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[QUOTE="ali20040, post: 238378, member: 76813"] Return to What is cryptocurrency? Guide for beginners what is CryptoCurrency? Guide for beginners? The following statements do not constitute investment advice or any other advice on financial services, financial instruments, financial products or digital assets. They are intended to provide general information. The following statements do not constitute an offer to enter into a contract to buy or sell financial instruments and financial products or an invitation to submit such an offer and to buy or sell a digital asset. Cryptocurrencies are subject to strong fluctuations in value. A decline in value or total loss is possible at any time. Loss of access to data and passwords can also lead to complete loss. Right now, cryptocurrencies are all over the news. If you are just discovering what cryptocurrency is, don't panic, follow the guide! Cryptocurrency is a type of digital currency with which you can buy goods or services. They can be traded or invested in, but are extremely volatile, so you'll need a bit of courage. The difference with more traditional currencies like the euro or the dollar? Trust. “Crypto” comes from cryptographic techniques that guarantee the security of cryptocurrency transactions. These techniques replace the work of banks and third parties in transaction management. This is one of the main attractions of cryptocurrency: it is a decentralized financial system that does not depend on any large bank or institution to operate, much cheaper and faster, fair and transparent. But this system has some shortcomings, making users doubt the veracity of this promise. Let's take a closer look. How do crypto currencies work? Many are based on blockchain, a technology that allows a decentralized network to review and approve transactions. The blockchain is similar to a digital register: all the actors in a network receive a copy of this register and can reject any attempt to modify it. The blockchain actually acts as a database, allowing large volumes of information to be stored that cannot be modified. However, by relying on a peer-to-peer network to verify any new transactions added to the blockchain, cryptocurrencies' approach to trust differs from that of traditional currencies. The latter are in fact regulated by a bank or a central authority. Conversely, crypto currencies such as Bitcoin or Ethereum are not managed by any central institution. Similarly, no approved third parties (e.g. banks) oversee cryptocurrency transfers. It is this aspect of cryptocurrency that attracts users, but can also complicate payments. The N26 Metal account Discover the high-end account designed for your daily life and its metal N26 card Open my premium account (new tab) Pay with cryptocurrency Yes, you are not dreaming: you can pay with crypto currencies, which nevertheless remain a form of currency. Many websites and online stores accept Bitcoins as a form of payment. With cryptocurrencies, you can buy everything from NFTs to plots of land in a video game. To make a virtual purchase with cryptocurrency, you need a cryptocurrency wallet to keep your cryptocurrency safe. Each wallet contains public and private keys that you can use to spend and receive currency. The public key is a code known to everyone within a system. The private key is only known to the user and allows him to validate his transactions. How many crypto currencies are there? According to statista.com , there are nearly 6,000 different cryptocurrencies in active circulation. However, only 20 of these cryptocurrencies are used by 90% of the market. Setting up a crypto currency is relatively easy, which is why a strong increase in their use has been observed in recent years (for example, there were less than 70 crypto currencies in 2013). The most popular cryptocurrencies are Bitcoin, Ethereum and Litecoin. How is the value of each cryptocurrency determined? Compared to other financial markets, the cryptocurrency market is relatively unstable, if not very unstable. The value of a cryptocurrency can skyrocket in just a few days or hours, and crash just as easily. Many of these cryptocurrencies, such as Bitcoin, have no intrinsic value, since their value actually depends on supply and demand. So, if many want to buy a cryptocurrency but the availability is limited, then its value will increase. To prevent supply from exceeding demand, many cryptocurrencies, like Bitcoin, have a limited number of tokens. At least for the moment. What is cryptocurrency mining? Cryptocurrency mining is the process by which new currency units are put on the market, in exchange for which users must confirm transactions and add them to a blockchain. This system incentivizes users to continually update and secure the network, in exchange for cryptocurrencies like Bitcoin. Anyone with a computer and an Internet connection can mine, but this operation is not always profitable. Depending on the currency mined, the capabilities of your computer and the electricity used, you may or may not be able to mine profitably. In the case of Bitcoin, mining is a real lottery. Any company or person wishing to mine a cryptocurrency will have to take part in a race in order to solve a special code as quickly as possible, which will confirm the transaction and update the blockchain with many details. The winner will then get Bitcoins. How to invest in cryptocurrency? Today, you can buy and sell cryptocurrency on exchanges like Binance, Coinbase Exchange, or Huobi Global. Many of these platforms charge fees (which can reduce your profits!) for transactions. You can buy some cryptocurrencies with euros and others only with cryptocurrency. Bitcoin, for example, gives you both of these options. To start trading cryptocurrency, create an account on an exchange. You can then buy crypto currencies with real money. Some platforms provide a "custody" wallet, which does not allow you to obtain private keys, to store your purchases and currency exchanges. Please note: in most cases, the platform holds the private keys of the wallet. So be sure to trade securely if you plan to store your cryptocurrency in such a wallet. Is investing in crypto currencies risky? Yes. Very risky. If you invest in a single cryptocurrency, the risk is concentrated there. To reduce it, you can buy a portfolio of different cryptocurrencies through an exchange-traded fund (ETF). You can then invest in different currencies, although the process is not always "safe". The entire cryptocurrency ecosystem is volatile and not a safe long-term bet. So think carefully before investing all your savings in it. N26 virtual card Enjoy a free additional virtual card with a premium N26 account. Learn more about the virtual card Virtual card shown on a smartphone and a debit card behind. Why such a success for crypto currencies? Everyone is attracted to cryptocurrencies for different reasons, but they also have their share of skeptics. Here are some reasons to better understand the rise in popularity of these currencies: No fees The relative absence of fees is partly the key to the success of cryptocurrencies. Compared to traditional bank fees, cryptocurrency fees are lower since there is no central authority to manage transactions. Efficiency The availability and speed of transactions contribute to this attraction. Transactions can be completed in just minutes, 24 hours a day, 7 days a week, 365 days a year. There are no openness or third-party processing restrictions. They are therefore easy to use and very accessible. Security Blockchain technology is the system that issues many cryptocurrencies and complicates the modification of transactional data entered into the system. It is this security feature that has led to an increase in demand. Without human intervention, the risk of error is reduced, because the network of computers approves the information transmitted in the database. Lack of government involvement The lack of regulation by governments is also a positive point in the eyes of some users. Different cryptocurrencies can then be considered to be more stable and less risky if a particular region of the world experiences upheaval. Speculative profitability Last but not least, cryptocurrency can generate profits. The cryptocurrency market is very active and, since banks are investing in projects to adopt blockchain technology, it is easy to say that the presence of cryptocurrencies in the financial landscape will continue to grow... [/QUOTE]
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