Excerpts from CareYourPresent
Is Cryptocurrency a scam?
- Cryptocurrency is a digital currency that can circulate without the need for a central monetary authority such as a government or bank as the middle party –peer to peer transaction.
- Individual coin ownership records are stored in a digital ledger which is a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
Hence, if you own cryptocurrency, you don’t own anything physical. What you own is a key that allows you to move a record or a unit of measure from one person to another without a trusted third party. This is a common misconception that many people have.
How to buy Cryptocurrency, trade and earn from it?
- Open a Centralised exchange (CEX) account, example Gemini, FTX, Crypto.com.
2. Transfer fiat currency from your bank to CEX.
3. Do research on what type of coins are available and what coins you want to buy etc.
4. Buy cryptocurrency using your transferred fiat.
5. Either keep the cryptocurrency in CEX and earn some extra money by lending, crypto earn, staking etc in CEX
6. Send the cryptocurrency to a digital wallet such as Metamask for farming/staking/lending/trading/collateral etc in various DeFi site.