Is crypto good for beginners? | Episode 1 | Blocktrade Academy
In our first episode of the Blocktrade Academy Course series, we aim to provide you with the confidence and understanding needed to begin your crypto journey. Buckle up! Because we are about to cover some of the most commonly asked questions by beginners on the start of their cryptocurrency journey.
#cryptoforbeginners #learn #investing #trading #blocktrade #academy #bitcoin #ethereum
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00:27 Is crypto real money?
The definition of money is something generally accepted as a medium of exchange, a measure of value, or a means of payment. The simple answer is yes - #cryptocurrency is a digital representation of value built on a blockchain and utilizes cryptography. It can function as a medium of exchange, unit of account, and store of value.
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01:14 Can you sell your cryptocurrency for cash?
While it's true that not many shops and businesses accept crypto directly, it can be exchanged for fiat currencies like euros or dollars using exchanges or even mainstream payment services like #paypal. There are all sorts of service providers that connect cryptocurrency buyers and sellers, allowing for easy conversion between crypto and cash, crypto and euro on a bank account, and even crypto payments for loans, utility bills, and more.
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01:43 What is the difference between blockchain and cryptocurrency?
Simply put, #blockchain is the trustless decentralized distributed ledger on which cryptocurrency operates. Instead of one central authority (like banks) controlling transactions, a #decentralized network of computers all over the world validates and stores every transaction into a chain of blocks, with each new block containing all the information of the latest transaction. This decentralized #ledger is called the blockchain. While blockchain is the underlying technology that powers cryptocurrencies, they are not the same thing. Cryptocurrency is just one of the use cases of blockchain technology. Cryptocurrencies are the digital assets that are created, bought, sold, and traded on the blockchain network. They are the medium of exchange that allow transactions without the need for intermediaries.
In summary, blockchain is the underlying technology that enables the creation and maintenance of cryptocurrencies, while cryptocurrencies are the #digitalassets that use blockchain technology to facilitate secure, peer-to-peer transactions.
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About Blocktrade
Blocktrade is the go-to asset marketplace founded in 2018 with headquarters in Tallinn and Luxembourg.
The Europe based digital assets exchange allows you to buy and sell Bitcoin, Ethereum, eCredits and other crypto assets WITH ZERO FEES while being able to deposit funds through bank transfers, wire transfers, Apple Pay, Google Pay or digital currencies.
Whether you are a beginner or a professional trader, you want to have all the activities listed in one place! Blocktrade offers a clear and expandable record of everything that you do on the platform, and you can have a complete overview – anytime and anywhere!
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