Bitcoin was launched almost a decade ago. Since then, the value of Bitcoin has risen from $1 USD to $50,000 USD during 2021. At the time of its launch, most people didn’t believe that crypto coins and blockchain would be successful.
Bitcoin prices have always been rising. One peculiar fact is that Bitcoin always closes out the year at a higher value than it was at the start of the year. It is one of the most valuable crypto coins thanks to its high liquidity. However, Bitcoin is prone to volatility.
If you’re new to crypto coins and blockchain technology, then this article will help you understand the two. We will also share tips on how you can purchase your first crypto coins. The article will also cover some of the top benefits of investing in cryptocurrencies.
Cryptocurrencies and Blockchain Technology
Cryptocurrencies are a form of digital currency that operates on blockchain technology. Cryptocurrencies are split into two distinct groups: crypto coins and stablecoins. Stablecoins are a special type of cryptocurrency whose value is tied to that of a fiat currency such as the USD or Euro.
Stablecoins are not as susceptible to price volatilities compared to crypto coins. The main idea behind stablecoins was to give people a chance to leverage blockchain technology without incurring losses from price volatility. You can check out the price fluctuations that Bitcoin has undergone over the years here on Loop.
Blockchain is a distributed database that operates on a network of computers. Cryptocurrency transactions are always encrypted and stored in the blockchain. Data stored in the blockchain cannot be deleted or edited, ensuring that the crypto ecosystem stays safe and transparent.
Purchasing Crypto Coins
These days, buying Bitcoin or any other cryptocurrency is very simple. There are plenty of crypto exchange platforms that allow people to buy and trade crypto coins. Most of these platforms are available as web or smartphone apps.
First, you will need to sign up for an account. After that, you will be required to verify your account details. Once your account has been verified, you can then add your preferred mode of payment. Most crypto exchange platforms allow users to purchase crypto coins using credit or debit cards.
We would also suggest getting a premium crypto wallet service. Crypto wallets are digital storage options where you can save or store your crypto assets. The major benefit of owning a crypto wallet is that it offers better protection, and you have complete ownership over your crypto savings.
Benefits of Crypto Coins
The idea behind developing crypto was to create a currency that would give complete control to the owners. Crypto coins have plenty of benefits over fiat currencies. Users can make transactions anonymously, meaning that the government cannot track their transactions or freeze their assets.
Crypto coins are accepted in most countries across the globe. Sending Bitcoin from one country to another costs virtually nothing. The transactions are also quite fast as they don’t undergo multiple stages of verification.
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