equivalent of 0.4 Solana in my local currency.
It’s that simple.
Also, I read about other exchanges where you can buy cryptos, such as Gate.io, Kraken, and Coinbase. I’ve tested the first one but not the other two.
Crypto Wallets
I also learned about cryptocurrency wallets. I was able to set up a Metamask wallet. People use this wallet to store their cryptocurrencies as well. The wallets can be apps like Trust Wallet, Math Wallet, or electronic devices like Ledger and Trezor.
Conclusion
Cryptocurrencies are very volatile; people rely on their price movement to predict future prices, like forex. There’s so much I can talk about, but I wish to end it here.