Hi, Morning folks welcome back to our daily wrap in the crypto ecosystem if you missed the previous post feel free to revisit for a better understanding........stay with me till the end

HOW TO BUY AND SELL CRYPTOCURRENCIES

1.Find a good Bitcoin wallet:The first thing one needs to buy and sell cryptocurrencies is a cryptocurrency wallet which will be used to store and transact the cryptocurrencies. The choice of a cryptocurrency wallet depends on the type of cryptocurrency one wants to acquire. Some wallets are compactible with almost all cryptocurrencies irrespective of the blockchain such cryptocurrencies are built on. These wallets are multi-chain wallets. A good example of this is Trust Wallet.Some wallets are known to be compactible with ERC-20 tokens (tokens built on Ethereum blockchain). An Example of this this is Myetherwallet(MEW).

2.Choose the right cryptocurrency exchange: A cryptocurrency is exchange is a platform where one cryptocurrency can be converted to another cryptocurrency. Cryptocurrency exchanges are classified into centralized exchanges and decentralized exchanges. In centralized exchanges(CEx), the buyers and sellers trust a third party who holds their assets and processes transactions as instructed by the traders. Trading in centralized exchanges is very risky because the trusted middleman can vanish with all the assets because he holds the private key to the wallet(s) thatholds all the user’s assets. An example is the recent vanishing of Idax exchange CEO with theExchange’s wallet private key which resulted to loss of assets by many of all their users including me.An example of a centralized exchange is http://binance.com. Decentralized exchange(DEx) isthe safest exchange to trade cryptocurrencies but the problem here is that decentralized exchanges don’t support many tokens built on some blockchain and one cannot exchange fiat to cryptocurrencies and vice versa here. Decentralized exchanges are trustless in the sense that no middleman and each user hold his or her assets. This means that there is no fear of loss of assets through scam and hacking. An example of a decentralized exchange is https://idex.market.

3.Step 4: Buy some Bitcoin and store them in your wallet: like I said above, one can purchase a cryptocurrency using fiat from some centralized exchanges. You can make payment to such exchanges with yourcredit card or debit card. Many people often buy Bitcoin or Ethereum and use any of them to exchange for other cryptocurrencies. One can buy Cryptocurrencies using fiat from exchanges like http://binance.com, http://pro.coinbase.cometc.

4.Transfer your cryptocurrencies to your personal wallet: It is often recommended that one doesn’t leave any assets not current used for trading on centralized exchanges to avoid loss. Once you bought your Cryptocurrencies, store them on your personal wallet.