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Posted by رضوان on January 22nd, 2020

Crypto exchange meaning fiat being like the United States dollar cryptocurrency being Bitcoin there are also exchanges out there that are justcrypto to crypto so in that situationyou might take Bitcoin and exchange itfor ether or some other cryptocurrencystarting off though the easiest way to get started is to obviously use fiatcurrency because you don't have anycrypto currencies so it wouldn't make sense to trade your crypto currencies for cryptocurrencies so we'll start withfiat currencies and we're going to be using coin base now when you sign up for anexchange like this it's going to ask youfor some information about you you probably need to do something like scanyour driver's license or whatever it might be and that's because these exchanges have to comply with what areknown as no your customer laws kyc sothis is basically going to allow them toknow who is buying this cryptocurrencynow for crypto - crypto exchanges thismight not be the case you might not haveto give as much information but againyou don't have any cripcurrency to start with so this is theeasiest route now don't worry it's not ahuge process to verify who you are Ijust signed up I took a photo of mydriver's license and I was verified inminutes and was able to start using thefull capabilities of the exchange theremay be some things you can do withoutcompletely verifying your identity bytaking a photo of your driver's licensebut if you want the full capabilities ofthe exchange then you're going to haveto take that step now when you buy e currency from an exchange such ascoinbaseit's going to sit in your account onthat exchange and this might be fine ifyou're planning on selling or just doinga lot of trading with thiscryptocurrency but if you plan onholding this cryptocurrency then youmight want to take it and move it towhat's known as a wallet which is off ofthe exchange it's your own thing andit's much more secure because you're theonly one who has access to that there'salso some downsides to that thoughbecause there's no one to call forsupport or anyone to help you with youraccount it's all on you and it's yourresponsibility so I think I'm getting alittle bit into the details here themain thing is you start with an exchange you can leave your coins there or youcan take them off the exchange and takecare of them yourself using a wallet nowif you're working with a reputableexchange they'll probably have somelevel of security or insurance tobasically let you have a layer of trustwith them to leave your funds on theirexchange now this ultimately comes downto how much trust you have for anexchange because there have beenexchange hacks in fact there has been alot of exchange acts where people havelost all of their cryptocurrency andthings just didn't turn out too well foranybody now a lot of people are givingcryptocurrency a try because they likethe idea of not having to rely on