Cryptocurrencies are forms of digital money that can be used for online transactions. They exist only in cyberspace, and their supply is not determined by any central bank or regulated through the traditional financial system.
They cannot be stored physically as there aren’t usually tangible coins or notes involved, but they can be stored electronically through a private key that acts as an encrypted password.
You have to buy cryptocurrency Singapore through an exchange platform, where you can trade one type of digital currency for another or even cash out into real-world money.
Although there are hundreds of different types of cryptocurrency available on the market today, most people only use a few popular ones like Bitcoin and Ethereum. There are many other exchanges you can choose from, but it’s essential to take your time and do some research before deciding.
Ethereum can be bought in just minutes before being exchanged for other cryptocurrencies. However, suppose you don’t already have Bitcoins or another type of cryptocurrency to exchange it with. In that case, there are alternatives available like Localbitcoins which allow users to buy and sell BTC directly between themselves without an intermediary.
In conclusion, cryptocurrencies are a great way to make online payments, sell goods or services and even buy things from websites that don’t accept traditional forms of compensation.