CRYPTO EXCHANGES AND HOW THEY WORK, PART 1

I just found out today, that as of January 2022, there are over 8,000 different cryptocurrencies, and over 300 exchanges! What’s a crypto exchange, Sherma? I’m so glad you asked! 😀 A crypto exchange is just a website/online marketplace where you can buy, sell, or trade crypto. The more you know about crypto, the easier it will be for you to either buy, sell or trade it. I enjoy doing all of them!

As you research you’ll find out that there are different types of exchanges too. One type of exchange allows you to trade one coin for another. Let’s say you purchased BTC but you want to exchange it for another crypto, maybe Ethereum (ETH). There are crypto exchanges that do just that: they will allow you to exchange your BTC for ETH instead. Another type of exchange won’t allow you to switch out crypto for other coins, but will let you use fiat currency (e.g. US Dollars/EURO/Canadian dollar) to purchase crypto. Remember there are over 300 exchanges so there’s a lot to explore. But whatever exchange you use, the idea of being able to withdraw the crypto you purchased and send it to your own personal wallet, should be a priority, so find an exchange that will allow you to do that!

Before you purchase crypto, just know what you want to do with the asset you’re buying. Are you the person that wants to buy the crypto and hold it? Are you purchasing crypto for everyday use/shopping? Would you like to access your crypto only at home or would you like to have it on your mobile device to glance at anytime you’d like to? What are the fees being charged? Can you use PayPal to pay if you want to, or do they only accept VISA/MC? Is your crypto immediately available when you’re ready to withdraw or is there a holding period? When you have these answers it will be much easier to know which exchange to choose.

Please check the reputation of the exchange you’re using. Look at their reviews and what type of verification they require from you. Some of the more popular exchanges, are: Coinbase, Binance US, Kraken, Crypto dot com, The Black Wall Street and Gemini. Where you get your crypto is a personal decision, and should be backed by as much research as you can conduct to ensure a good outcome.

I’m pretty sure you can find information on YouTube, Reddit and other crypto spaces, but you’ll have to weed through it to see who’s got what type of information, whether it’s legit or not, whether or not their results are believable and do they even know what they’re talking about.🤷🏾‍♀️ You can also join a teaching platform such as the one I’m a part of (IM Mastery Academy - link below). Either way, the more you know the easier it will be for you to maneuver crypto world, and this Crypto Devotional is here to help make it a little bit easier for you!😊

See you tomorrow. Until then, peace out! ✌🏾✊🏾

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Copyright ©2022 Sherma Jacqueline Felix. BLACK ADVANTAGE Publishing™. The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestion in this post.