Hi everyone! Today we’re going to be talking about the ins and outs of cryptocurrency and what you need to know before getting started. This video is for beginners. But first, let me tell you about Won Connect we are a social enterprise based in Glasgow which aims to empower individuals and especially older adults by increasing digital participation. All profits from our organization go towards running our free classes and befriending events in the community so subscribe to our channel to support our cause and get notified when we release more helpful videos.
Recently a story about an elderly woman getting scammed online caught our attention.
She didn’t have any knowledge concerning cryptocurrency and was therefore vulnerable to crypto fraud. She simply wanted to secure her savings and help out her grandchildren by investing in bitcoins. Unfortunately, she lost her money since this is not an isolated incident we wanted to make this video to address the topic of cryptocurrency and explain the dangers that come with it. Cryptocurrencies have been quickly growing in popularity and while it can be tempting to boost your income by investing in them it is also extremely important to stay alert and vigilant before making a commitment.
We are here to show you how not to fall victim to cryptocurrency fraud online. As a rule of thumb always be cautious of unexpected emails phone calls and letters concerning large sums of money. First things first, what exactly is cryptocurrency? cryptocurrency or crypto for short is a type of digital currency that only exists electronically and can be used for selected goods and services.
It was designed to be a secure method of payment through the use of cryptography.
It’s a process that converts information into a difficult to crack code. What makes cryptocurrency valuable is that in contrast to pound sterling or other currencies, it has a finite supply. Unfortunately, the rise of cryptocurrencies also attracted fraudsters and con men who count on the naivety of the public in order to steal an investor’s money. they might offer unrealistically high return rates, provide falsified reports, nag you to invite more users, or ask you for your private details such as passwords and bank account information. Now chances are that you’ve heard of bitcoin before when somebody brought up the subject of cryptocurrencies.
Bitcoin was the first cryptocurrency created in 2008 by an unknown person or group of people using the name Satoshi Nakamoto even today it is still the most popular cryptocurrency used and its price movements influenced the rest of the cryptomarket. Let’s talk about a few practices to avoid. Whilst using the internet you might have noticed a sea of comments that invite you to check out an investment opportunity that seems too good to be true and is followed by a link that supposedly takes you to the cryptocurrencies website do not click on links of this nature as they might download malware onto your computer or lure you into providing sensitive information scams are very common so don’t respond to any cold calls or emails. How to buy it safely? What you can do instead is to make sure that you are well prepared before you start investing by gaining as much knowledge about cryptocurrencies fundamentals as you can.
The first step is to ensure that you are using a secure internet connection after that you should decide on an exchange or a broker where you can buy or sell cryptocurrencies it is also worthwhile to look into the background of these brokers to make sure that they are legitimate here are some examples of well-known exchanges you might want to consider and their main characteristics Coinbase easy to use interface high liquidity no control over wallet keys high fees when using the basic version Binance lower fees in comparison with other exchanges large variety of cryptocurrencies, not the easiest one to use for beginners Kucoin anonymous trading large variety of cryptocurrencies low trading volume.
Upholdbeginner is friendly no minimum investment amounts users have been locked out of their accounts in the past what is also recommended is that you start a crypto wallet outside of the exchange account in order to have full control of your money exchanges might get hacked or shut down and then you risk losing your crypto savings a crypto wallet is a software, not unlike the one in your pocket that allows you to store and manage your digital coins however instead of actual money it stores private, similar to a pin used to access your bank account, and public keys like your bank account itself. If anyone else gets hold of your private keys they will be able to control your funds.
A crypto wallet gives you better security and allows you to control your cryptocurrency balance on a regular basis. Popular wallets include crypto.com is the pioneering payment and cryptocurrency platform it is beginner-friendly and users can buy and sell cryptocurrencies with credit and debit cards and cryptocurrency another wallet is Nexo.
Nexo is one of the world’s leading regulated financial institutions for digital assets Nexo has advanced security features and it is not possible to buy or sell cryptocurrencies directly through this platform Exodus. Exodus sends receives and exchanges cryptocurrency with ease on the world’s leading desktop mobile and hardware crypto wallets it has multiple cryptocurrencies advanced security features and it is beginner-friendly.
Trezordiscover the secure vault for your digital assets store bitcoins litecoins passwords logins and keys without worries it has advanced security and a variety of cryptocurrencies it is also regularly updated how to protect yourself from scams short answer is research is key don’t buy bitcoins off an advert do supplementary reading online and look for any mention of the service that you’re interested in on trusted websites such as Forbes or The Financial Times.
You can also familiarize yourself with “how to” beginner guides that will point you in the right direction additionally keep yourself updated with the current messages and warnings released by the UK’s Financial Conduct Authority. How to save? The best way to embark on your cryptocurrency journey is to start slow.
Establish how much money you are willing to invest don’t go over your assigned budget you come up with a strategy that is unique to your personal risk tolerance. In the beginning, you can purchase small fractions of cryptocurrency and observe when its value increases and decreases some services allow you to set alerts to warn you when the values had dropped below or above a specific point.
However, there are always risks associated with any kind of investment and it’s important to bear that in mind. Now let’s sum it up in some pros and cons. Pros crypto is a decentralized currency givingyou a lot of power to control your own financesit is not attached to a specific financial organizationthat exercises control over the currency meaning it is a flexible currency optionit gives you anonymity you don’t have to giveout your personal information when startingthe wallet the number of bitcoin issued is limitedtherefore their value is very likely to increasemore and more businesses are acceptingcryptocurrency as a form of payment cons it hasbig potential loss and limited security optionstransactions are irreversible once the moneyleaves your account it is impossible to get itback even if this transfer was a mistake despitecryptocurrency’s finite number its value canbe volatile unpredictable and can drop abruptlycryptocurrency investors are frequently targetedby criminals so you need to take advantage of allthe safety measures available to you and remembertake your time weighing up all your options andbe cautious of anything that simply seems too goodto be true because most of the time it probably isclick on the link in the description to accessthe full article about the ins and outs ofcryptocurrency why not check out our other videosto learn more you can build on this foundation andlearn how to browse the web safely and do whateveryou want with your computer and the internetif you like this video please like it share itand subscribe to our channel got any question orsuggestion what do you want to learn and what tipswill be valuable to you please leave a commentbelow so if you need any help with your computeror internet skills please feel free to contact us.