CryptoCoin

Cryptocoin

What to know about Crypto Coins à la Bitcoin and Altcoins

Crypto Currencies are not only virtual money.

Bitcoin was launched in 2009 with an open source code. Based on this, various alterations have been created by other individuals and companies.

How does it work?

Every person needs to open crypto wallet in order to receive or send crypto coins. Most wallets only allow one currency, but newer ones may allow multiple altcoins. There are wallets out there for various platforms, such as IOS, MAC OS, Android, Windoes or Linux. You then use your corresponding address to send or receive crypto coins.

In exchanges, you can transfer your fiat currency, i.e. USD, EUR, CAD, AUD, Pound ... etc. to other crypto currencies. The exchange rate is quiet volatile and is determine at exchanges, similar to how stocks or fiat currencies are traded.

You have boom and bust period, where the value of the crypto coin (BTC, ETH, XMR...) can rise or fall quickly, sometimes up to 5-10% a day.

That is why, it is quiet risky to just purely purchase crypto currencies. The process of Mining Crypto Currencies may thus be considered a hedge.