As of February 2022, the cryptocurrency market was valued at $2,023 trillion. The daily trade volume is about US$128,697,546,577. Of this, Bitcoin takes the lion’s share with a volume of 17%. There were close to 80 million active blockchain wallets in December 2021. New Zealand contributes about 8.7% of the global crypto ownership.
All these statistics are mind-boggling and have surely got you interested in the asset class. Before you jump into the bandwagon and start mining and trading in crypto, you need to make sure you learn about it. Follow websites such as techmebro learn about crypto and have a comprehensive idea about the different aspects of the asset class.
So, let’s begin with the top five things you should know.
How Do You Purchase Crypto?
Purchasing cryptocurrency is as simple as registering on a cryptocurrency exchange and using a fiat currency to buy it. You will also need a crypto wallet that allows you to store and access your crypto assets. Wallets can be paper, hardware, or online wallets. It does not literally hold the currency but holds the private keys that will enable you to access crypto on the blockchain.
In What Ways Can I Use Crypto?
Cryptocurrency can be used to make payments, send and receive money at low costs, earn interest, invest in various assets, make non-cash remittances such as insurance premiums, etc.
Also Read: Crypto Stacking
The number of uses under the cryptocurrency ambit only increases as more people become aware of its convenience. Businesses are accepting it as a form of payment, so are individuals. Therefore, you can also pay your employees using crypto.
Blockchain In Simple Words
Every time a crypto transaction takes place, it is recorded into blocks and forms a verified and secure chain. It is a highly complex process, and only a third of users understand it. That said, its complexity is what keeps it safe. It ensures that the same asset is not sold twice.
All About Crypto Mining
Crypto mining is creating new coins. Mining involves verifying 1 megabyte worth of crypto transactions. Verifying these transactions needs them to solve complex mathematical problems. The miner solving the problem first will be rewarded with the new bitcoins. Mining leaves a significant carbon footprint due to the use of high-power computers.
What Is The Difference Between Crypto Coins And NFTs?
Non-fungible Tokens (NFTs) are digital assets bought and sold online using cryptocurrency. Crypto coins are the currency used to purchase and sell these NFTs. Usually, blockchains have their own NFTs, with Ethereum having the most NFTs at present. NFTs are unique and irreplaceable. For example, 50 seconds long, the Grimes video sold for $390,000, and the People’s video for $6.6 million. Think of it like an art collection, only digital.
Crypto has created a lot of buzz among investors and traders. Most governments are still trying to wrap their heads around taxing the currency. You, too, can invest and transact in crypto while the buzz lasts. Using platforms such as Swyft to learn more about crypto provides you with many ideas on the different aspects of the asset.