Crypto coins, which have changed the concept of investment from the past to the present, have swept away the popularity of traditional instruments. Over the past few years, with their sudden rise, they have become a favorite of those looking for quick earnings.
Crypto money exchanges have increased the leadership in the financial sector and the number of people who follow price changes instantly. People who have some accumulated money and ask ‘should I buy gold or dollars’ are now searching for ‘which altcoin should we buy’.
If you are interested in the coin market, we recommend that you start by getting to know them first. Because otherwise you can experience losses as fast as the increase in prices. In this section you can find the most basic information about the cryptocurrency market. What Does Crypto Coin Mean?
Cryptocurrency is a new generation medium of exchange that can be used in barter transactions. It differs from other currencies in that it is completely digital. In addition, decentralization and anonymity of many of them are features that challenge the monetary system.
Coins, which are called the money of the future, are on the agenda of heads of state today and are a new area where giant companies invest. Although there has been debate about its legalization for several years, they are banned by some countries.
Virtual money uses a science called cryptology in terms of security. It has a mathematically based encryption. Although they have not yet been fully implemented, they can be used for the purchase of goods and services.
We may consider credit card usage for your better understanding. When using a credit card, we do not use any money in our account at the ready. In the same way, no money comes out of the bank’s vault because we used a credit card. There is no physical money. In a way, crypto coins are only numerical changes on systems.
The most important feature that distinguishes crypto systems from online banking transactions is blockchain technology. Users’ names, account information and all details of money transfers are encoded into virtual blocks.
With blockchain technology, cryptocurrencies are independent of the central authority and untraceable. Thanks to the security and transaction speed provided by this technology, it can be used in many areas, including central banks. However, it is not yet officially used.
Cryptocurrency is a token in digital form designed to work as a medium of exchange or record-keeping method. It uses algorithms to secure and verify transactions that take place on its network and to have the control that new tokens reveal.
When we look at the history of crypto money, it is seen that a similar system is used with the electronic money system called eCash, which was founded by American cryptographer David Chaum in 1983. Later, in 1990, he laid the foundation of the virtual currency system with the Blind Signature technology with the electronic money company he named DigiCash.
The first use of the term ‘cryptocurrency’ is seen in 1998 when Chinese computer engineer Wei Dai invented an electronic money system called b-money. With the decline in trust in central authorities following the 2008 global crisis, the need for this type of money has increased.
Individuals have begun to look for money transfer systems that are far from the control of institutions such as the state and the bank. It was at this time that bitcoin was launched by a person or group nicknamed Satoshi Nakamoto, whose true identity is still unclear.
Virtual currencies, which started to enter our lives with bitcoin that emerged in 2009, have reached around 5 thousand varieties as of 2021. While each has its own characteristics, some are produced on the blockchain of another coin. As the coin market continues to grow day by day, its use in daily life is also increasing. How to Buy Cryptocurrency?
The most common method to buy virtual money is to use platforms created by the cryptocurrency exchange. Today, there are many global and local coin exchanges. By choosing one of them, you can start trading immediately.
Crypto money exchanges such as Binance, Paribu should be researched first. You need to decide which of them to choose, familiarize yourself with the trading instructions. After you have already decided which exchange you want to buy through which exchange, you will perform your transactions through the account you will create.
Many virtual currency exchanges offer easy buy/sell. Of course, since this business is an investment, it is important that you first know about coins. You have to decide according to what you are going to trade, what kind of investor you are going to become.
One of the details you need to pay attention to here is how to invest money in the stock exchange where you will trade. After the regulations made for the crypto money market in our country, money deposits were moved to banks. While you used to do this through systems like Papara, now you do it through banks in our country.
When you want to deposit money for a coin exchange, you can make a transfer through Vakıfbank and Ziraat Bank. Through other banks, your transaction will be made by EFT.
After making a deposit, you should decide on the virtual money that you will receive in your account on the stock exchange with the processing of the money. Today, there are thousands of kinds of coins. Choosing which of the best cryptocurrencies among them, the one suitable for investment and one or more of them that will not be garbage at once will allow your transaction to take place.
Exchanges already reveal the necessary steps for you to make the purchase. While the purchase process is taking place, when you buy the coins supported by the Turkish lira, you make your transaction directly with TL. But usually coins; USDT is traded through cryptos equal to the dollar, referred to as USDC and BUSD.
After getting to know the stock exchange you will trade well, you will also learn the buying process. Therefore, you should not panic, calmly follow the instructions.
You need to follow live crypto money for the purchase process. This is extremely important. You should not neglect to enter the transaction after finding answers to questions such as at what level the coin prices are, is it in the appropriate range for purchase. In addition, the coin comments and analyzes you will find on the internet and video sharing platforms will make your job easier at this point. Nevertheless, we recommend that you do not act entirely according to the information here, and that you do your own research.
You should be able to read cryptocurrency chart movements. As you can understand, just as a stock investor is doing market research, analysis and commenting, you should make a purchase decision by doing the same transactions for crypto coins. How is Crypto Money Produced?
As we mentioned before, cryptocurrencies are not tied to a specific government or central authority. Coins can be created depending on a certain production limit. Of course, some also have an unlimited production capacity. The process of producing them is called cryptocurrency mining.
Cryptocurrency mining is an information processing method in which all users confirm each other’s transactions. We can compare this to miners trying to find gold. With a thousand labors, they dig up the soil and try to reach the mine. The same is true with cryptocurrencies. Virtual currency miners do the same by processing the information.
Miners need powerful systems to process information well. This work can only be done by creating special computers. Like powerful graphics cards, cooling systems, you must first prepare yourself to become a miner. This way you can mine coins that allow you to mine and earn an income.
Crypto mining, also referred to as mining, is the process of solving complex problems with devices with special software and hardware. These problems are solved and coin transfer transactions are approved and as a result, they are rewarded with newly produced crypto money. Theoretically, anyone can be a miner. However, it is necessary to have the ability to solve these problems.
We can briefly define the transactions that take place during cryptocurrency mining as follows: