Paying for the Crypto paper wallet Currency market space can be a little daunting for the regular investor, as investing directly in Crypto Currency (CC) requires the use of new tools and adopting some new concepts. So if you do decide to dip your toes on this market, you will want to have a very good idea of what to do and what can be expected.
Buying and selling CC’s requires you to choose an Exchange this deals in the products you want to buy and sell, be they Bitcoin, Litecoin, or any of the over 1300 other tokens with play. In previous editions we have briefly described products and services available at a few exchanges, to give you an idea with the different offerings. There are many Exchanges to choose from and they all complete things in their own way. Look for the things that matter to your account, for example:
- – Deposit policies, methods, and costs of method
- – Withdrawal policies and costs
- – Which will fiat currencies they deal in for deposits and withdrawals
- – Products they deal in, such as crypto gold coins, gold, silver etc
- – Costs for transactions
instructions where is this Exchange based? (USA / UK / South Korea / Japan… )
Be prepared for the Alternate setup procedure to be detailed and lengthy, as the Exchanges generally want to know a lot about you. It is akin to setting up a brand new bank account, as the Exchanges are brokers of valuables, and in addition they want to be sure that you are who you say you are, and that you undoubtedly are a trustworthy person to deal with. It seems that “trust’ is earned after a while, as the Exchanges typically allow only small investment volumes to begin with.
Your Exchange will keep your CC’s in hard drive for you. Many offer “cold storage” which simply shows that your coins are kept “offline” until you indicate that you like to do something with them. There are quite a few news stories connected with Exchanges being hacked, and many coins stolen. Think about your personal coins being in something like a bank account at the Exchange, but remember that your coins are digital only, and that all blockchain transactions are irreversible. Unlike your bank, these Trades do not have deposit insurance, so be aware that hackers are always in existence trying everything they can to get at your Crypto Coins and steal them. Exchanges generally offer Password protected health care data, and many offer 2-factor authorization schemes – something to honestly consider in order to protect your account from hackers.
Since hackers love to prey on Exchanges and your account, we generally recommend that you use a digital wallet for your coins. It is relatively simple move coins between your Exchange account and your wallet. You should definitely choose a wallet that handles all the coins you want to be buying and selling. Your wallet is also the device you use to help “spend” your coins with the merchants who accept CC’s for payment. The two types of wallets are “hot” as well as “cold”. Hot wallets are very easy to use but they leave your individual coins exposed to the internet, but only on your computer, not the Exchange server. Cold wallets use offline storage mediums, such as specialized hardware memory sticks and simple hard copy printouts. Using a cold wallet makes transactions more complicated, but they are the actual safest.
Your wallet contains the “private” key that authorizes all the transactions you want to initiate. You also have a “public” major that is shared on the network so that all users can certainly identify your account when involved in a transaction to you. When hackers get your private key, they can move your company coins anywhere they want, and it is irreversible.