What is Cryptocurrency? A Beginner’s Guide

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Introduction

Cryptocurrency is a buzzword on everybody’s lips these days. Everybody wants a piece of this financial currency — and for good reason. It’s lucrative, and it promises to be the future of finance.

If you’re a beginner, you might know a thing or two about crypto already. But if you still have questions like “How do I get started on cryptocurrency?” or “What is the best crypto to buy?”, this article is for you. We’ll discuss everything you need to know about cryptocurrency, including how to sell crypto for cash as a beginner.

What is Cryptocurrency?

Cryptocurrency is a decentralized digital currency used to make secure and encrypted financial transactions. A big plus about crypto is that it allows you to make transactions without relying on banks and governments.

The first and most well-known cryptocurrency is Bitcoin, which was created in 2009 by an anonymous person or group known as Satoshi Nakamoto. Since its inception, a lot of other cryptos have joined the market, including Ethereum, Tether, and a host of others.

How Cryptocurrency Works

Cryptocurrencies operate on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers. This technology ensures the security and integrity of the transactions. Cryptocurrency units are stored in a digital wallet and can be transferred between individuals using private and public keys.

Misconceptions About Crypto

There are misconceptions about cryptocurrencies, but they are not entirely true. Let’s debunk some common crypto myths you may encounter as a beginner crypto enthusiast:

1. Cryptocurrencies are scams:

While some people think cryptocurrency has no visible value because it is not a physical commodity. However, cryptos are stable, and they are constantly in demand. For example, Bitcoin has a finite supply, making it resistant to inflation, which is good in the long run, especially for countries with volatile currencies.

2. Cryptocurrencies are unregulated:

Contrary to this myth, many countries have been steadily introducing regulations covering digital assets, such as anti-money laundering, consumer protection, and market conduct. This demonstrates that cryptocurrency is not completely unregulated.

3. Cryptocurrencies are only used for illicit activity:

Cryptocurrencies have become an accepted means of exchange at many retailers and merchants, and governments are working to find ways to regulate them. While they have been associated with illicit activity, the majority of cryptocurrency transactions are legitimate.

Despite the myths, cryptocurrency continues to be widely adopted by many people due to its unconventionality and value. In the coming years, crypto will be more popular for use as a means of exchange and investment.

Where to Sell Crypto as a Beginner

One thing you want to look for as you sell crypto is safety. You want to look out for a legitimate crypto exchange app that keeps your assets secure. Also, some platforms for selling cryptocurrencies don’t give high rates, so it’s best to be on the lookout for a cryptocurrency exchange platform that offers you value for your coins.

Innixx is a platform that enables the easy and fast sale of cryptocurrencies. It provides a secure and user-friendly environment for users to sell their digital assets for instant cash without hassles. The Innixx app allows for converting cryptocurrencies into traditional fiat currencies, such as the Nigerian Naira, making it the best crypto app in Nigeria.

To sell your crypto fast and easily as a beginner, simply download the Innixx app on your Android or iOS device to get started. The Innixx dashboard is easy to use and user-friendly, and there is 24/7 customer support should you need assistance.

As a platform, Innixx facilitates the seamless sale of cryptocurrencies, providing Nigerian users a reliable and convenient way to sell the most popular cryptos—Bitcoin, Ethereum, and Tether—for instant cash.

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