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What is Cryptocurrency?

A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.

Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/central banking systems. The decentralized control is related to the use of bitcoin’s block chain transaction database in the role of a distributed ledger.

Buying Cryptocurrencies

For Beginners:

The most basic way to start getting involved in cryptocurrencies is to just buy them directly, with a focus on some of the most popular coins. I believe buying and holding Bitcoin will for the next few years be a strong strategy overall. You can buy them through many sites and exchanges, but for beginners, Coinbase is one of the most safe and secure way. Sign up for a Coinbase account here and receive a FREE $10 of BTC when you buy $100 of Cryptocurrency:

For Intermediate – Experts:

After becoming familiar with the basic cryptocurrencies, the next step is to familiarize yourself with alternative coins or “alt coins.” Many of these coins are traded on a few different exchanges. Overall you want to pick an exchange that has the most security and higher trade volumes. My recommendation would be to sign up for Binance, one of the best exchanges with a large variety of alt coins. Click the photo below to get started:

For a more in depth guide at buying coins on Binance – Buying Cryptocurrency

For an AWESOME video on buying coinds on Binance – Buying Cryptocurrency Video (recommended)

Cloud Mining

One of the best and easiest cryptocurrency investment is cloud mining. Currently, with the extreme difficulty and the need for expensive equipment, mining on your own is basically impossible. With cloud mining, you are able to buy into an externally managed setup and get mining instantly! All the equipment and technical management is done for you, and you can sit back, relax, and enjoy your daily payouts. There are a lot of sites that currently offer cloud mining, but I recommend only a few with respect to legitimacy and price:

Hashflare: The best cloud mining site, especially factoring in price and ROI. Overall they have been around for 3+ years providing consistent and high quality products and customer service. Click the photo below to get started today:

NiceHash: NiceHash is back and comitted to customer satisfcation. One of the best mining sites available with great clarity into your contracts and huge amounts of options. Click the photo below to get started today:

 

*We are not financial advisors, cryptocurrencies are risky investments overall so recommend investing only money you are comfortable losing.