Read Aloud the Text Content

This audio was created by Woord's Text to Speech service by content creators from all around the world.

Text Content or SSML code:

Here is what you need to know before jumping into investing in bitcoins or other crypto currencies. WHAT IS CRYPTOCURRENCY? Cryptocurrencies are digital assets people use as investments and for purchases online. There are many kinds of cryptocurrencies. Bitcoin is the most famous, but Ether, Bitcoin Cash, Litecoin, and Ripple are a few others. History Cryptocurrencies have actually been around for about 10 years. The earliest cryptocurrency was Bitcoin, created in 2009 by an unknown person who goes by the name Satoshi Nakamoto. How does Bitcoin work? Each bitcoin (trading symbol “BTC,” though “XBT” is also used) is a computer file stored in a digital wallet on a computer or smartphone. Blockchain: Bitcoin is powered by open-source code known as blockchain, which creates a shared public ledger. Each transaction is a “block” that is “chained” to the code, creating a permanent record of each transaction. How does Bitcoin make money? Bitcoin value follows the law of supply and demand — and because demand waxes and wanes, there’s a lot of volatility in the cryptocurrency’s price. Where can I buy Bitcoin? There are five ways to get bitcoins: 1. Cryptocurrency exchanges: There are a number of exchanges in the U.S. and abroad .e.g. Coinbase 2. Investment brokerages: Robinhood was the first mainstream investment broker to offer Bitcoin and other cryptocurrencies e.g. Tradestation, eToro 3. Bitcoin ATMs. There are more than 7,000 bitcoin ATMs in the U.S. 4. Peer-to-peer purchases. True to its original spirit, you can buy bitcoins directly from other bitcoin owners through peer-to-peer tools like Bisq, Bitquick and LocalBitcoins.com. 5. Bitcoin mining. You can earn bitcoins through mining, but the technical expertise required and computer cost puts this option out of reach for most. Advantages of Cryptocurrency 1.No intermediary required 2. Less charges 3.No geographical barrier 4. Very fast Disadvantages of crypto currencies Transactions are irreversible Can be used for illegal activity What you need to buy bitcoin every aspiring Bitcoin investor needs the following: A cryptocurrency exchange account, personal identification documents if you are using a Know Your Customer (KYC) platform, a secure connection to the Internet, and a method of payment. It is also recommended that you have your own personal wallet outside of the exchange account. Valid methods of payment using this path include bank accounts, debit cards, and credit cards. How To Buy Bitcoin Step One: Choose an Exchange Signing up for a cryptocurrency exchange will allow you to buy, sell, and hold cryptocurrency. There are many types of cryptocurrency exchanges that exist. these exchanges include Coinbase, Kraken, Gemini, and Binance U.S., to name a few Should I Invest in Cryptocurrency? The most important thing, as with any potential investment, is to have a clear idea of the risks you’re taking. You shouldn’t put yourself in a situation where your financial health is dependent on the success of cryptocurrencies. However, if you’re well aware of the risks and you want to give it a shot anyway, you may get lucky.