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Cryptocurrency has become a buzzword in the digital world. But many people are not entirely familiar with its concept, why it's important, or even how to define it, even though it has become clear since the rise of Bitcoin that it is here to stay. So, if you're interested in learning more about it and how to use it for your benefit, stay awhile and let's cover the very basics.
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What exactly is a cryptocurrency and how does it work?

Cryptocurrency has become a buzzword in the digital world. But many people are not entirely familiar with its concept, why it's important, or even how to define it, even though it has become clear since the rise of Bitcoin that it is here to stay. So, if you're interested in learning more about it and how to use it for your benefit, stay awhile and let's cover the very basics.

It all started in 2009 with something called Bitcoin, and since then, people have come up with many more digital currencies. Cryptocurrency trading allows people to convert their regular currency into this digital money that people can use anywhere in the world without needing physical cash.

In a nutshell, this is a digital currency that uses cryptography to secure transactions and control the creation of new units of the currency. It uses a decentralized peer-to-peer network and requires only an Internet connection for transferring money between two parties. Being decentralized means that there is no centralized governing body like a traditional bank. Bitcoin became the first decentralized cryptocurrency in 2009 and opened the doors for others to emerge.

Cryptocurrencies have received a lot of attention lately, especially with Bitcoin soaring to a new high every day. They have become so popular, in fact, that there are now more than 1000 different ones available. This, of course, can be very confusing for a beginner.

What do you need to start with cryptocurrency?

Cryptocurrencies are becoming the go-to phenomenon for entering the ever-growing market. The industry shows no signs of slowing down, and it is evolving at an incredible rate. We are here to help you understand what it is and what exactly are the tools or services that you need to get started in this lucrative world.

First, this is a form of payment that exists only in the digital realm, with no physical counterpart to it. It allows for secure and anonymous transactions between users based on blockchain technology, and its exchange platforms contain news and information about the latest developments in the industry.

It's not exactly straightforward to get started with cryptocurrency trading, but it's also not rocket science. Once you have a general idea of what it is and how it works, you have taken your first step towards getting started with trading these assets. While this might seem like a steep hill to climb, keep in mind that many who work in the financial industry and traditional stock market didn't know much about it in the beginning.

With that said, there are risks in investing here. You may have heard of people on TV, on the news, or on the internet who made huge amounts of money doing this, but there are also people who lost a lot of money that you don’t get to hear about. So, take our advice and treat this like you would in traditional stocks - only play with money you can afford to lose.

Are cryptocurrency trading tools helpful for beginners?

So you’ve decided to become an investor, great. That means you’ll be stepping into a new world where you’ll be making a lot of money and losing some of it too. But if it’s all the same to you, the next question you might ask is, “what tools or software do I need to get started?”

There are a lot of tools and services available, but there are two basic things that people use, no matter if they are beginners or pros. First is the cryptocurrency wallet. This is the place you store your coins. It acts as a bank or a safe, except unlike a traditional one, you own this bank. There are different types that you can use.

There is a hardware wallet where you can store your digital currencies. It's like a mini flash drive but much more secure. There are mobile-based ones as well as desktop-based ones. Then there are paper ones or a literal printed piece of paper that contains your private keys and sometimes a QR code. A private key is just a fancy term for password that protect your digital assets.

Apart from the private keys, the thing that makes your money secure within this storage is the fact that your digital money takes on a physical form. Hardware wallets are also called “cold storage” as opposed to “hot storage”, where your currency is being held by an online server and thus can be at risk of hacking. Ledger and Trezor are two of the most popular brands.

Many of them do not require your personal information and keep everything anonymous because of their decentralized nature. This level of privacy and security largely makes up for what makes the use of cryptocurrency so appealing to many.

Now, this is all well and good, but where do you get the actual cryptocurrencies that you store inside these wallets? This is where the exchange platforms come in. They are basically web-based venues where investors trade, exchange, get tips, view charts, trends, and prices, as well as buy and sell assets. In short, they’re marketplaces for everything crypto.

Many of these exchange platforms have their own wallets and some even connect to any one you have in your possession. So all the coins you make from the platforms go straight to your wallet. Binance, Coinbase, Kraken, and Gemini are some of the biggest and most long-lived platforms out there today.

Now, the best part of these platforms is that you can start investing with as low as $5, some are even okay with $1. This is due to the collective effort of the community to bring this method of transaction to as many people as possible – mass adoption, as they call it.

There may be a lot to learn, but anyone can get the hang of it in no time. Luckily, Riselane can give you access to all of the exchange platforms and wallets mentioned here (with more on the lists) so go check them out. You can even get amazing discounts and loyalty points if you use Riselane’s special coupons and links.

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