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It is very common to discover that many people when they hear about cryptocurrencies are completely surprised or even alert to the difficulty that suggests them, the fact that they think that the possible acquisition of available forms for the acquisition and disposal of those digital currencies that are giving so much to talk about in recent months. But on the other hand, since it is something that is everywhere, many are the curious who become less, dares to make a small investment of proof, unknown strangeness, such as being able to enter these places and consequently distrust.
The question is that although it seems strange, having a balance of any of the cryptocurrencies that exist in the market today is not as difficult and insecure as it seems: Thanks to the increase and sophistication of the technological means that sustain them, the Increased security protocols and reliability in communications, anyone who has access to the Internet and wanting to get into it is just a few clicks away from being able to buy cryptocurrencies with ease
How is it possible that this is so easy?
As with any other currency in the world, be it the Euro, the Yen, the Dollar or the Pound Sterling, investing in Bitcoin or any other popular cryptocurrency, is done based on exactly the same scenario.
Perhaps for those who have already had the opportunity to deepen on investment issues, the currency market will not be anything new, or as is commonly known: The ability to invest in forex (from the English Foreign Exchange, or what is the same, Exchange of foreign currency). On the other hand, when we speak of Bitcoins or any other cryptocurrency, it would not be as it is evident, a foreign currency to make the exchange, but digital currency, but for practical purposes the procedure is completely equivalent.
Steps necessary to start this process:
The first step is usually very simple, just open an account in a currency market or through a Broker, which we will discuss in more detail a little later. It is important to check before registering, that this currency market or broker, not only allows us to exchange our local currency to another foreign currency (whether Euros if we live in Spain or Pesos if we live in several Latin American countries), but also allow perform these transactions to Cryptocurrency
A peculiarity that cryptocurrencies have, is that unlike regular currencies, they do not need identification for their management and transaction, or in a definitive digital operation. But as the first income is surely, in our local currency, by law we will be forced to identify ourselves.
Actually if we already had Bitcoins in our portfolio, the successive operations would not necessarily have to be nominated, and we could exchange this currency with any other person in the world, even without knowing exactly who would be the recipient or depository of this transaction
This level of almost guaranteed anonymity is what gives Bitcoin and other cryptocurrencies a differential value that has allowed their proliferation in recent years, especially for international transactions, without transaction or exchange costs, given that a Bitcoin would be manageable both in Asia and in Europe as long as it is not desired later, to exchange the currency again in a fiduciary or regular currency
In fact it is also possible to exchange any Cryptocurrency such as Bitcoin, for a different one, through these exchange markets (as for example, by Ethereum, Bitcoin Cash or Monero), which offer other advantages, especially of a technical nature, and depending on what kind of business we are interested in, they could be more profitable
What mechanisms exist for the Exchange?
Finally, it is very convenient to know, that there are two types of exchange forms:
·Through an exchange market, in which after a corresponding formal identification, given that if we are going to operate with regulated currencies, as we mentioned before, by international legislation, it is necessary that the platform has nominated us. Once inside we can simply exchange coins at will with a very small exchange fee. These exchange markets are not intermediaries, but they have all the instruments to carry out these operations in a completely direct way among all the interested parties.
·Through a manager, also called a broker, who essentially operates in these exchange markets, and greatly simplifies the process for the user in exchange for very low commissions
Given that the world of cryptocurrencies is still relatively recent, there are still not too many Brokers that allow us to do this type of management. Perhaps one of the best known and most traveled in the field of Forex and cryptocurrency exchange is eToro, which, not only provides the possibility of making these currency changes with ease and reliability, but also allows us to make more investments complex, such as using financial tools, and also allows us to observe the investments of other people with a lot of knowledge in finance, and be able to take these investments as a reference for our own benefit, including investing in one or several Cryptocurrencies.