How to trade and store cryptocurrencies
You have now learned what a cryptocurrency is, and are maybe ready to trade your first "coins". How do you do this? And how do you make sure your crypto is owned by you?
Here the private and public keys come into play. Let's say you want to get some cryptocurrency. Where do you store them? You then need a wallet. In this world, of course, there is a digital wallet created and attached to you. Such a wallet is often an app or a website for the digital storage of cryptocurrencies. Examples of such pages are:
Myetherwallet - wallet for cryptocurrencies based on Ethereum
Metamask - wallet for different types of cryptocurrencies
Bitcoin.org - shows several options for wallets that fit Bitcoin
In order to access your wallet and make transactions, you need a private key. This is yours alone and is used to log in to your private wallet. You will receive this key the first time you create your wallet. It is therefore very important that you store the code/key in a place where you will always have access. It is also recommended that the key is physically written down and stored. If you lose the key, you will lose access to your wallet and cryptocurrencies forever.
The content in the wallet is public, in accordance with the public and distributed transaction ledger. The wallet itself is anonymized, it is just a combination of numbers and letters. The only thing that appears in the transaction ledger is how much currency is in the wallet in question, not who owns it.
If you create an account/user with a cryptocurrency broker, you will receive digital wallets that are linked to your account. You can use these to buy and sell the relevant cryptocurrencies offered by the brokers. The security of these wallets then lies in the password and possibly a two-step login with the centralized broker (similar to a regular bank). After a purchase at the broker, the currency can of course be transferred to your private wallet for more safety. The funds are then safely and securely in the blockchain via your digital wallet, and can only be reached and retrieved with your private key.
Reputable and good brokers for buying and selling cryptocurrencies are:
eToro is an international trading platform that invests heavily in cryptocurrency. They offer staking of cryptocurrencies as well as buying and selling. They offer trading of the 16 most popular cryptocurrencies and are constantly increasing the offer. eToro is a very simple and user-friendly platform and is a regulated player with a good reputation. If you follow this link, you can sign up for cryptocurrency trading on their pages.
Binance is the world's largest cryptocurrency broker. They have an extremely large selection of cryptocurrencies and have a large turnover, which gives low "spreads" in the order book. It can be a bit complicated to sign up and get started trading on their sites. If you want a large selection of cryptocurrencies and a little more exotic trading offers, this is the site to choose. They also offer a recruitment campaign. If you use this link, you get 10% back on the brokerage fee for all purchases and sales. Binance also offers staking of cryptocurrencies.
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