Cryptocurrency

Buy it. Trade it. Spend it.

At Cryptimi we pride ourselves with guiding novice and advanced users into cryptocurrency trading by providing contemporary & reliable content. The 1st step is signing up on a cryptocurrency trading platform.

Or, you can also search for anything here

Cryptocurrency

Buy it. Trade it. Spend it.

At Cryptimi we pride ourselves with guiding novice and advanced users into cryptocurrency trading by providing contemporary & reliable content. The 1st step is signing up on a cryptocurrency trading platform.

Or, you can also search for anything here

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Buy Cryptocurrency

There are well over 2,500 different cryptocurrencies, so we understand that choosing just one can be a difficult task. The first step you need to take is to decide how you will be utilising your cryptocurrency; will you be trading, investing, or do you simply need an anonymous way to send and receive payments on the web? Different purposes require different purchases – but there’s no need to feel discouraged! We have in-depth guides on why, how, and where you should purchase each of the most popular cryptocurrencies.

Cryptocurrency Casinos

Bitcoin and cryptocurrency aren’t just there to be traded and invested. They are also quickly gaining traction as convenient payment methods for online casinos! Playing at crypto casinos has many advantages, including exclusive bonuses, anonymity, and provably fair and transparent games!

We frequently publish detailed casino reviews that cover everything from game libraries to payment methods, so be sure to visit our ‘Buy with Bitcoin’ page!

Cryptocurrency Trading Platforms

We believe the first step into the realm of cryptocurrency is signing up to a trustworthy and reliable cryptocurrency exchange. Crypto exchanges allow you to trade, buy, sell, and invest in cryptocurrencies. The number of exchanges increases every year, but not all of these exchanges are worth looking at.

Our team at Cryptimi carries out constant research to help simplify your journey to a worthy crypto exchange. In our reviews, we look at all aspects of an exchange: its fees, its restricted countries, its user-friendliness, its UX, its limits, and its customer care. We even compare it to other top-ranking exchanges, to help you easily determine which strengths matter most to you and your trading preferences.

When compiling a review, we scour the internet for the opinions that matter: opinions coming from traders and investors, just like you. We take into consideration what other crypto enthusiasts are saying, what they are praising, and also what they are complaining about.  Read More

You can rest assured that our reviews are transparent and that all the opinions are our own. Our end-goal is to make sure that our readers sign up to only dependable and community-respected exchanges. That is the Cryptimi promise.

To continue refining your cryptocurrency exchange knowledge, we recommend you visit our ‘Cryptocurrency Exchanges’ page. We also advise you to check out our in-depth guides to help sharpen your skills before investing a substantial amount of funds.  Read Less

Cryptocurrency Wallets

Once you have cryptocurrency in your possession, you will probably start to wonder how to go about safely and securely storing it. A crypto wallet is your answer; a safe place to secure your Bitcoins, Ethereum, Ripple, or any other altcoins or tokens.

While some exchanges do offer an exchange-based wallet, we recommend you do some further research and familiarize yourself with all the options available. On the market, you’ll find hardware wallets, software wallets, and paper wallets. These all come with different pros and cons, so it all depends on what you are looking for. Read More

If you are looking to store a small amount of currency that you’re most likely going to spend in the near future, you could potentially make good use of software wallets, or ‘hot’ wallets. On the other hand, if you’re sitting on a larger, more substantial amount, one that you are not going to need immediate access to, we would definitely recommend a hardware wallet, or a ‘cold’ wallet. The latter option is one that is the most trusted across the community. Hardware wallets offer superior security because they provide a completely offline storage. Another type of cold wallet is a paper wallet – printing out private keys for physical storage.

Security is of utmost importance when it comes to cryptocurrency storage. At Cryptimi, we offer reviews on all the different kinds of wallets currently available. It’s important to educate yourself before committing to a type of wallet.  Read Less

 

Latest Cryptocurrency News

Keep yourself up to date with the latest cryptocurrency and blockchain news. Cryptimi delivers daily cryptocurrency news articles on Bitcoin, Ethereum, blockchain, exchanges, regulations, crypto adoption, market influencers and more. With thousands of daily new events, it gets difficult to sort out what is relevant to you and what is not. That’s where Cryptimi comes in. Our crypto enthusiast writers and journalists report essential crypto news to keep you constantly updated.

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What is Cryptocurrency?

There is a lot of hype and positive global media attention on blockchain, cryptocurrency, and Bitcoin. Fintech and technology experts can’t seem to put their finger on an agreement. Countless blockchain seminars, meet-ups, and conferences happen frequently in different cities. This new type of currency could replace government-issued currencies, but it’s not yet as widely accepted.

You might be wondering what the difference between cryptocurrency and traditional currency is. Commonly referred to as fiat currency, traditional currency is all legal tender, such as dollars, euro, pounds, yen, and other currencies found across the globe. It gains value and strength depending on the government that issues it. The main difference, and the one that is often the most important to a lot of people, is that fiat currency is regulated by the government, thus making it a centralised currency. It is issued by the country’s government, which means that governments exercise total control over fiat currencies. Countries’ banks manage fiat currency, while cryptocurrency is managed through the blockchain system. Cryptocurrency is a decentralised currency; it is not owned by any one entity. Read More

Cryptocurrencies can have you confused or intrigued; or both. At Cryptimi, we aim to help you learn everything you need to know about these digital assets: how they work and whether they fit into your investment portfolio.

Cryptocurrency is digital currency that uses cryptography to enable secure online transactions. Some companies have their cryptocurrencies, called tokens, which you can trade for their specific goods and services. Compare them with casino chips or arcade tokens, which you have to exchange for real currencies to access goods and services.

Cryptocurrencies use technology called blockchain: a decentralized technology that spreads across numerous computers that manage and record transactions. Blockchain technology is distinguished for its security. Besides using them to buy goods and services, there is a significant interest in trading them for profit.

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The Three Types of Currencies

Digital. Virtual. Crypto Currencies

There are three terms that you have most probably heard of, and have doubtless seen them used interchangeably.

Digital Currencies

Digital currency is the umbrella term describing digital money used on the internet, unlimited by political or geographical borders. They may not have a physical equivalent like banknotes and coins but possess all the characteristics of money. You can own, transfer and exchange them like fiat currency and use them to pay for goods and services.

Virtual Currency

Virtual currency refers to any money that isn’t stamped into metal or printed on paper; they only exist in the virtual world but can potentially represent fiat currency. They are accepted and used within a specific virtual community. Every virtual currency is digital, but some digital currencies aren’t virtual. Virtual currency represents a monetary value that’s distributed, managed and controlled by private issuers for peer-to-peer transactions. They exist as tokens, but unlike fiat currency, they’re almost always unregulated and are not issued by banks. Bitcoin and Ethereum are the best examples of virtual currencies.

Cryptocurrency

Cryptocurrencies like Bitcoin and Ethereum are a form of digital currencies. Unlike fiat currencies, they operate without central banks or intermediaries between the parties. Cryptocurrencies are a reliable, secure and authentic means of exchange based on cryptography. The technology creates and analyzes protocols and algorithms so that the information can neither be changed nor interrupted by third parties. By using blockchain and a decentralized ledger, cryptocurrencies are not controlled by third parties.

You have heard about Bitcoin, its technology, utility, and people’s interest in it, but it’s not the only cryptocurrency. Several other cryptocurrencies use different technologies, having different approaches as digital currencies. Our guide will describe the most popular cryptocurrencies and pinpoint their unique characteristics.

The History of Cryptocurrency

Cryptocurrencies didn’t just emerge to become a formidable force in the realm of personal finance and technology. Significant events and signposts surround this invention with the potential to shake the world.

The dream for developing digital money started in the 1980s, with ideas such as bit-gold and e-cash. The early innovators didn’t go far, but they laid the foundation for the creation of cryptocurrencies as we know them. The pioneer forms of cryptocurrencies were meant to create verifiable anonymous payment systems over an extensive network through a cryptographic process. The one that caught the public eye the most was issued in 2008.

Satoshi Nakamoto, whose identity remains mysterious, wrote a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in 2008. Nakamoto’s identity remains top secret material. All investigative efforts to uncover this person or group of people have failed. Nakamoto sent a friend an amount of Bitcoin in 2009, heralding the birth of the world’s first cryptocurrency.

 

How do Cryptocurrencies Work?

Cryptocurrency transactions happen between peers through software called cryptocurrency wallets. You use the wallet software to transfer the required amount from one account (a public address) to another. You must have the password (private key) of the account to facilitate a transfer. The P2P transactions are encrypted and broadcast on the cryptocurrency’s network before they are queued up and added to their public ledger, known as the blockchain.

Cryptocurrency transactions are recorded on the public ledger through a process called cryptocurrency mining. All transaction amounts are public, but the sender’s identity is encrypted.

All transactions lead to a unique set of keys. Similar to a bank account owner, the person who owns the set of keys owns all the cryptocurrencies associated with those keys. Several transactions get added to the ledger at once. Cryptocurrency miners add these blocks of transactions sequentially. This is the reason the ledger and the technology that it is built on are called “block” “chain” – referring to a chain of transactions.

Different Types of Coins

Bitcoin

Bitcoin Currency

Often referred to as the ‘Coca Cola’ or ‘Kleenex’ of the crypto world, Bitcoin is the oldest, most reliable and most recognizable cryptocurrency. It is the topic of mainstream media and almost synonymous with crypto.

Pros

Bitcoin enables you to send or receive cash anywhere 24/7, without fees limitations. There’s no controlling authority so you’re in charge of your money. Bitcoin is easily convertible into cash and acceptable by merchants.

Cons

Bitcoin and cryptocurrencies are still in their infancy, meaning there’s still little knowledge about them. The limited amount of Bitcoin and the increasing daily demand contribute to Bitcoin’s volatility. Some people still associate it with the underworld and cybercrime.

Altcoins

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Alternative coins (Altcoins) are any cryptocurrency coins that are not Bitcoin. Some of them were created with the intention to replace Bitcoin, but others have completely different scopes from Bitcoin.

Pros

They are an alternative to Bitcoin with some performing unique functions. For instance, Po.et (POE) enables content creators and publishers to manage to license easily. Others like ETH or XRP introduce a larger scope than Bitcoin and are widely adopted for use in many industries

Cons

Apart from XRP, Ethereum and Bitcoin Cash, altcoins lack exposure and acceptance.  Only a few outlets accept them.

Ethereum

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Ethereum is the go-to blockchain for smart contracts and distributed applications (Dapps) developers. Its crypto token ETH may be low in value, but Ethereum’s reputation remains mostly intact as it operates without downtime, third-party interference, or fraud.

Pros

Ethereum leads in tokenization and functionalities, making it useful in areas like gaming and prediction. The United States’ SEC doesn’t consider it a security, meaning it doesn’t respond to regulatory obligations. It has excellent potential and is faster than Bitcoin.

Cons

Emerging competition, like NEO, which is referred to as the Ethereum Killer, is negatively affecting Ethereum by taking advantage of its flaws.

Ripple

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Comparable to SWIFT, Ripple provides real-time and instant cross-border payments and transfers at low costs.  The “banker’s coin,” doesn’t require mining like the other cryptocurrencies. This reduces the use of computing power and minimizing network latency.

Pros

Ripple’s xRapid protocol facilitates fast transactions that are 40 to 70 per cent cheaper than the competition. Central banks are incorporating XRP into their systems proving its utility. It’s not subject to multiple checks like other cryptos and can be converted to many currencies.

Cons

Ripple is centralized, therefore going against the very thing cryptocurrencies were created to avoid. Ripple’s developers choose when to release or not release to tokens.

Litecoin

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Litecoin, the first altcoin, was part of Bitcoin until it split. Litecoin was created to improve on some failings of Bitcoin. It was the first cryptocurrency to pioneer the Lightning Network, which strives to solve challenges like scalability. Litecoin processes a block in 2.5 minutes compared to Bitcoin’s 10 minutes.

Pros

Using the Lightning Network makes Litecoin is faster, facilitating cheaper transactions between parties. Users can transact directly without broadcasting their business to all and sundry. The low transaction costs make the currency works better for micropayments.

Cons

Litecoin’s primary advantage that was a faster block time has become arbitrary over time. Newer cryptocurrencies could emerge with faster block times.

 

Tether

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Tether is pegged 1:1 to EUR and USD and aims to have an exact digital cryptographic value of fiat currency. The Tether token’s features include a decentralized way of storing and processing data. By being pegged to real-world fiat currencies, Tether has remained more stable than other cryptos.

Pros

Traders and investors consider Tether more reliable due to its being tied to fiat currencies. You can use it to transfer cash at almost zero transaction fees. The token is easily integrated with other cryptocurrencies, and you can withdraw in fiat currency.

Cons

The Tether wallet has a cumbersome identity verification process. Unlike other cryptocurrencies, Tether lacks anonymity, an essential feature for cryptocurrencies. The price of the US dollar affects the price of Tether.

 

 

The Pros of Cryptocurrency

Security

The value of cryptocurrency is secured by encryption. No one can change the particular code without fulfilling specific conditions. A sender of a crypto-asset possesses a private key that miners must work out like a puzzle before a transaction is confirmed.

Legitimacy

Cryptocurrency trade draws its authenticity from the harmonious agreement between participants. Several leading banks have endorsed the use of Bitcoin as a form of payment and given up tight controls on cryptocurrency-based transactions. As world trade becomes mostly online, there are higher chances that Bitcoin investors will soon start seeing huge profits.

Lower Transaction Fees

Crypto transactions don’t attract any fees. The miners who solve the sender’s private keys get rewarded from the network. This makes crypto-based transactions cheaper for the investor.

Individual Ownership

Credit card systems, bank accounts, deposits, and transfers all mean that you are handing over your hard-earned money to a third-party service. With cryptocurrency, you are the one and only owner of your digital assets, and unless you hand over your wallet keys to someone else, no one can exercise control over your savings.

The Cons of Cryptocurrency

Cybersecurity

The rate of technological development is so high that there’s always the possibility of compromise. Hackers are always lurking online to try and breach the security afforded by encryption of cryptocurrencies. While cyber attacks are not very common, they’re not as rare as you might think.

Virtual

Cryptocurrencies exist in the virtual world; there is no central place you can deposit them like coins and banknotes for safekeeping. This can become disastrous as the system can crash, and you lose everything. The lack of inherent value is a factor in crypto price unpredictability. This also ties in with the problem of cyber-hacking.

Lack of Regulation

Lack of regulation by central banks is a double-edged sword. Its absence means it exists without any supervision or control. This could attract hordes of traders who show interest in the technology. Such massive traffic can slow down the network.

Speed

The amount of time it takes to complete a crypto-based transaction is slightly longer than conventional methods like VISA. Many participants within the network cause this.  Other parties must acknowledge the payment, making the process a little bit longer.

Investing in Cryptocurrency

Bitcoin and cryptocurrency have transformed the financial world since their inception in 2010. Initially, crypto-assets developed a covert following of investors keen on taking advantage of a potential replacement of the fiat monetary system. All this time, traditional institutional players curiously adopted a wait-and-see policy.

There was a spike in the ascension and adoption of cryptocurrencies before the 2017 price surge that saw Bitcoin swell to nearly $20,000. The value steadily declined to $3,500 in 2018 before rising to over $10,000 in 2019. Bitcoin’s value is still being reasonably volatile; the value at the time of writing is $5,900.

Investing in Cryptocurrency

The Future

We may still be many years away from a complete transition. The meteoric rise and subsequent fall have seen potential investors shy away from investing in cryptocurrencies. However, institutional interest and seeming stability in Bitcoin’s value has again caught the interest of many would-be investors.

The crypto market previously matured minus regulatory and oversight controls. Government and institutional interest have seen more institutional dollars pouring into the crypto sphere as people seek ways to reduce potential risks and enhancing their ROI. It is the perfect time to get in and avoid being left behind the curve.

Cryptocurrency Future

The Bottom Line

There is no simple or straightforward answer to the question of whether you should invest in cryptocurrency. The problem goes beyond whether you should invest to include how you should invest. As far as cryptocurrency is concerned, if you can’t beat them, consider joining them.

Cryptocurrency and the blockchain underlying technology are in their infancy. All indications are they are here to stay. Both are likely to play a role in investors’ lives. The secret is in educating yourself; use our guides to learn more about crypto-assets, their effect, advantages, and disadvantages.

Once you have acquired sufficient knowledge, you must make the final decision. Remember to start small and continue learning as you go. Don’t get discouraged if you make some mistakes since everyone does. Consult widely, read a lot, but don’t follow advice blindly. Only invest as much as you don’t mind losing.