Understanding Crypto Is Easier Thank You Thought! Here’s Why

Cryptocurrency is the next generation of money. It's a new technology that allows direct payments over the internet without a middleman like a bank. At its heart is blockchain technology, a truly novel approach to transferring value, but at its core is something they're all familiar with: trust. Trust allows money or any other currency to work, and cryptocurrency is a currency.

What is a crypto wallet?

Crypto wallets are a must-have for anyone who wants to buy, sell or use cryptocurrencies such as BTC and ETH. They act as the bridge between the fiat world and the crypto world.

The wallet is a software program that stores private and public keys and interacts with different blockchains to enable users to send and receive digital currency and monitor their balance. If you want to use Bitcoin or any other cryptocurrency, you will need a digital wallet.

Therefore, it's essential to understand some critical concepts about crypto wallets. These include:

Public Key – This is a public address that anyone on the network can use to send you funds. It is similar to your bank account number. It is also known as an address or destination tag.

Private Key – This is the secret key used to access your funds in the wallet. It would be best never to share this with anyone or risk losing all your funds in your wallet forever. If you lose it, there is nothing we can do for you either because we don't store users' private keys on our system.

What will happen if you lose your private key?

There are a few more details. First, if you lose the private key to an address, you can get the money back if you have a backup of the corresponding public key. But second, and more importantly, each time you spend bitcoins, your wallet creates a new address with a new private/public key pair. If you spend 100 bitcoins in 10 transactions, ten lessons are now associated with your wallet, and they all have different secret keys. So even if only one of those ten transactions is compromised, it doesn't expose any other addresses or their private keys.

There's a downside to this, too: backups only work if they include every address your wallet has ever generated. If you make a backup after receiving 100 bitcoins and then generate 50 more addresses for new transactions, later on, your backup will not be able to restore those 50 addresses unless it's updated again after making them.

How to get started trading digital currencies

The best way to learn about digital currencies is to get digital currency trading and experiment. But that takes a few steps. First, there's the jargon to master. Then you have to find an exchange, where you can buy and sell. The most popular sale is DcoinTrade, with more than 9 million active accounts. You've probably heard the phrase "to the moon!" But if you're new to this stuff, it's worth understanding exactly how you get from here to there.

In this two-part series, they're going to give you a crash course in what you need to know about digital currencies like Bitcoin and Ethereum. They're not going to get too technical. They'll leave that for another day. If you want a more detailed guide on how these systems work, read this article by Cornell professor Emin Gun Sirer. A single bitcoin is worth $2,831. It was worth $5,000 at the end of August. Ethereum has been gaining on Bitcoin in overall value and popularity. It's currently trading at around $300 per unit with more than a $28 billion market capitalization.

Digital currency exchange platforms

Digital currency exchange platforms are once in a lifetime opportunity to get rich and make history. As the world moves away from cash, the future of money is digital. This is why it's no surprise that several start-ups have popped up to capitalize on this opportunity.
Digital Currency Exchange Platforms are the largest and most successful companies globally at capitalizing on these trends. [Digital Currency Exchange Platform] only accepts bitcoins for payment. All purchases happen over their website, so there's no need for a physical store or for customers to interact with salespeople when they buy something.

A digital currency exchange platform allows its customers to buy, sell and trade cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin, and many other coins. The process works like this: you deposit your Bitcoin into the exchange, then, once the conversation has received your Bitcoin, you can request a fiat currency withdrawal. The most common way to do this is via a bank (wire) transfer or an automated clearing house (ACH) transfer (which takes 3–5 days).

One thing that makes digital currency exchange platforms unique is that they are not just software or a website; they are companies that deal with tangible financial assets based on cryptocurrencies. 

Understanding your transaction history page

Your digital currency transaction resolutions history page is a detailed record of every transaction you make. It is a great place to find your latest deposits and withdrawals.

To view your transaction history:

Click on the "Account" tab.
Click on the "Transaction History" sub-tab.

The default setting shows a list of account transactions; you can change this by clicking on "Show Account Orders." If you have many trades, you can filter them using the options above the transaction list.

       What are pending transactions?

If you see a charge that's listed as "pending" on your transaction history page, it means it's not final yet. A merchant may submit multiple pending orders while waiting for final authorization from the bank that issued your debit or credit card. Pending authorization requests usually fall off within a few days, so don't worry if you don't recognize them right away.

     Why do they see duplicate charges?

If you have more than one account with them, you might see duplicate charges when multiple tabs are linked to the same card or bank account. They recommend contacting your bank or card issuer about this issue so they can help resolve it faster.