As we continue with our Tutorial Series, you already have a good general picture of cryptocurrencies. As you enter the world of cryptocurrencies, you will have more and more questions. So how can you get proper answers? Where can you change $ or other money into cryptocurrencies? Where can you then spend those cryptocurrencies?
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WHERE CAN I BUY CRYPTOCURRENCIES?
Today there are more exchanges that allow you to change your currency (eg $ dollars) into certain cryptocurrency. Since there is a lot of cryptocurrencies, the direct change of smaller country currencies <-> cryptocurrency is only possible for the most famous cryptocurrencies, such as Bitcoin and Ethereum. Also, these exchanges take commission, usually between 3% and 5%. In particular, for the change of normal currency in bitcoin or ethereum we recommend these two methods:
- BitStamp.net - One of the best and safest exchanges by my opinion (at least i use this one from the beginning), they allow to use bank transfer and credit cards.
- Coinbase.com - One of the most famous shopping / selling services of cryptocurrencies - currently supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash, etc. It is a great advantage to enable the sale of cryptocurrencies directly via credit / debit cards as well as the sale of the cryptocurrencies. Provisions on Coinbase.com account are about 4%.
Of course there are many other quality and safe exchanges which you could use, but I recommend either of the two I've listed above.
OTHER CRYPTOCURRENCIES
As we noted in the previous tutorial, there are almost 2000 cryptocurrencies. But only a few of the most popular can be purchased using the euro / dollar. For everybody else, you need to use the Cryptocurrencies exchange sites.
Exchanges buying cryptocurrencies are not standard exchanges, these are ordinary websites specializing in trading cryptocurrencies. There are also many of them, at the time of writing the article about 150+. Some of the best known are Bitfinex, Bittrex, Poloniex, CryptoPia, HitBTC, Binance, Kraken etc. On those exchanges you can trade cryptocurrencies for other cryptocurrencies, eg Ethereum (ETH) for Ripple (XRP ).
WHERE CAN I USE CRYPTOCURRENCIES?
On the internet a lot of websites accept Bitcoin as a means of payment, such as Microsoft, Reddit, WordPress, Shopify etc. It should be noted that as the popularity of cryptocurrencies is increasing, more and more businesses receive cryptocurrencies as payment.
But that does not mean you can not use your cryptocurrencies as a means of payment. A few months ago, special VISA cards appeared to allow the use of cryptocurrencies anywhere in the world where it is possible to pay with cards. The most famous such cards are TenX and Centra.
Why change my dollars in crypto if I lose up to 5% of money and there is not a lot of places where I could use them?
Cryptocurrencies are, in all respects, the revolution of the monetary system, but since this is a big change, it takes a long time to become the standard payment method and the basis of the financial sector. Since cryptocurrencies are still at an early stage of development (despite the fact that they first appeared almost 9 years ago), they are all of the most interesting because of their earning potential.
That is the end of this part. If you are ready to continue, we will go to the last, part 5 tutorial through cryptocurrencies, where we will discuss the investment and earning opportunities - the basic reason why cryptocurrencies are currently attractive.
