Top Crypto 2021
- Other Apps
Understanding cryptocurrency: Everything a beginner needs to know
Cryptocurrency comes in many forms, intentions, and uses. The simplest way to look at cryptocurrency is a form of stored value (money) that is not beholden to governments or central agencies like banks, states, or companies. All records of its creation and when it's sent or received are stored in a sort of big digital book that anyone can access, keeping it honest. It can't (easily) be stolen or seized and can be used anywhere in the world.
Cryptocurrencies make it possible to lend, sell, buy, or borrow without an identity, credit score, or even a bank!
Some coins are used to transfer value (measured in a currency like dollars) cheaper and faster than using credit or conventional means. Meaning the cost to send someone crypto, which can be converted into regular currency, is cheaper than something like a check or wire transfer.
Others are the only form of payment, or value, that are accepted on exchanges or in software like video games.
So how are other cryptocurrencies different from Bitcoin?
Proof-of-work, proof-of-stake, and other forms of “consensus”
What about proof-of-storage?
What cryptocurrencies should I know about and why is it making people rich?
You've no doubt heard of Bitcoin and Dogecoin. This is primarily because the two coins went from being worth pennies to way, way more than that in a short amount of time. These coins are among two of the most popular for internet users because they are well known, and lots of people are invested in them. Which means they get the most memes and articles created about them.
This does not mean they are necessarily the best form of crypto overall or necessarily have the most inherent value. They are just the most popular, which in the crypto world, is sort of what gives them value. There are actually thousands of cryptocurrencies just like there are thousands of currencies used in countries across the world.
Some people have become very wealthy because cryptocurrencies fluctuate in value like a stock. In 2010 Bitcoin was worth pennies on the dollar when it first came out and now averages around $60,000 per coin. Demand for Bitcoin is going up and its supply is going down, basic economics dictates that its value increases as a result.
However, they also fall in value almost as quickly as they go up which is what attracts day traders to crypto. Crypto gains are also taxed like capital gains similar to regular stocks. So if you use an exchange you'll be taxed since they will report that to the IRS. However, there is a loophole when you pay directly with crypto from one wallet to another so... do with that what you will.
Q: How do I get into cryptocurrency?
The easiest way to start buying and holding cryptocurrency would be with an exchange. There are several popular ones and you can use them right on your smartphone. This allows holders to buy, sell, and store their crypto on their phone or on a computer.
All you need is to download the app and enter your info and connect to a bank account. After that, you can trade instantly, but be careful, you might get addicted and start checking it all the time...
Any amount of money is enough to get started because you can buy slivers of a coin, it doesn't need to be a whole coin. However, experts agree it's best to invest at least $100 across a few different coins to start.
Before making any investment decisions, please consult with financial planners and experts.
CEX vs DEX: A Comprehensive Comparison of Features
Listed Assets, Trading Options, Fees and Commissions, KYC, Decentralization, Security, and more.
Exchange: A place to trade cryptocurrency.
Centralized Exchange (CEX): a type of cryptocurrency exchange that is operated by a company that owns it in a centralized manner.
Decentralized Exchange (DEX): a platform for exchanging cryptocurrencies based on functionality programmed on the blockchain (i.e., in smart contracts). The trading is peer-to-peer, or between pools of liquidity.
CEX vs DEX: Terms and Conditions for Comparison
- Listed Coins/Tokens: How many crypto assets are listed in exchanges?
- Trading Options: How do exchanges offer the trading options (spot, futures, loans, etc.) variability?
- Assets Prices: How do the current prices of the assets in exchanges reflect the actual market prices?
- Fees and Commissions: What are the possible costs and commissions users have to pay for buying/selling crypto assets?
- KYC: What type of user identification is needed in exchanges for registration or trading?
- Ownership of Assets: How is the ownership of the crypto assets once users buy them in exchanges?
- Availability: What is the % of the uptime for exchanges, and do they have any fault tolerance/disaster recovery policies?
- Ease of Use: How effortless is the use of exchanges, especially for non-experienced traders/investors?
- Decentralization: To what degree are exchanges decentralized?
- Security: To what degree is it safe/secure to use exchanges?
In general Decentralized Exchanges offer much more assets to trade. This is mainly because there is almost no verification process for listing coins/tokens in such exchanges. Users can trade practically all assets in DEXes, and it is their responsibility to verify if assets are safe to trade or not? On the other hand, centralized exchanges usually have a limited list of assets to trade. Before an asset is listed in a CEX, there are lots of different steps involved.
#2 — Trading Options
Centralized exchanges offer more options to their users for trading/investment. These are some of the possible options:
- spot trading
- futures trading
- crypto lending/borrowing
Some of these options may be available with some Decentralized exchanges as well. However, they are limited and not widely implemented and used (yet).
#3 — Assets Prices
Most of the centralized exchanges are using order books to connect buyers with sellers. In simple words, it means that if you sell an asset with your target price, there should be a buyer on another side willing to buy that asset with that price. For this reason, the prices of assets are fair and reflect precisely the current supply and demand. On the other hand, decentralized exchanges are not using the concept of order books. In the background, they are using the liquidity pools or similar ideas for adjusting the prices of the assets. For that reason, it is very likely to see different prices than the actual market under DEXes.
#4 — Fees and Commissions
Centralized exchanges have different types of fees and commissions, depending on the kind of trades. For example, if you buy crypto assets with credit/debit cards, you may expect 1% to 10% fees. Similar rates apply for swapping tokens/coins. This makes sense because part of the revenue of such decentralized exchanges comes from these fees and commissions. On the other hand, fees and commissions in decentralized exchanges are minimal to non-existent. This is because third parties do not govern decentralized exchanges. Therefore, users do not need to pay unnecessary fees to intermediaries.
Centralized Exchanges are always under the radar of governments and regulatory entities. For that reason, the users of such exchanges should pass through the different types of identity verification before starting to use such platforms. On the other hand, decentralized exchanges — as the name suggests — are decentralized. This means that, in principle, no entities can monitor their activities. Hence, it is not necessary to pass through any KYC or similar verification processes to use DEXes.
#6 — Ownership of Assets
Users of centralized exchanges are not the true owner of their assets. If you decide to hold your assets in these exchanges, you have to be aware that the exchange is the true owner of your private keys, and you choose to trust them with that. On the other hand, decentralized exchanges are not holding any of your assets. The basic idea is to connect your private wallet to such exchanges and start to trade. Therefore, in the end, the user will be the true owner of his assets.
#7 — Availability
Third parties rule the centralized exchanges. Therefore, at any moment, there is a chance of crashing on such platforms. This indeed happened on different occasions in the past. For example, when there is a massive market crash and sell pressure, many CEXes are cutting access to their users simply because they want to minimize the losses on their side. Decentralized Exchanges do not need to implement such policies. There are no middlemen in such platforms. Therefore, no matter what happens in the market, they are available and ready to use. However, DEXes also have some infrastructure and interfaces behind the scenes, and there is always a chance of crashing with such infrastructures.
#8 — Ease of Use
Centralized Exchanges are much easier to use, and they are more user-friendly. They also offer more trading/investment options. Finally, they manage the wallets and private keys, and the users do not need to worry about how to create wallets and connect them to the exchanges. On the other hand, Decentralized Exchanges offer limited (and basic) options through their interfaces. For beginner traders, it is also much more complicated to trade through DEX.
#9 — Decentralization
Decentralized Exchanges are the apparent winner of this category. In the ideal scenario, no company or third-party rules a DEX. However, we are still not there wholly because parts of such platforms (e.g., user interfaces) are still managed somehow centralized. On the other hand, centralized exchanges are owned and ruled by third parties. If something goes wrong with that entity, there is a considerable risk of a CEX crash, as well.
#10 — Security
Security on trading assets: centralized exchanges usually have strict policies for listing a new asset in their exchanges. This somehow reduces the risks of being involved in scammy or unsafe projects. On the other hand, decentralized exchanges lack such policies, and it is the responsibility of users to decide about the level of security of different projects.
Security on funds: centralized exchanges own the private keys of their users. Moreover, there are exposed to several hacks or external attacks. The good news is that some of them offer insurance policies to their users. Decentralized exchanges do not deal with assets ownerships, and the users do not need to worry about losing their funds with such exchanges.
Therefore, considering the above notes, in this category, I guess we have a draw.
As you see, the clear winner is DEX. This may sound strange, primarily because of the popularity of centralized exchanges between crypto users.
However, these days, the Decentralized Exchange model is gaining more momentum and popularity because:
✔️Decentralized Exchanges offer more coins/tokens to trade.
✔️Decentralized Exchanges do not need any KYC or similar user identification processes.
✔️Decentralized Exchanges do not own users’ assets and are less likely to crash.
On the other hand, centralized exchanges are still a popular choice because:
✔️Centralized Exchanges have more user-friendly interfaces.
✔️Centralized Exchanges offer more trading options (spot, derivates, loans, etc.)
✔️Centralized Exchanges calculate and reflect the current prices of the assets better.
CAN BUY CRYPTO USING ANY OPTION BELOW
is an online marketplace where users can trade Bitcoin for fiat cash directly with each other..
directly buys and sells bitcoins. They also offer Bitcoin payment processing services for merchants.
allows people to purchase bitcoins with a credit card.
is an Edinburgh based exchange that allows people to purchase bitcoins with multiple payment options and supports almost 48 U.S. states and 180+ countries.
is a peer to peer marketplace for buying and selling Bitcoins (simillar to LocalBitcoins)
allows users from around the world to borrow or lend to one another using Bitcoin.
allows users to buy and sell Bitcoins with a credit card, Paypal account and more throughout Europe.
Coinhouse supplies Bitcoin buying and selling services in France and throughout Europe.
TREZOR is a hardware wallet that allows you to safely store your Bitcoins offline.
Ledger is a hardware wallet that allows you to safely store your Bitcoins offline. It has a variety of models available.
Ledger is a hardware wallet that allows you to safely store your Bitcoins offline. It has a variety of models available.
AvaTrade is a company that supplies CFD services, allowing people to speculate and leverage their trading on Bitcoin’s price.
Plus500 can trade Bitcoin, Ethereum, Dash and Ripple CFDs.
KeepKey is a multi currency hardware wallet owned by Shapeshift.
Binance is a popular crypto asset exchange, which currently has the most trade volume.
INDACOIN is a global platform that lets people instantly purchase bitcoin, Ethereum, Ripple, waves and 200 other different cryptocurrencies with debit or credit card.
Xcoins is a Bitcoin platform that allows people to lend Bitcoin to one another. It’s uniqueness is in the fact that it accepts payment methods such as Paypal.
eToro is an innovative trading platform in which you can trade stocks, cryptocurrencies, ETFs, currencies, indices and commodities.
Skrill is an online payments platform that has focused on cryptocurrencies since mid 2018. The platform allows you to invest in Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple and 0x.
CEX.io is a cryptocurrency exchange that supplies brokerage services, a trading platform and margin trading options.
Wirex supplies a cryptocurrency debit card that allows you to spend your crypto at any store that accepts Visa or Mastercard.
CoinSquare is a cryptocurrency exchange allowing users to buy, sell and trade in Bitcoin, Ethereum and more.
Liquid is a comprehensive and secure trading platform allowing users to buy and sell Bitcoin, Ethereum, XRP and many other cryptocurrencies with fiat or crypto.
Stormgain is a cryptocurrency trading platform offering exchange and trading services with various bonuses.
Bitbuy is a leading Canadian crypto exchange, where users of all levels can buy, sell, deposit or withdraw 7 different cryptocurrencies. It has recently been ranked amongst the 2020’s fastest-growing companies in Canada.
Whether you are an individual or an institution, we want to help you buy, sell, and store your cryptocurrency.
Our vision is to bring cryptocurrency available to everyone everywhere, we believe, the decentralized digital currency will reshape the global economic fundamentally, such financial freedom would bring further economic innovation, efficiency, and equality to the world. But it won’t happen unless we build simple, and secure products for individuals and institutions around the world to discover and interact with this new frontier.
Countries team come from
Our professional team members come from Amazon, Accenture, Tencent, Alibaba, and other top-tier tech firms. We unite together and built a more cost-efficient and user-friendly financial platform to involve every individual all over the world. The team has grown by leaps spanning the global mission to accelerate the world to a highly efficient global financial system.
We’ve been at the forefront of cryptocurrency exchanges since 2016, when we launched our XBTUSD perpetual swap. Fast forward to now and it remains the most traded cryptocurrency product of all time.
IF YOU WOULD LIKE MORE EARNING OPPORTUNITIES FOR CRYPTOCURRENCY OR WOULD JUST LIKE TO KNOW MORE VISIT SOME OF OUR OTHER PAGES ON THE MENU TAB
- Altseason- A trend of significant increases in the value of altcoins across altcoin markets.
- Altcoins- Tokens, cryptocurrencies, and other types of digital assets that are not bitcoin are collectively known as alternative cryptocurrencies. The term is also commonly used to describe coins and tokens created after bitcoin.
- Blockchain- A growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
- Fiat currency- Fiat currencies are a medium of exchange established as money, often by government regulation. Fiat money does not have intrinsic value and does not have use value. It has value only because a government maintains its value, or because parties engaging in exchange agree on its value.
- Ledger- A book or collection of accounts in which account transactions are recorded.
- Medium of exchange- In economics, a medium of exchange is any item that is widely accepted in exchange for goods and services. In modern economies, the most commonly used medium of exchange is currency.
- Meme- An idea, behavior, or style that spreads by means of imitation from person to person within a culture and often carries symbolic meaning representing a particular phenomenon or theme. A meme acts as a unit for carrying cultural ideas, symbols, or practices, that can be transmitted from one mind to another through writing, speech, gestures, rituals, or other imitable phenomena with a mimicked theme. But on the internet its usually pictures or graphics with funny things written on them
- Market Cap- Crypto market capitalization is the total value of a cryptocurrency. Where stock market capitalization is calculated by multiplying share price times shares outstanding, crypto market capitalization is calculated by multiplying the price of the cryptocurrency with the number of coins in circulation.
- Gas fees- Gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain.
- Crypto Mining- Crypto mining refers to the process of gaining cryptocurrencies by solving cryptographic equations with the use of high-power computers. As the outcome of this work, the miners receive pay with the mined cryptocurrency. The method is called mining as it puts new coins into circulation.
- Crypto Wallet- A cryptocurrency wallet is a device, physical medium, program, or service which stores the public and/or private keys for cryptocurrency transactions.
- Stored Value- A store of value is any commodity or asset that would normally retain purchasing power into the future and is the function of the asset that can be saved, retrieved, and exchanged at a later time, and be predictably useful when retrieved. The most common store of value in modern times has been money, currency, or a commodity like a precious metal or financial capital. However, things like cows and rare comic books could also be a store of value.
- Stablecoins- Cryptocurrencies that maintain their value relative to a fiat currency like USD or Euro.