Continuing from the above, after getting your first Crypto, you may want to take this coin. What are you wearing? What's the use? First, just like traditional assets, Crypto can be spent, transferred or traded; second, Crypto can be used to participate in project activities; even, some Crypto is like stocks, representing your ownership of a project, and you can participate by holding it Development decisions (i.e. governance) of the project.
Safety Tips:
This article does not constitute any investment advice.
Investing is risky and we strongly recommend that you do adequate research before acquiring any Crypto.
No matter which method you choose to obtain Crypto, please make sure you enter an official and safe website and pay attention to identifying phishing websites.
Do not connect to the wallet casually and protect your private key.
You may also be interested in the following about safety and risk:
- What are the risks of buying and holding cryptocurrencies?
- What is a phishing scam?
- What is a pump and dump scam?
- What is getaway fraud?
- What is a Ponzi scheme
Similar to real-life assets, Crypto It can be used for real-life consumption, but the scope of use is relatively limited. Because Crypto prices fluctuate greatly, few merchants use it as a payment method. But there are also some e-commerce websites designed specifically for Crypto, or traditional e-commerce websites that support Crypto as a payment method, such as Shopify. Some payment companies are working to allow more online & offline merchants to support Crypto payments, allowing users to use Crypto's real-time prices to purchase goods, such as BitPay, Alchemy Pay, Swipe, etc.
In addition, some countries and regions have supported BTC as legal tender, including El Salvador and the Central African Republic.
Crypto transactions can be conducted in centralized or decentralized exchanges. Users can trade between legal currency and Crypto, or between Crypto and Transactions between Crypto. The current mainstream centralized exchanges include: Binance, Coinbase, OKX, Bybit, KuCoin, Upbit, etc., and the decentralized exchanges include: Uniswap, Curve Finance, Pancakeswap, Sushiswap, Balancer, etc.
For more information about Crypto exchange, you can read: What is a cryptocurrency exchange Exchange?
Crypto is an asset issued by the blockchain project party and is usually given various functions and uses. Users who use/hold Crypto can often participate in specific activities of specific project parties, including but not limited to lending, mining, gaming, etc. The applications with the highest liquidity currently on the market include: Lido, MakerDAO, Aave, etc.
Some Crypto has been given ownership and governance rights over the project. Holders can participate in the project's business decisions and even receive a share of the project's profits. If users do not have time to participate in governance, or are not interested in participating in governance, some project parties support users to delegate governance rights to others and let them perform it on their behalf.