Mindblown: a blog about philosophy.
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Selling & Converting Crypto
What you’ll learn The key things to consider about selling On & Off Ramps Choosing where to sell Selling step-by-step At this stage in our series of articles explaining how to use cryptocurrency you should understand the options for safely storing your crypto in a wallet; how to send/receive as well as the function of…
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Where does the purchased crypto go?
As part of the process of creating an account with an Exchange you automatically get a web wallet (jump to this article for more information). This is like an online bank account or App where you can check the value your balance in fiat (Euro/Dollar etc) which hopefully increases over time. Your newly purchased cryptocurrency…
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Mobile Number & Proof of Identity
When buying cryptocurrency for the first time you’ll need to prove your identity and verify a mobile number. Often simply abbreviated to passing KYC (Know Your Customer). This ensures that the exchange isn’t breaking any rules around where it can accept customers from and guarantees customers are of the correct age. During peak periods –…
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Sign Up/Security & Verification
You’ll need to sign up for an account to buy cryptocurrency from a centralised exchange. You’ll have been through a similar sign up process countless times, though you’ll find that social sign-up – Google, Facebook or Twitter – isn’t generally available. The decision of what email address to use for Sign Up is an important…
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How to buy crypto
What you’ll learn What does buying crypto from an exchange mean? The process & what you’ll need Setting up a payment method What happens to the crypto once you buy it? This is the fourth article in our how to use cryptocurrency section. So far we’ve explained how to safely store cryptocurrency, introducing the crypto…
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Person-to-Person Exchange (P2P)
The standard CEX model takes most of the hard work out of buying crypto as you never actually have any idea of who you are buying from. There is, however, an alternative type of exchange where you can interact directly with a seller (or buyer) of cryptocurrency – called P2P (peer-to-peer). This approach is a…
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Centralised vs Decentralised
As mentioned above, the most common model is a Centralised Exchange (CEX). The main reason for this is that in order for an Exchange to sell cryptocurrency, customers need to deposit regular (fiat) money from a bank, credit card or e-wallet – all centralised and regulated financial services. For this reason, the majority of exchanges are…
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How an Exchange Account works
Though cryptocurrency itself is decentralised – as explained in our basics of cryptocurrency section – the standard model for exchanges is a centralised one, which is why you’ll see the acronym CEX – Centralised Exchange. This is a big point of debate within the crypto community because using a CEX is a custodial option – remember ‘Not…
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Choosing an Exchange
Given the growing popularity of cryptocurrency there are an increasing number of exchanges to choose from. You’ll find that even the most credible exchanges struggle when demand is particularly intense, so try and plan the process of choosing an exchange, rather than reacting to the next big price rise. To make that decision easier we…
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Where you buy crypto
What you’ll learn What is a Cryptocurrency Exchange? Factors to consider in choosing an Exchange How an Exchange works Different Exchange models If you’ve read the previous two articles in this section you’ll know what a crypto wallet is, how to set one up and send/receive cryptocurrency. In order to buy cryptocurrency – the next…
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