{"id":3382,"date":"2022-07-18T08:00:13","date_gmt":"2022-07-18T12:00:13","guid":{"rendered":"https:\/\/qodemakers.com\/muralys\/?p=3382"},"modified":"2023-03-09T15:52:23","modified_gmt":"2023-03-09T19:52:23","slug":"cryptocurrency-a-beginners-guide","status":"publish","type":"post","link":"https:\/\/qodemakers.com\/muralys\/cryptocurrency-a-beginners-guide\/","title":{"rendered":"Cryptocurrency: A Beginner\u2019s Guide"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3382\" class=\"elementor elementor-3382\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-50af3b75 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"50af3b75\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6c34e314\" data-id=\"6c34e314\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cac4356 elementor-widget elementor-widget-text-editor\" data-id=\"cac4356\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 20-12-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"font-weight: 400;\">These days, it can be pretty hard to find a corner of the internet that isn\u2019t raving over cryptocurrency. It can be pretty confusing to keep up with this discourse when you don\u2019t know what crypto actually is and how it\u2019s affecting the global economy.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I have previously spoken of <\/span><a href=\"https:\/\/qodemakers.com\/muralys\/cryptocurrency-and-generational-wealth\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">cryptocurrency<\/span><\/a><span style=\"font-weight: 400;\"> and its various <\/span><a href=\"https:\/\/qodemakers.com\/muralys\/pros-and-cons-of-using-cryptocurrency-in-business\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">benefits and disadvantages<\/span><\/a><span style=\"font-weight: 400;\">. Now, let\u2019s take a look at what you need to know if you\u2019re a newcomer to the crypto scene. Keep reading to learn more!<\/span><\/p>\n<h3><strong>What is Cryptocurrency Exactly?&nbsp;<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Cryptocurrency is decentralized digital money that exists on a blockchain. They are typically not issued by central authorities such as a government or a bank, so in a sense, they are exempt from any kind of external interference or manipulation. It&#8217;s their decentralized nature that sets cryptocurrencies apart from traditional currencies and makes them appealing to up-and-coming investors.<\/span><\/p>\n<h3><strong>How Many Cryptocurrencies Are There? Which Should I Invest In?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">There are many cryptocurrencies on the market today, so you have no lack of choice if you\u2019re considering investing in them. Bitcoin was the first cryptocurrency to rise to prominence in <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/b\/bitcoin.asp#:~:text=Launched%20in%202009%2C%20Bitcoin%20is%20the%20world%27s%20largest%20cryptocurrency%20by%20market%20capitalization.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">2009<\/span><\/a><span style=\"font-weight: 400;\">, and ever since, cryptocurrencies have only grown more popular.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before investing in crypto, do your research on the different types of cryptocurrencies available on the market. Bitcoin, Dogecoin, Ethereum, Litecoin, Cardano, and Tether are some of the most popular ones.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re a beginner, you could start by investing in Bitcoin. As the oldest cryptocurrency, Bitcoin has carved out a space for itself in the crypto world, with the largest cryptocurrency system in the world. Every currency exchange supports Bitcoin, and it\u2019s easier for you to find reliable research on Bitcoin to help you make an informed investment. Once you\u2019re comfortable with crypto, you can try investing in other cryptocurrencies such as Ethereum or Cardano.&nbsp;<\/span><\/p>\n<h3><strong>How Do I Buy Cryptocurrency?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The first step to investing in cryptocurrency is to find and register with an exchange or a broker, such as <\/span><a href=\"https:\/\/www.coinbase.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Coinbase<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.sofi.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SoFi<\/span><\/a><span style=\"font-weight: 400;\">, or <\/span><a href=\"https:\/\/www.binance.com\/en\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Binance<\/span><\/a><span style=\"font-weight: 400;\">. Ensure that the exchange you register with supports the cryptocurrency you want to buy.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you actively start purchasing cryptocurrencies, you can store them in your <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/d\/digital-wallet.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">digital wallet<\/span><\/a><span style=\"font-weight: 400;\">, which will contain the unique codes for all your cryptocurrencies. If you\u2019re purchasing cryptocurrency for the first time, you may have to use <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/f\/fiatmoney.asp#:~:text=Key%20Takeaways-,Fiat%20money%20is%20a%20government%2Dissued%20currency%20that%20is%20not,U.S.%20dollar%2C%20are%20fiat%20currencies.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">fiat money<\/span><\/a><span style=\"font-weight: 400;\"> to buy them. However, you can also exchange one type of cryptocurrency for another, provided your exchange allows you to. So you can trade your Bitcoin for Dogecoin or Tether.<\/span><\/p>\n<h3><strong>Is Cryptocurrency Legal?&nbsp;<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Yes, trading in cryptocurrencies is legal in Canada. However, they are <\/span><a href=\"https:\/\/www.globallegalinsights.com\/practice-areas\/blockchain-laws-and-regulations\/canada#:~:text=Cryptocurrencies%20are%20not%20legal%20tender,of%20Canada%20are%20legal%20tender.&amp;text=However%2C%20the%20Bank%20of%20Canada,currencies%20(%E2%80%9CCBDCs%E2%80%9D).\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">not legal tender<\/span><\/a><span style=\"font-weight: 400;\">. Only the notes issued by the Bank of Canada and coins issued by the Royal Canadian Mint are considered legal tender. No centralized financial institution in Canada monitors and regulates cryptocurrency.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This means that while you can buy goods and services using cryptocurrency, provided a business accepts such payments; you cannot pay your taxes using cryptocurrency.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I\u2019ve barely scratched the surface of crypto in this article. If you\u2019re serious about investing in cryptocurrencies, I recommend doing extensive research before venturing into this daunting yet exciting scene.&nbsp;<\/span><\/p>\n<p><a href=\"https:\/\/qodemakers.com\/muralys\/blog\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Subscribe to my blog<\/span><\/a><span style=\"font-weight: 400;\"> if you want to learn more about crypto, blockchains, and other recent advancements in the tech industry. If you\u2019d like to get in touch, please contact me via <\/span><a href=\"https:\/\/qodemakers.com\/muralys\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">my website<\/span><\/a><span style=\"font-weight: 400;\"> or <\/span><a href=\"https:\/\/www.facebook.com\/muralysrinarayanathas\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">social media<\/span><\/a><span style=\"font-weight: 400;\">.&nbsp;<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>These days, it can be pretty hard to find a corner of the internet that isn\u2019t raving over cryptocurrency. It can be pretty confusing to keep up with this discourse &#8230; <a title=\"Cryptocurrency: A Beginner\u2019s Guide\" class=\"read-more\" href=\"https:\/\/qodemakers.com\/muralys\/cryptocurrency-a-beginners-guide\/\" aria-label=\"More on Cryptocurrency: A Beginner\u2019s Guide\">Read more<\/a><\/p>\n","protected":false},"author":6,"featured_media":6096,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,10],"tags":[],"acf":[],"jetpack_featured_media_url":"https:\/\/qodemakers.com\/muralys\/wp-content\/uploads\/2022\/07\/Cryptocurrency-A-Beginners-Guide.jpeg","_links":{"self":[{"href":"https:\/\/qodemakers.com\/muralys\/wp-json\/wp\/v2\/posts\/3382"}],"collection":[{"href":"https:\/\/qodemakers.com\/muralys\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qodemakers.com\/muralys\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qodemakers.com\/muralys\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/qodemakers.com\/muralys\/wp-json\/wp\/v2\/comments?post=3382"}],"version-history":[{"count":6,"href":"https:\/\/qodemakers.com\/muralys\/wp-json\/wp\/v2\/posts\/3382\/revisions"}],"predecessor-version":[{"id":6097,"href":"https:\/\/qodemakers.com\/muralys\/wp-json\/wp\/v2\/posts\/3382\/revisions\/6097"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qodemakers.com\/muralys\/wp-json\/wp\/v2\/media\/6096"}],"wp:attachment":[{"href":"https:\/\/qodemakers.com\/muralys\/wp-json\/wp\/v2\/media?parent=3382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qodemakers.com\/muralys\/wp-json\/wp\/v2\/categories?post=3382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qodemakers.com\/muralys\/wp-json\/wp\/v2\/tags?post=3382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}