Guide to Buy, Sell and Hold Crypto

Let’s talk about buying, selling, and holding crypto.

Let’s talk about buying, selling, and holding cryptocurrencies. The first thing you should know is that cryptocurrencies are very different from other things that you invest in. When you buy gold, you are actually getting coins (or stones) made from the shiny metal. Keep these coins safe in … a safe! When you buy a home, you are actually purchasing a physical “possession”. The encryption is very different. It starts with the generation of a “wallet”. This is what a typical Bitcoin wallet looks like:

[private] => 4dbc14f358dd8460e0385a7f6bf41543bfbd18536df17663b506fb39e888e8b4
[public] => 025df5e6c5745cc3a7a710b0b3ee5b45ed283b80e667719f9775a55442dd769e71
[address] => 163oHghC4NBoJtTRdwQzZTJk14BeVt51Jg
[wif] => KyppLYGbQd2eByxJmh1hA9L3fEdwefugp58cLC74kCv8Yi4WAUXQ

If you were to write this on a piece of paper it would be called … paper wallet. Usually people store their cryptocurrencies in a mobile or web wallet. It is a mobile application or web service that stores your passwords and addresses. The address is similar to your bank account or your UPI ID. Anyone can send cryptocurrencies to your address. If you send crypto to the “wrong” address, it will go away forever! Also, keep in mind that the same address won’t work for all cryptocurrencies and bitcoin. The address does not work for Dogecoin. The private key is what you need to “sign” transactions; Sending cryptocurrencies to someone else. If someone gets their hands on your private key, they can transfer all of your cryptocurrencies to another address. This is what happens with most of the cryptocurrency hacks.

There are many ways in which you can buy, sell and hold crypto

An encryption exchange is most commonly used. An encryption exchange authenticates you with your user name, password and email / SMS-OTP (unique password). Once you have logged into your account, you can transfer fiat money (rupees, dollars, etc.) to your account and use it to buy crypto. Likewise, you can sell the crypto and get the fiat money into your bank account. The problem with the centralized exchange method is that the crypto is not in your “wallet”. It’s in the exchange’s wallet. So if the cryptocurrency exchange packs up or the team decides to go with their crypto, there is practically nothing you can do. You should only use crypto exchanges for trading. You’ll need to use a paper, hardware, or software wallet. These are known as “non-custodial” wallets because nobody else keeps your private keys, only you. In fact, there is a saying in the world of crypts that says, “Not your keys, not your coins.”

Paper purses are inconvenient to use, but they are the safest option. Consider using them if you want to keep a large number of cryptocurrencies for long periods of time

Hardware wallets are a bit expensive and always at risk of being lost or broken. I speak from experience!

The software wallets are free and very easy to use. But if you accidentally delete them, your crypto is gone forever. Again, I am speaking from experience! So remember to back up the seed phrase – a bunch of words that you can write down.

An example of an introductory sentence is: story wood quote board boy pigeon rugged kit invite plastic normal skull.

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