Comeau Computing Tech Magazine 2024
Cryptocurrencies are something we can hear very often if we talk about investments and money earning. Many people found it suitable for extra earnings. Before starting investing in cryptocurrencies, it is necessary to know some things which are how and where to buy crypto money, how to trade with it, and where to keep it safe.
We can freely say that bitcoins (BTC) are the most popular. With them you can practically buy whatever you want, a flight ticket, to pay the bill in the restaurant, make a reservation in the hotel, to invest in stocks or even to pay a scholarship. As time goes on, their use is becoming more and more widespread, so that in this way it is possible to pay for the services of companies.
Besides bitcoins, there are other currencies, but not that profitable.
Ethereum (ETH), Tether (USDT), XRP, Litecoin(LTC), Binance Coin (BNB), Cardano (ADA), Tezos (XTZ), Crypto.com Coin (CRO), Chain Link (LINK), Neo(NEO), Ethereum Classic (ETC), Hedge Trade (HEDG), Maker (MKR), Acash (ZEC) and so on. There are hundreds of cryptocurrencies but what you have to do is to choose the right one, the one that will bring you money and provide prosperity in your life. To read more about investing in number one currency, check bitcoinpro. There are many options on how to buy these coins. As time goes on, there are more and more ways to get to the desired currencies. There are various methods of paying, credit cards, bank transfers, or even cash. Most online exchange offices are in the English language. You should be aware that the value of the cryptocurrencies is changing very fast, so our advice is to be ready to earn and to lose.
To make a decision where to invest easier for you, we made a list top cryptocurrencies:
1. Since we declared that Bitcoin is the most explosive currency, it deserves first place on our list. It is a digital and global currency that has international usage. It was created in 2009 by the group of people under the pseudonym Satoshi. Like any other cryptocurrency, the BTC is a decentralized currency without a central bank or any administrator. On top crypto exchanges is possible to follow constant growth and fall of any cryptocurrency. At the beginning of 2011, the value of 1BTC was 0,30 USD, and today it reaches up 10.000USD. One thing that differs bitcoin from any other currency is the so-called “blockchain” system. This system makes the transaction easier, meaning there is no need for a mediator during the transaction. In any other transaction you should pay the provision if you want to transfer from one account to another, but not with the bitcoin. The current value of the bitcoin is 57 billion USD, which is 45% of the overall value of the cryptocurrency market.
2. Ethereum (ETH) has many of the same features as bitcoin. It is digital and can be sent everywhere in the world. Same like other values, it is decentralized and not controlled by any government company. A very interesting thing about ETH is that it is programmable, meaning that developers can do it to develop new kinds of applications. At the moment 1 ETH is approx. 240$.
3. Bitcoin Cash became an absolute hit in a short time. This currency has existed since 2017. This year, Bitcoin blockchain divided into two new blockchains – Bitcoin and Bitcoin Cash. Trading with Bitcoin Cash means an understanding of what affects the price. Bitcoin Cash’s value is 254$ at the moment.
4. Maker (MKR) – this belongs to the platform of the Ethereum chain. It is also a governance token created on the Ethereum platform. The Maker has its own (MKR) token and it is financing all the project’s activities. Its holders can be seen as shareholders, but there is no joint-stock. Instead of it, there is a decentralized Autonomous organization. At the moment the value of 1 MKR is 564,11$.
Every potential investor should be aware of the fact that those figures are changing very quickly, every minute. It is possible to expect the rise and fall on the same day, or even at the same hour.
Crypto wallets
Now when you decide on what currency to invest, it is important how and where to keep them safe. Cryptocurrencies are being kept in the wallet – software program that saves private and public keys. It is in interaction with blockchain to enable the receiving and sanding of cryptocurrencies. Unlike traditional wallets, digital wallets do not store cryptocurrencies, but they are used as a means for opening the block where cryptocurrencies are being kept on the blockchain.
We can say there are two types of wallets: hot (online) and cold (offline). Hot wallets refer to the constant internet access, while cold wallets are storing the key on the media that is not connected to the internet unless the transaction is planned.
There is a subdivision of both kinds of wallets.
Hot wallets are divided on desktop and mobile. Desktop wallets are not the best choice because they take up a lot of space on hard disks, usually, hundreds of gigabytes and these wallets are safe as much as your computers.
Mobile wallet is most practical and simple for usage and they are ideal for daily use.
To keep your cryptocurrencies safe, the best is to keep all private keys offline. It can be done in two ways: to keep it on paper or hardware wallets. Paper wallets might be a good gift, just put it in the envelope and give it as a present to your favorite person. This kind of wallet is for one-term usage.
Another way to keep your money safe is hardware-software which is the only type of wallet that will cost you some money. When you connect your hardware wallet to the computer, you are not typing in your keys, but you simply put in your wallet a PIN code.
