2. Cryptocurrency is a form of digital currency
which is built on blockchain technology, doesn’t
have a physical form and uses cryptography to
secure its transactions. And while
cryptocurrencies have some similar features to
PayPal or digital fiat money, for example, you can
transfer money to your friends or pay for
products and services, it has some key
differences which make it unique.
What Is Cryptocurrency?
3. How Can I Invest In
Cryptocurrencies?
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Traditional Finance Apps: There are a few traditional financial apps that
allow you to buy certain coins. PayPal for example allows its users to
purchase 4 cryptocurrencies: Bitcoin, Ether, Bitcoin Cash and Litecoin.
Popular stock brokerage Robinhood has also introduced 7
cryptocurrencies to its platform. Using traditional finance apps can be
beneficial for those who already have an existing account and are not yet
ready to trust crypto platforms.
Centralized exchanges: Another option to buy cryptocurrencies with fiat
money is through a centralized crypto exchange. Centralized means
there’s a private company that holds your funds. This company acts as a
custodian and is responsible for conducting all trades and transactions.
4. How Can I Invest In
Cryptocurrencies?
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Centralized Wallets: 3rd option to buy crypto with fiat money is through a
centralized wallet provider. A wallet is a software or a mobile app that
allows you to store, transfer and receive different types of coins and
tokens.
