A global phenomenon that tends to expand more and more every day, cryptocurrencies are alternative virtual currencies and whose value, unlike conventional currencies, is not indexed to the price of gold. They are not regulated by any financial institution, but the key word in their use remains security, reliability and transparency. The term cryptocurrency therefore designates both a cryptographic currency and a peer-to-peer payment system.
Exchange cryptocurrencies for other currencies, for what?
It is important to note that as of today, there are around a little over five thousand different cryptocurrencies. And if it is possible to buy some more famous cryptocurrencies like bitcoin , litecoin, ripple, ethereum etc. with euros or dollars (of the so-called FIAT currency), it is on the other hand impossible to buy other cryptocurrencies, less known. It would therefore be necessary at this level to proceed to an exchange of cryptocurrencies. It is therefore the impossibility of using the “fiat” currency for the purchase of smaller cryptocurrencies that makes the principle of exchange necessary. And this exchange is carried out through “Exchanges” which are cryptocurrency exchange places. There are several hundred of them around the world and for novices, it is advisable, for more reliability, to use the best known
How to proceed?
Right after obtaining your cryptocurrency, you cannot directly use it as a currency of exchange. They should first be sent to an exchange before using them. Exchanges in general work the same way. To transfer your cryptocurrency there, you must first access the reception platform you have chosen. Go to your account balance and select the cryptocurrency you want to deposit there from the list that appears on the screen. Among the three options available for each cryptocurrency, choose “deposit”. You will see a link appear that you must copy. This is in fact the address to which your deposit will go. After this operation, you should now go to the platform where you hold your cryptocurrencies, go to your balance as before and, instead of choosing “deposit” this time, you will have to choose “withdrawal”. Then enter the amount of cryptocurrency you want to withdraw, paste the previously copied address to indicate the address to which you are sending your credit.
Once your transfer is successful on the Exchange platform, you can now buy or exchange your cryptocurrencies with others. Go to the marketplace to select the cryptocurrency you want to acquire. Different features may be offered to you depending on the platform.