You’ve no doubt already seen advertisements offering you to invest in virtual currencies – and you often hear about it on the news: cryptocurrencies are on the rise. They are a form of encrypted and decentralized virtual currency that can be purchased with national currency, traded online and exchanged for goods. Unlike banknotes and coins, it has no physical form.Click here to read articles on Tech.
Today we have over a million cryptocurrencies, although the most popular are Bitcoin, Ethereum and Litecoin. Bitcoin was the very first cryptocurrency and created a precedent for how this type of currency works. Cryptocurrencies are based on a decentralized peer-to-peer computer network, that is, they are not subject to the rules that govern the banking and financial markets or to any authority. No government or company has control over the flow and exchange of these virtual currencies.Visit this site to read articles on Tech.
How can I buy it?
Buying cryptocurrencies can be very simple. You can find different online platforms that offer purchase and exchange services. Many of the most popular currencies can be found on Coinbase, which allows you to select your preferred currency and connect your debit / credit card for quick investments. You can also add your bank details for larger and long-term purchases.
However, it is important to keep in mind the risks associated with buying cryptocurrencies. The number of scams involving these currencies tripled last year, with hackers now targeting exchange websites to tempt and trap potential buyers by enticing them to send them money.
The upsurge in this type of criminal behavior has prompted Google, Facebook, Twitter and Instagram to ban advertisements for cryptocurrencies on their sites in an attempt to combat fraud.
As with any scam, it is a matter of remaining alert to warning signals indicating that the seller is not legitimate, in particular in the event of:
- Unsolicited contact (do not open emails offering to invest)
- Proposed transaction too interesting to be true
- Request to share your personal information
- Pressure to prompt you to act quickly
- Contact details of the company offering to invest unclear – check that it is well approved by the APCR (Prudential Control and Resolution Authority) and that its site is secure (http s: //)
- Advertisement with spelling and grammar errors
- Request to keep the transaction secret
If you are faced with one of these situations, we advise you not to continue the transaction. Always ask your banker for advice.
What can I buy with these cryptocurrencies?
The list of merchants accepting to be paid with cryptocurrencies continues to grow. Right now, most of the most common services will allow you to pay with virtual currency. For example, you can book your hotels and airline tickets with bitcoins. Microsoft is one of the big brands that accept cryptocurrencies.
Despite the recent drop in the value of bitcoin, the number of cryptocurrencies is increasing. With investment costs becoming lower and the popularity of digital services becoming more and more favorable, it is hard not to imagine a future where this form of virtual money will not replace money as we know it today.