Crypto Currencies Pt. III
Key Take-Aways
- In order to buy cryptocoins, one must have a wallet, a software that is more comparable to a bunch of keys than a wallet.
- Cryptocurrencies can be bought directly from individuals, but also on exchanges or online exchanges.
Send, receive and store cryptocoins
Anyone interested in cryptocoins must first and foremost have what is known as a wallet — software that can be used to send, receive and hold cryptocurrencies. Wallets are now offered for free by wallet providers for all common computers, cell phones and operating systems. Wallets, despite the term, are not wallets because cryptocoins are stored on the respective blockchain — not in the wallet. Rather, wallets contain private and public keys, so they can be compared to a key ring.
Most revolutions are triggered by technological innovations, the revolution we are currently in is triggered by the invention of blockchain.
How can you buy Cryptocoins?
On the one hand, there is the private purchase: Cryptocoins are bought privately with conventional currencies, such as euros. Buyers and sellers only need a wallet, registration is not necessary. However, the business partner must be trusted; there is no security. On platforms such as bitcoin-treff.de, buyers and sellers can find each other. The largest German marketplace is bitcoin.de, which has entered into a partnership with Fidorbank.
Stock exchanges and online shops
There are a number of exchanges where you can exchange conventional money for cryptocoins. These are strictly regulated because they are classified as financial service providers. Buyers and sellers usually have to identify themselves by identity cards or passports. Well-known exchanges are kraken.com and bitstamp.net. For many users, however, such exchanges seem complicated, as they offer a variety of functionalities. It is easier to buy and sell in online exchange offices that simply name a specific rate for a cryptocurrency. Online exchange offices also usually require identification by official documents.
Many people are unaware of the importance of keeping the private keys secret. They leave them on web wallets or exchanges. It’s like telling a stranger the PIN of his bank account.
If you like this article, I would be happy if you forward it to your colleagues or share it on social networks. If you are an expert in the field and want to criticize or endorse the article or some of its parts, feel free to leave a private note here or contextually and I will respond or address it. More information about Basenode.io can be found here: The heart of your balance sheet — Manage your crypto payments with us preparing for an industry built on blockchain!
M.Sc. Ehsan Allahyar Parsa is head of marketing at the Blockchain Founders Group — a venture capitalist & company builder backing Basenode.io. In 2020, he was ranked as one of the “Top 100 Shapers” in the DACH region. Further, he speaks 10 languages and has traveled to 30+ countries, of which he has already worked in 9 spread over 3 continents. He has already been honored by the Chancellor for his social & political commitment at the tender age of 23. As a sought-after international speaker, the serial entrepreneur is renowned for his speeches on numerous stages like the German Shark Tank Primetime TV Show (DHDL) and the United Nations General Assembly in New York. Feel free to contact him via Mail , Instagram or LinkedIn,
