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What are cryptocurrencies?

Cryptocurrency is a bit like online banking without a central bank. It is software-based, like an online banking platform. There is a ledger (called a blockchain), balances, and account numbers. You access your balances by using a password and can make transactions this way. Just like with online banking, you don’t need to know how it works under the hood to use it.

What is Cryptocurrency? Cryptocurrency is a type of digital asset that functions as a currency. The system that makes a cryptocurrency possible is based on cryptography (“crypto”) and a cryptocurrency is meant to be used like a currency (“currency”). With that in mind, not every digital crypto asset is meant to be used as a currency like the popular cryptocurrency Bitcoin is.

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How do I get some?

  1. Binance: Offers mobile app and probably the fastest growing exchange.
  2. Kraken: Very popular with high volume.
  3. KuCoin: One of the strongest exchange that also offers a mobile app (Android and iOS).
  4. Bittrex: Another high-quality exchange with a lot of coins.
  5. Coss.io: Very small exchange but does the job.

Where do I store them?

In order to protect your cryptocurrencies, you need to make sure no one as access to your private keys. You can store them on what’s called a wallet. If the wallet is connected to the internet, it’s called a “hot wallet”. If the wallet is not connected, then it is a “cold wallet”.

You can either store your keys on your computer or a piece of paper, but those ways are not completely safe, as you could have your keys hacked, destroyed or stolen.

You can purchase a hardware wallet. It’s basically like a USB stick, which isn’t connected to the internet, and which possess an extra layer of security. You will use this to access and manager your funds whenever you need to.

Ledger Nano X and Trezor are the standard in this matter.

Ledger Nano S - The secure hardware wallet