What is crypto?

1. What is crypto?

Cryptocurrency is digital currency that uses cryptography (a mathematical system) to secure transactions, control access, and verify the transfer of funds. Cryptography secures data using algorithms that make it nearly impossible to read the information without the proper keys. In layman's terms, cryptocurrency is money that exists only online.

1. How do I get started?

There are many ways to get involved with cryptocurrencies, including mining, trading, investing, and buying. If you're looking to invest in some coins, you have two options: You can buy them directly from exchanges (this is known as 'going long'), or you can trade them after you've bought them elsewhere (this is known as ‘shorting’).

You'll need to decide whether you should go long or short before deciding where to place your order.

1. Where can I spend my cryptos?

Once you have purchased your coins, you can use them to pay for anything that accepts cryptocurrency. Popular places that accept Bitcoin include Bitpay, Coinbase, GoCoin, and PayPal.

1. Can I sell my cryptos?

Yes! Once you have spent your coins, you can withdraw them at any time. However, if you choose to sell, remember that you may lose money if the price drops.

1. Is it safe to store my cryptos?

The safest way to store your coins is offline. Offline storage means storing your private keys somewhere other than your computer. There are several different methods, but the easiest is probably hardware wallets.

A hardware wallet stores your private keys on a piece of equipment that you keep plugged into a power outlet. These devices normally take the form of small USB drives; however, they can also be internal hard drives.

1. Are there fees associated with using crypto?