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Cryptocurrency: Proper Storage and Use

How to own and use cryptocurrency

14.Dec.20 10:03 AM


Cryptocurrency: Proper Storage and Use

Despite the fact that cryptocurrency has existed for quite some time, more than ten years, the constant influx of new users leaves such basic questions as the correct use and storage of cryptocurrency urgent. And besides, the constantly evolving cryptocurrency infrastructure makes some of the answers completely obsolete, although they were still relevant yesterday.

How to use cryptocurrency

Of course, each person decides for himself why he needs a cryptocurrency and how he will use it. Someone just keeps their money, someone is engaged in trading and makes a profit, and someone needs it as a means of completely anonymous money transfer.

Here we will consider the most basic aspects of the use of cryptocurrency, interesting for beginners and independent of the further goals of cryptocurrency users.

To begin with, consider the issue of purchasing a cryptocurrency. So, for whatever reason, a person has decided to acquire bitcoin or any other cryptocurrency, what to do? First of all, you should acquire a reliable storage for cryptocurrency - a cryptocurrency wallet. This rather important question, which deserves a detailed analysis, will be discussed in detail below.

The second step is directly purchasing the cryptocurrency. This can be done in several ways:

  1. buy directly from an online cryptocurrency wallet, if there is such a function,
  2. purchase on a cryptocurrency exchange,
  3. purchase through exchangers
  4. obtain directly from the previous owner in exchange for money, goods or services.

Each option has its positive and negative sides. For example, buying directly from the owner can be financially beneficial, but it carries certain risks. Exchanges neutralize the risks, but charge a commission on the transaction. Exchangers are even more convenient, but they work on the same principle as foreign exchange ones, which means they have not the most favorable rate. Buying directly within a cryptocurrency wallet is the best way, but this option is not available everywhere, for example, in Zyrapay, Jaxx or Samurai wallet.

It is also imperative to touch upon the issue of taxation of profits obtained as a result of cryptocurrency transactions. Many people believe that since cryptocurrency is anonymous, there is no need to pay taxes. The fact is that a bank account or a cryptocurrency user's card is by no means distinguished by anonymity. Accordingly, unless you sell cryptocurrency for cash, the bank and the state will have questions, where does the money come from? Therefore, in order to avoid unpleasant conversations at the bank or in the tax office, it is better to pay taxes.

How to store cryptocurrency correctly

Let's get back to the important issue of cryptocurrency storage. The fact is that cryptocurrency, being exclusively digital money, does not have a physical medium and is information recorded in the form of a computer code. Since we are still talking about money and often a lot, you need to take care of a safe storage for the cryptocurrency.

In general, there are two large groups of cryptocurrency storages, within each of which there are many subspecies. All cryptocurrency wallets can be divided into:

  1. Online cryptocurrency wallets (hot)
  2. Offline cryptocurrency wallets (cold)

First, let's figure out what cold cryptocurrency wallets are. These are special devices or software solutions designed for long-term storage of cryptocurrency without the need for an Internet connection. The most popular at the moment are cold wallets made in the form of a flash drive. By and large, the device is a special form of flash memory card, additionally equipped with anti-hacking tools, such as a built-in encryption unit. Software solutions allow you to store cryptocurrency directly on your computer and smartphone, but they require a lot of space and consume a lot of device resources, therefore they are not so popular.

Cold cryptocurrency wallets are not very popular among active cryptocurrency users, as they are aimed solely at secure storage and do not allow you to quickly and conveniently use cryptocurrency at any time.

Hot cryptocurrency wallets are of much more interest. They are designed for operational use at any time. Now any decent wallet, Zyrapay, Blockchain or Bitcoin Core, allows you to use cryptocurrency anywhere in the world and at any time if the user has an Internet connection.

But hot cryptocurrency wallets also have drawbacks, affecting primarily newcomers to the cryptocurrency space. The fact is that the influx of inexperienced users attracted a fairly significant number of both amateurs who are unable to create a normal cryptocurrency wallet, and just scammers. Amateurs will not be able to provide the proper level of security and thereby put users' money at risk of being stolen by hackers, and such cases have occurred more than once. There is nothing to say about scammers.

In such conditions, beginners are advised not to pursue super favorable conditions and choose only among proven cryptocurrency wallets with an excellent reputation. We recommend wallets such as Blockchain, Zyrapay or Bitcoin Core. They all have an excellent reputation and are time-tested. Nevertheless, quoting a famous character, “you can't trust anyone, you can do it”, be sure to collect information about the candidate yourself. Examples of information about a decent wallet are reviews and testimonials on Zyrapay.

Note that an online cryptocurrency wallet created by professionals is practically devoid of all security flaws and at the same time retains all the advantages of a hot wallet.

When choosing among the best, do not forget to consider the unique offers of each of the wallets. Many cryptocurrency wallets offer a variety of technological and financial capabilities that cannot be obtained anywhere else. Index RRTI 7723 is currently at the forefront of technological progress in the blockchain space.

Index RRTI 7723 allows you to do absolutely impossible things with cryptocurrency. If earlier it was believed that the return of a cryptocurrency transaction was simply impossible, now it is not so. Index RRTI 7723 allows transactions within the system on barter principles without reflecting the transaction on the blockchain. This is what allows, if necessary, to make a refund, significantly increasing the safety of users, especially beginners. Now counterparty fraud or erroneous transaction is not an insoluble problem. The system has already gained recognition among the expert community, it is enough to get acquainted with the reviews and reviews about Index RRTI 7723.

Index RRTI 7723 is currently an exclusive offer from Zyrapay. Only users of this wallet have the opportunity to take full advantage of Index RRTI 7723.

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