Cryptocurrencies are a modern asset, fit for the 21st century, and as such more and more governments aim to introduce laws and regulations to reduce their anonymity and minimize independent cryptocurrency trade. So is there still someplace where you can obtain e-coins without formalities?
Cryptocurrency – a glimpse of the future
Cryptocurrency is a kind of digital currency secured by cryptography, which makes it almost impossible to fake by double spending. Most cryptocurrencies work through a decentralized network based on the blockchain technology, a ledger dispersed in the cloud, processed by independent computers.
Blockchain technology is a series of unchangeable data entries with a timestamp, which are managed by a computer cluster that isn’t owned by any one entity. Every single of these data blocks is secured and connected with another with the use of cryptography, creating a chain. This network has no central organ and its code is used as an open story. This means that the information stored in blocks is available to every user. Moreover, using blockchain takes no money – you only have to may for the infrastructure. That provides a way to get information from point A to point B with the use of computers. Thanks to this once a cryptocurrency is emitted and the blockchain starts moving, it can’t be hijacked or falsified, even though the code is available to the users. Because of this cryptocurrencies became a phenomenon of the second decade of the 21st century.
Virtual currency – how to obtain it?
Cryptocurrency can be bought in a number of ways. One of them is mining, which means solving cryptographic puzzles to create more cryptocurrency units. Some coins are created by the work of miners, which are rewarded a few units of cryptocurrency for their services. But mining is not cheap, as it requires an appropriate computer, also known as cryptocurrency diggers.
There are also cryptocurrency ATMs. These are machines similar to traditional ATMs, but instead of putting money in and out you can use them to buy cryptocurrency. Such ATMs are mostly a curiosity, though, as in reality they are quite expensive and rare.
Another place are cryptomarkets. Such markets work similarly to other market types, like forex or stock exchange. On this type of platform you can buy cryptocurrency with traditional currency or exchange one type of crypto for another. But markets have a huge downside – they are often a target of hacker attacks by various criminals. Another negative is the requirement of identity verification with the use of an ID or other documents.
A place where you can buy cryptocurrency with no registration is a crypto-cantor. Cryptocurrency cantors can operate online or offline. A stationery cantor is often connected to a money exchange. There you can use money to buy cryptocurrency that will be sent to the provided e-wallet address. An online cantor is a much more convenient form, however, as the whole exchange happens on the internet without the need to leave the home.
The characteristic of the crypto-cantor.
Buying through an online crypto-cantor is very simple. On the main page of the platform the currency pairs can be found along with their current price rates. For example, BTC/USD means you can exchange Bitcoins for US dollars in this cantor. Every pair has a buy/sell rate next to them, so in this case how much dollars will we get for one Bitcoin.
Before you buy anything through a crypto-cantor it’s important check if there is a need to register and verify your identity with an ID. Most platforms don’t allow for independent cryptocurrency trade and, just like cryptomarkets, demand a scan of your documents confirming your identity. This process can take up to a few days, so if you’re interested in quick and anonymous exchange it’s better to avoid the cantors with registration.
By choosing a cryptocurrency cantor without registration all you need to do is specify a concrete amount of cryptocurrency. For example, Crypto-ATM has the prices and the exchange on the main page, so you only need to specify your e-wallet address and pay for the exchange. The upside of this independant crypto-cantor is the fact it allows the users to make an exchange within minutes. This shows that when it comes to comfort, crypto-cantors with no registration are the preferred option while buying cryptocurrency.
Where and how long to store e-coins?
The e-coins that we use often should be stored in a “hot” type wallet. This type is installed on a device that can connect to the Internet, i.e. as a mobile application or an online account. Hot wallets make transactions very easy but they are prone to hacker attacks.
The wallet that allows to store cryptocurrency completely offline is called a “cold wallet”. For those who look for the safest way to store the units, cold wallets are the best option. They are also the best fit for long-term investors, who don’t need to access their units for many months or years.
- Desktop: these wallets are downloaded and installed on a PC or laptop. They are only available on the computer it got downloaded on. The wallets for PCs offer one of the highest security levels, but if the computer gets hacked or becomes infected with a virus, there may be a risk of losing all the assets.
- Online: these wallets operate in the cloud and can be accessed from any device in any place. Although they are easier to access, internet wallets store the keys online and are controlled by a third party, which makes them more prone to hacker attacks and being stolen.
- Mobile: mobile wallets work as phone app, which makes them easy to use wherever you are, including shops. Mobile wallets are usually smaller and simpler than PC wallets due to the limited space on mobile devices.
- Hardware: hardware wallets store user’s private key on a separate device, like a pendrive. Although hardware wallets include online transactions, the units are stored offline, which makes them more secure.
- Paper: paper wallets are easy to use and ensure a high level of security. Although the term “paper wallet” can mean a physical copy of a printed private or public key, it may also mean the software responsible for safely generating a pair of keys to print.
It is important to remember that investing in virtual currencies is based on speculations. It’s buying an asset and then selling it once tre price reaches a satisfying height. There is a risk factor involved in speculation which stems from wrong assumptions or missing the moment the bubble bursts. That is why before one begins investing it is crucial to obtain basic knowledge about cryptocurrency speculation.