Cryptocurrency has slowly been changing the way people make transactions and payments. It is something that has been accepted in most countries and is slowly becoming the main mode of payment in some businesses. While it has swept other countries, cryptocurrency in the Philippines is still just making its mark. With the implementation of some of the latest technological advancements and other recent developments, more people in the Philippines have started to use cryptocurrencies in their transactions. For beginners in the cryptocurrency world, let us explain to you what cryptocurrency is and how you can start trading.
Cryptocurrency is a digital or virtual currency that uses cryptography to generate money and verify transactions. Simply put, it is digital money with no physical coin or bill, and it is all online. With cryptocurrency, people can have quicker payments with no transaction fees. Cryptocurrency can be obtained by buying with a credit card or through a process called mining. Your cryptocurrency is stored in a digital wallet on your phone, computer, or other hardware.
The first modern cryptocurrency was launched in 2009 and is called Bitcoin. A lot of people worldwide use bitcoin as it offers the promise of lower transaction fees compared to other traditional online payment mechanisms. There are a lot of other cryptocurrencies being used today as some businesses even have their own currencies, which they call tokens. These tokens and cryptocurrencies can be traded specifically for the goods or services that the company provides.
Cryptocurrencies work by using what is called a blockchain. A blockchain is a decentralized technology that is spread across many computers that manage and record transactions. These are used to keep transactions safe and secure. Overall, cryptocurrencies are an efficient way to handle transactions, and they can also be exchanged for other online goods and services.
If you are looking to start your journey in cryptocurrency trading, there are a few factors you must consider. First of all, you must keep in mind that there are no guarantees when it comes to cryptocurrency. It is not as easy as you might think, and it will require a lot of work. The first thing you will have to make sure of is your security. Make sure that the brand you go with has a good reputation. There are a lot of hackers and scammers out in the market today, and if you are not careful, you can lose a lot of money.
You must then have a wallet in order for you to trade and store cryptocurrency. There are two types of wallets in cryptocurrency. The first one is hot wallets such as desktop wallets, mobile wallets, and other online wallets. The second one is cold wallets, which can be paper or hardware wallets. Since hot wallets are connected to the internet and more exposed to hackers, it is advised that you store most of your funds in your cold wallets.
In order to start with cryptocurrency, you’ll have to obtain it. Bitcoin is one of the most popular cryptocurrencies worldwide, but there are still other cryptos such as Ethereum or Litecoin. There are a lot of places you can buy and exchange cryptocurrencies, so make sure you find the right one for you.
Coexstar PH is one of the safest and most trusted places where you can buy or exchange cryptocurrencies in the Philippines. It is duly registered in both the Securities and Exchange Commission (SEC) and Bangko Sentral ng Pilipinas (BSP). If so then you should check out the blogs we have below from COEX STAR or contact us for more information.