Crypto Basics

 

What is cryptocurrency?

A cryptocurrency is a digital asset that is stored electronically. You're probably familiar with digital transactions, such as online banking, bank transfers or even PayPal. Cryptocurrency operates in a different way to these types of transactions as it operates without reference to a central authority, like a bank. It can perform a direct transfer from person to person.

Blockchain explained simply!

A blockchain is a database, like a spreadsheet where information can only be added, and nothing can be deleted. This is how all transactions for Bitcoin and other cryptocurrencies are recorded and stored. Three key benefits to blockchain technology are that it is secure, cost effective and speedy when it comes to processing transactions.

What's the difference?

Trading

Traders buy & sell crypto within short periods of time with the intention to make profit. Traders often use a strategy called 'Technical Analysis' to help them decide when they will buy and sell.

Investing

Investing in crypto typically involves holding it for a longer period of time, with the intention that the asset will increase in value and result in a profit.

What can I buy with crypto right now?

From coffee ☕️ to cars 🚗, the list is growing daily. The easiest way to make purchases using cryptocurrency is to use a Crypto Debit Card.

Did you know?

At Swyftx, you can invest in crypto with as little as $30 AUD. You do not have to buy a whole cryptocurrency, you can buy a fraction of one.
The price of cryptocurrencies like Bitcoin are determined by their supply and demand. For example, when the supply of Bitcoin is limited and consumer demand is high, the price will go up. The price will go down if the opposite occurs. There are a number of other factors that can also affect the price.

Question 1

At Swyftx, $30 AUD is enough to get started investing in crypto.

Question 2

Supply and demand is one of the factors that can affect the price of crypto.

Question 3

A cryptocurrency is a digital asset that is stored electronically.

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