What is Cryptocurrency and how to get it?
We have been hearing more frequently lately about concepts and questions such as what is crypto money, what is crypto, how to buy crypto coins, crypto coin.. How about getting into these concepts, which are not familiar to most of us, and stepping into the crypto world?
Let’s look at what cryptocurrencies are, what they do, where to buy cryptocurrencies, how to earn.
All about cryptocurrency!
Cryptocurrency is a digital asset designed to work as a medium of exchange using powerful cryptography to secure financial transactions, control the creation of additional units and verify the transfer of assets..
Cryptocurrency is not under the control of the national or international financial and banking system. It is not centrally managed, decentralized.
The biggest feature of crypto currency units is that they are not under the control of the national and international banking system.. Cryptocurrency is decentralized. Cryptocurrencies work through decentralized distributed ledger technology that serves as a database, in other words, blockchain , which is used as a blockchain in Turkish.
What does crypto mean?
Crypto is a system used to convert understandable text to unintelligible text for confidentiality, integrity or authentication purposes, or vice versa.
What is crypto?
Crypto is a system used to convert understandable text to incomprehensible text for confidentiality, integrity or authentication purposes or vice versa..
The concept of crypto simply means encryption. Cryptocurrencies are also defined by the term “Crypto” because they can only be transferred and stored using passwords.
Cryptocurrencies are also defined by the term “Crypto” because they can only be transferred and stored using passwords.
Cryptocurrency why?
When we look at it as a whole, the concept of cryptocurrency appears with the combination of the two concepts.. One is the concept of cryptography and the other is the concept of currency.
Currency is a tool that is received for labor and can be exchanged for goods or other services.. On the other hand, the concept of cryptography or crypto can be said to transform an understandable text into an incomprehensible text for confidentiality, integrity or authentication purposes or vice versa..
From all on this, when we bring the two concepts together, we come across the concept of cryptocurrency, a word that is digital and means a medium of exchange that uses encryption to secure transactions.
Which is the first Cryptocurrency?
The first developed cryptocurrency was Bitcoin.
Cryptocurrency history
During the technology boom of the 90s, we witnessed many attempts to create digital currency. Back then we saw systems like Flooz, Beenz and DigiCash launch but write stories of failure.. There were many reasons behind their failure.. Fraud activities, financial problems, friction between company employees and fights between bosses were among the main causes of failure.
The most obvious problem with these systems was that they used a Trusted Third Party approach.. In other words, a third party’s witnessing and mediation of money traffic between two points.. This was not much different from the classical financial system..
Finally, at the beginning of 2009, an anonymous programmer or a team of programmers under the pseudonym Satoshi Nakamoto introduced Bitcoin. Satoshi called it ‘peer-to-peer electronic cash system’ . With a completely decentralized system, that is, there is no server and no central control authority, the concept of crypto coin has entered our lives.
Satoshi Nakamoto described Bitcoin as a peer-to-peer electronic cash system.
Who is Satoshi Nakamoto?
Satoshi Nakamoto, the name used by the person or group or groups known as the developer of Bitcoin. Developed the first Blockchain database and implemented the cryptocurrency ecosystem.
What is blockchain?
Blockchain is the recording technology where data and information are stored on the network without the need for any center or institution.. Blockchain is like a digital chain where data is listed one after another, rather than a classical database..
Cryptocurrencies use blockchain technology to be decentralized, transparent and stable while being transferred from one place to another
Blockchain technology uses a system called Peer to peer (P2P), which we can express in Turkish as end-to-end or person-to-person. In this system, we can make payments from one point to another without using intermediaries, banks, financial institutions, etc..
These transaction records are kept securely in databases called Node on Blockchain. Nodes verify and execute recorded transactions on the blockchain. In this way, the system works safely, continuously and without being connected to any center, P2P.
Recording each transaction made in cryptocurrencies on blockchains and taking it into the global network provides transparency.
Cryptocoin network is based on absolute consensus of all participants on balances and legitimacy of transactions.. Even if the nodes of the network cannot agree on a single balance, the system will basically break.. However, there are many rules already created and programmed into the network that prevent this from happening.
What is Bitcoin Cash? How to buy and store BCH coin?
Cryptocurrencies
Bitcoin is obviously the first thing that comes to mind when it comes to cryptocurrencies, but Bitcoin, or BTC for short, is not the only cryptocurrency.. In fact, the total number of cryptocurrencies released is over 6,000.. Many of these coins are still traded in the market. However, not all coins traded have the same value or trading volume.. Cryptocurrencies are sorted by Market Cap value, ie market share.
Total value of cryptocurrencies
Total of cryptocurrencies as of now Market Cap (coin price * number of coins) worth over $402 billion. Of course, the biggest slice of the pie is Bitcoin.. Bitcoin’s Market Cap has exceeded $ 240 billion.
How many Bitcoins are there
Look at the number of coins in the market. Number of Bitcoins currently available is 18,531,300. Considering that the total Bitcoin to be released is around 20 million, we have to say that more than 88% of Bitcoin is currently in circulation in the market.
Here are the top 5 cryptocurrencies by Market Cap. currency list.
You can follow the forums about Bitcoin.
Cryptocurrency market
Want to enter the cryptocurrency market and invest in cryptocurrencies and make a profit by buying and selling? In fact, what needs to be done is no different from other financial markets.
First of all, “Do your Own Research” (DYOR) that is, “do your own research”. Therefore, we need to do our research and analyzes and decide when and where to enter the market..
There are many ways to analyze the cryptocurrency market. Many professional traders can follow different strategies.. Still, there are two main systems of thought for evaluating an investment:
- Fundamental Analysis (FA)
- Technical Analysis (TA)
In Fundamental Analysis, an assessment of an asset is made based mainly on economic, financial and financial factors. Analysts using this method look at both macroeconomic and microeconomic values, industry conditions and, if any, asset-related businesses.
In the case of cryptocurrencies, it can also look at public blockchain data, sometimes called on-chain metrics. , top coin holders, network hash values, and countless other little bits of information should be looked at.. The purpose of this analysis is to determine the value of the asset and compare this value with the current market value of the coin.
As a result, you decide whether the value in the cryptocurrency market is high or low and you make your investment accordingly..
In Fundamental Analysis, the evaluation of an asset is made based mainly on economic, financial and financial factors.
Technical Analysis, on the other hand, takes a different approach. Unlike Fundamental Analysis, Technical Analysis does not try to decide the value of the asset.. Instead, it looks for investment opportunities in the asset, taking into account historical data..
Technical Analysis tries to uncover investment opportunities by focusing on price movements, indicators, chart patterns and tools rather than pricing assets.
Technical Analysis focused on price movements, indicators, charting tools and patterns. Analysis is frequently used by traders in the cryptocurrency market.
To be a good cryptocurrency investor, it is important to use both types of analysis correctly.. This way we can analyze risk correctly and learn never to invest more than we can afford to lose..
The right risk analysis and investment model is hidden in the thought of not investing more than you can afford to lose.
How to invest in cryptocurrencies?
Cryptocurrencies are assets that are traded on their own exchanges.. These exchanges are called crypto exchanges. It is possible to invest in crypto exchanges or crypto exchanges with US dollars and even Turkish lira nowadays..
Let’s just mention that you can buy leading cryptocurrencies such as BTC, ETH with fiat currencies, USD or TRY. You will also need to exchange other cryptocurrencies with leading cryptocurrencies.. You can send TRY, USD to crypto currency exchanges via bank or pay with Visa/Mastercard .
What is a cryptocurrency exchange?
Cryptocurrency exchanges are businesses where users buy, sell or exchange cryptocurrencies..
We have compiled the leading crypto exchanges that have access all over the world for you.
The 5 largest crypto money exchanges
How to get cryptocurrency?
The answer to the question of how to get crypto coins is actually not difficult at all. We can buy leading cryptocurrencies from local cryptocurrency exchanges operating in Turkey.
For this transaction, we can transfer free TL from local banks to exchanges via EFT or money order..
We explain how to open an account on BTCTurk crypto currency exchange below..
From local banks to these exchanges by opening an account from a local Cryptocurrency exchange You can transfer TL. Then you open an account from another international exchange, you can move your crypto money to international exchanges from the local stock market.. In this way, you can access a wider variety of cryptocurrencies by paying less commission fees.
Let’s tell you how to buy cryptocurrencies in BtcTurk . BtcTurk is Turkey’s first cryptocurrency exchange.
BtcTürk site membership
Go to BtcTurk’s website and click on New Membership in the upper right corner..
Your BtcTürk account screen
You can see the BtcTürk account screen after the membership process.
Defining a bank account
In order to buy Bitcoin or one of the cryptocurrencies listed on the stock market, you need to enter the Account section and click on the Define Bank Account section here..
Activate Bitcoin wallet
After defining the bank account, you need to activate the wallet by entering the section named Bitcoin Wallet.
Photo with ID-Petition
After entering our identity information in the wallet section, we write “BctTürk and today’s date” on a piece of paper and take a photo so that our face, identity and text are visible..
Buy Bitcoin
After receiving the confirmation from BtcTürk that our wallet has been opened, we first set a password for our wallet, then we load money into our new account from the bank account.. We can now buy as many Bitcoins as we want to our Bitcoin wallet via BctTürk..
In order to keep your cryptocurrencies safe after purchasing, instead of relying only on exchanges’ wallets, you can get personalized wallets.
Click for current crypto prices.
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Gulf Arab Countries Cooperation Council Member Countries Entered the Race in Blockchain Technology