What is cryptocurrency? [Tất tần tật về mọi thứ mà bạn cần biết!]

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2021-03-22 22:30:40

Are you a new person here? You need to find out information about virtual money, electronic money? If that’s the case then congratulations on finding the correct article! If you already know, have a look to supplement your knowledge!

What is virtual currency?

Virtual moneyCryptocurrency also known by other names such as electronic money, cryptocurrency, algorithm money, … is a type of digital asset.

You just understand, it is similar to USD ($), or VND (₫) … but only digital.

So you will not hold or carry with you like normal money. Through the Internet you can exchange this currency easily.

In order to carry out financial transactions, cryptocurrencies must use cryptographic functions. Blockchain is the core element that makes up virtual money.

Blockchain technology makes this encrypted currency immutable, decentralized and transparent.

In the coming years, This could become a popular currency around the world. When the benefits that it brings is an undeniable thing.

Watch now: What is Blockchain?

Cryptocurrencies use Blockchain technology

What virtual currencies are there?

As you all know, Bitcoin (BTC) was the source of crypto. But there are thousands of cryptocurrencies on the market right now.

As of the time of this writing, there are 3021 cryptocurrencies on Coinmarketcap. Not to mention there are some coins that have not been updated here.

These coins are growing every day to prove themselves. Every cryptocurrency has great technologies. You can find the coin name at CHK’s search for more information.

For example, Ethereum (ETH) can be used to run decentralized applications (dApps) and smart contracts. In addition, there are still notable names such as EOS, LTC, XRP …

Watch now: Virtual currency prices are currently updated 24/7 by CHK

The difference between virtual money and regular money

The common point of both currencies is that they are used for payment and are transferred between the parties. Here are the basic differences to distinguish:

Cryptocurrency vs. conventional money

What is a cryptocurrency wallet?

Because cryptocurrencies are non-physical and not tangible like fiat currencies. So storing cryptocurrencies will be very different as well.

Cryptocurrency Wallet (Cryptocurrency Wallet) is the answer for storing virtual currencies. This wallet is used to store your encrypted coins.

It will have an address where you can deposit money there. Simultaneously with Wallet money is digital can also help you transfer money to others through the address they provide.

Depending on your purpose, you will choose separate wallets. Currently, there are 2 popular types of wallets: cold wallet and hot wallet

  • Hot wallet: Convenient for transactions because it is always connected to the Internet, but that is why its security is less than cold. Some common hot wallets: Ledger, Trezor, KeepKey, …
  • Cold wallet: Suitable for long-term storage people because of higher security capabilities than hot wallets. Since it’s stored offline, it’s less likely to be stealing your wallet. Some of the following cold wallets: Atomic, Exodus, Jaxx, Blockchain …

Watch now: What is MyEtherWallet? How to create and use the most detailed MEW wallet

ledger nano s cold wallet
Ledger nano s cold wallet

Is virtual currency legalized in Vietnam?

In Vietnam today, virtual currency is not recognized as a currency or a payment method.

The current law of our country only recognizes the forms of payment such as: payment order, check, payment order, collection order, bank card, collection order, or other means of payment according to the Central Bank’s regulations. .

Other forms of payment are considered illegal and are also prohibited.

However, trading, exchanging and storing virtual currency is not prohibited. But related activities technical money number is not recognized by law.

Therefore, any disputes and risks related to money will not be protected by Vietnamese law.

Below is a picture of Bitcoin’s legitimacy across countries. If BTC is recognized then virtual money is also recognized. Explanation of the colors in the picture:

  • Green is legal
  • Gold is a controversial child, and its use is limited
  • Pink is not prohibited directly
  • Red is prohibited completely or partially

The legality of cryptocurrencies in the countries

Advantages and disadvantages of cryptocurrencies

Advantages

  • Fairness: Cryptocurrencies allow you to exchange directly between two people without going through any other third party.
  • Convenience: You only need a smartphone with Internet connection to be able to trade at any time and at any time.
  • Fast, cheap: You can make super-fast cross-country money transfers at super cheap rates.
  • High security and safety.

Defect

  • Currently in some countries cryptocurrencies are not widely accepted yet.
  • For those with knowledge of technology, using virtual currency becomes simple. and for those who do not know anything, it becomes difficult to use.
  • The price volatility is still very large.

The reality of virtual money scams in Vietnam

In our country, most of the frauds are disguised as investing in virtual money to blind investors. Such names as Bitconnect, Hextracoin, Ifan, Pincoin …

However, they were soon overturned, leading to their demise. Recently, the virtual money market is developing strongly.

So crypto asset-based ‘steam-based’ multi-level projects have mushroomed after the rain.

The common point of this ghost project is that they have been active for a while to call for capital investment. After that, there will be no traces of silence that will cause investors to lose their hearts.

Anyone who wants to contribute capital or invest in a project needs to learn about that project. And should stay away from projects with huge profits, because its nature only uses money later to pay the first.

All you hear is a beautifully drawn story, such as: investing in huge profits, withdrawing capital is still profitable, enjoying high commissions, … As you know the first job. Cryptocurrency investment has a lot of potential risks.

So projects with huge profits cannot be real and of course those projects are ghost projects, scam projects.

Thereby we can see that virtual money is not a scam. This is all due to a number of individuals or organizations that borrow money using encryption algorithms to create fraudulent projects.

These projects will lure “prey” into a lack of grasping knowledge. Since then, those who are deceived think that virtual currencies are scams by nature.

Should I invest virtual money?

Investing in cryptocurrencies can be very profitable. However, investors should know that everything has two sides of it, along with the profit gained, it is impossible to avoid the risks.

So you should take the time to learn well before investing in something to avoid being fooled by ghost projects.

Please refer to what CHK has to say and make the right decisions from there!

Invest virtual money

Where should virtual currency investment start?

For those who have never had contact with cryptocurrencies, it is impossible to know where to start.

Everything is pretty vague, so CHK will bring you a free course https://CHK.com/lop-hoc/. From there, it helps you to approach easily and effectively.

Trade

Long-term investment

If you are an employee, you do not have a lot of time and you want to invest in crypto. Then this is the best solution for you.

This method requires you to be patient, regardless of short-term fluctuations. The mistake of that novice is to want to earn quickly.

Want to make money quickly, its risks come also high. You can gain plenty and also lose white. For newbies, I recommend investing in this form because it is simple.

For example: You see Bitcoin drop to $ 3,200. After analyzing and choosing a good buy point, you decide to buy this price.

By June 26, 2019, the price of BTC reached $ 13,000. At this price you can sell and wait for the good price to buy.

Your goal is longer and you believe Bitcoin is the future. You believe that Bitcoin will hit $ 100,000 hook within a few years, you can store it longer.

Long-term crypto investment

Surf

This is an experienced type of transaction. This method can bring in quick profits if you are favorable.

With this type of trading you have to spend a lot of time finding short waves. Ie price fluctuations during the day.

For example: Every day you spend a lot of time tracking your orders. Each command wins 0.2% and repeats the process over and over again.

Then within a day if you can make a favorable position 1-2%. If your capital is 10,000 $, you can surf 100-200 $ per day if you are favorable.

Of course, win does not lose, so you must be highly disciplined.

Transaction according to news

With this type of transaction, you must update the news quickly. Usually, the price is likely to increase depending on the level of influence of the news.

Not all news will price up. There are news that will come out to manipulate the market.

You have to choose which news is likely to increase and which is not. This form of trading is capable of making quick profits but also extremely dangerous.

For example: It is reported that the leader of a big country like China or the US recognizes Bitcoin. At this point you will buy quickly, waiting for the opportunity to increase and sell.

Short-term transactions

With this type of trading, you have to learn technical analysis, psychological analysis … Choose the right buy point and set your stop loss and take profit discreetly.

That way, you will have profits with this form of trading.

For example: You are following and analyzing NEO. You see NEO reversing with a 15% return. At this point, just set a stop loss to reduce risk and take profit at your target.

Excavators

Mining or mining coin is using software to solve extremely complex mining algorithms to get coins.

As long as the miner is connected to the internet, you can start mining. Mining can also be profitable depending on the market price and the electricity bill.

To learn more about miners, please click on this link: https://CHK.com/dao/ to equip the necessary knowledge.

Mining virtual money

Cryptocurrency “dead” not?

With benefits such as: cheap fee, fast transfer, transfer anytime, anywhere. At the same time, virtual currency also brings merit for two people to transact with each other because it doesn’t go through any central bank or any third party.

Along with the economic crisis, the devaluation of the legal currency is on the rise. One can include hyperinflation in Venezuela or Zimbabwe with an inflation rate of 79,600,000,000% in 2018.

For the people, their legal currency is no longer valid. When they buy food, they have to carry sacks of money to buy it.

In 2009 when the old currency was abolished by the government, $ 150,000 Zimbabwe was valued at $ 1.

To solve this problem then Cryptocurrencies is the answer for the people here.

Since virtual money does not go through any central bank, inflation is avoided.

Bitcoin, for example, is fixed at 21 million BTC and inflation is reduced every 4 years.

With the current volatile economic situation, saving money is effective for us. Through the above evidence, you will have the answer for yourself that whether virtual money will “die”?

Will virtual money die?

Epilogue

CHK (BTA) Hope that through the above article, you can answer your questions as well as learn more about virtual money, electronic money.

For those who are planning to invest in the cryptocurrency sector, it is necessary to find out what you are investing in.

Hope CHK will become your soulmate and bring you the latest information, news, knowledge … about virtual money. Please look forward to the next articles!

#cryptocurrency #Tất #tần #tật #về #mọi #thứ #mà #bạn #cần #biết

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