Cryptocurrency has gotten so popular nowadays. It seems everyone is into cryptocurrency, but as it gains popularity, many people still don't understand the concept. Cryptocurrency is a virtual asset used as a medium for transactions and payments online.
This currency is purely digital as there is no physical money involved. Cryptocurrency operates like any other currency globally, and we will explain this later in the article.
Although the Canadian government does not recognize cryptocurrency as money, they recognize it as a commodity. The government applies the rule of 'trade by barter' when dealing with cryptocurrencies. This means that when performing transactions online, the buyer and seller will treat the currency as goods that are being exchanged.
Learning All About Cryptocurrency; Why is it Important?
Learning cryptocurrency for beginners can be confusing. Certain terms are used that will sound quite strange to a beginner's ears. This is why to teach a beginner all about cryptocurrency; a teacher must teach the concept in the simplest manner possible.
You can call cryptocurrency the modern-day currency. Millions of people use this currency worldwide to perform transactions online. As a beginner who wants to open a cryptocurrency account, you'll find out that there is no stress in it at all. One beautiful thing about cryptocurrency is the ease of having a wallet.
You need to visit a bank to open an account for a normal bank account by inputting your personal information. In return, the bank will give you an account number and an ATM card to withdraw your cash. On the other hand, you can sign up for a cryptocurrency wallet on a site, and like that, you already own an account and have access to a digital wallet where you store your cash.
This brings us to the importance of cryptocurrency, which is the absence of a third party. Unlike the account in a bank overseen by the government and some other important people in the bank, the cryptocurrency account is not overseen by anyone except the owner. Read these books to learn more.
There is no limit to making transactions, there is unlimited access to your account, and some cryptocurrencies charge almost no transaction cost. Cryptocurrency is also reliable as the system is decentralized. Cryptocurrency uses blockchain technology, unlike the common currency that can sometimes fail because each account is connected to one bank.
Blockchain is a technological structure that stores records of transactions in different databases. The records aren't kept on one computer but millions of computers, ensuring there isn't just one safe for recorded transactions. In blockchain technology, your actual details during transactions are kept private, reducing the risk of fraud.
Cryptocurrency 101 – What Does it Entail in Canada?
As a beginner who wants to know all about cryptocurrency in Canada, you must know many types of cryptocurrencies. Just like we have the Canadian dollars, the US dollars, pounds, yen, and so many other currencies globally, cryptocurrencies are also not restricted to one currency. There are many digital currencies in circulation here in Canada and other parts of the world, and a possibility for many more to spring up.
There are many popular cryptocurrencies globally and these are traded by most Canadians too. They include:
- Bitcoin
- Ethereum
- Bitbuy
- Coinsmart
- Binance coin
- Solnar
Like there are different cryptocurrencies, different sites are also used to trade these currencies. An example is the CoinMarketCap, also known as Coinmar. With this site, you can lend, borrow and invest cryptocurrencies anywhere in Canada.
For a beginner trying to learn all about cryptocurrency, the first thing that might come to their mind is how to invest in bitcoin. Bitcoin is one of the oldest and most popular types of cryptocurrency; an average person with knowledge of cryptocurrency must have heard about bitcoin one way or another.
These websites will teach you more about crypto investment.
Learning cryptocurrency for beginners might include learning how to invest in bitcoin. Many tutors often use bitcoin as an example for trading and cryptocurrency exchange as it is the most popular currency. After learning, the student might trade in other cryptocurrencies like Ethereum, Dogecoin, or Litecoin.
Apart from coinmar, some other sites are available in Canada that specialize in trading cryptocurrencies. Crypto investors and enthusiasts can use these sites to convert Canadian dollars to cryptocurrencies. They include:
- Newton
- Ledger
- Binance
- Coinbase
Can a Superprof Tutor Teach You How to Invest in Bitcoin?
Superprof is a site created for the ease of learning for students. You can find a tutor for any subject of interest on Superprof. Learning all about cryptocurrency is also possible on this site. Superprof has over 900 cryptocurrency tutors, with most of these tutors having 5/5 ratings. What better way to learn all about cryptocurrency than by finding an excellent tutor. Superprof has tutors located both in Canada and other parts of the world.
One very good advantage of Superprof is online tutoring. Although some might prefer face-to-face interaction with their tutor, many people opt for online learning. This way, you can find experienced teachers worldwide who are ready to teach you all about cryptocurrency trading.
The tutors on Superprof have an in-depth knowledge of trading, so bitcoin is not a foreign concept to them. These tutors will teach you how an investment works, including dealing with different cryptocurrencies like bitcoin. They are ready to teach you cryptocurrency 101 in the simplest and most interesting form.
As a beginner going into trading, it is expected to have basic knowledge about cryptocurrency. Without proper calculations and understanding of the market, a person who wants to invest in bitcoin or Ethereum can suffer a major loss. This is where hiring Superprof tutors in Canada comes in.
They will teach you the basic things to watch out for when investing. If you're interested in investing in bitcoin, they will teach you how to watch out for volatility in the bitcoin market. This knowledge will enable you to know when and when not to invest.
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What Are 5 Reasons Why You Should Hire A Superprof Tutor for Cryptocurrency 101?
There are many reasons Superprof tutors are sought after. Besides their professionalism and teaching skills, there are many more advantages to getting a Superprof tutor. Here, we have rounded up five reasons you should hire a Superprof tutor for cryptocurrency:
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Experience
Most of these tutors would not be hosted on Superprof if they were not experienced. To learn something as technical as cryptocurrency trading, you should work with people who know how the market operates. An experienced tutor will teach you excellently, showing you the little things people don't notice when trading.
You don't only need someone who has a head-knowledge of crypto to teach you; you also need someone with the requisite experience, one who understands how the Canadian crypto market works.
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Online training
As was stated earlier in the article, many people often opt for online training as some might be occupied with other things. Some people might have jobs or attend schools, making it difficult to learn face-to-face. These Superprof tutors can work around your schedule; as long as you're ready, they're available.
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Private tutoring
It can be challenging to learn with other people, so most hire a private tutor for better assimilation. All Superprof tutors are private tutors; this allows them to focus on you alone. They can come over to your place, or you can agree on a neutral location to learn about cryptocurrencies. A very important factor of private tutoring is a teacher's ability to know where you might lack clarity.
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Comfortability
While this may be interpreted as learning at a comfortable time, being comfortable can also be related to your freedom with your tutor. It is often said that a student learns better when he loves his teacher. A beginner who wants to learn cryptocurrency should also have a good rapport with his tutor. Superprof tutors often make sure that the relationship between them and their students isn't strained. You are never afraid to ask questions and request more explanations on things that aren't clear.
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Patient tutors
As a beginner who wants to learn cryptocurrency, the first thing you must look out for in a tutor is their ability to teach patiently. Cryptocurrency is not a course that should be taught in an agitated manner. It requires deep explanations of basic steps.
Superprof provides you with tutors who will not find your questions ridiculous; they will treat every question carefully and tactfully, making sure every explanation is clear to you. This is a very important attribute every good tutor should have, and that's what you get when you hire a teacher in Canada.
In conclusion, while cryptocurrency is popular, there are many things a person must consider before starting it. Many people go into cryptocurrency for the sole purpose of earning money; while this isn't a bad thing, they go into it blindly.
Trading without knowledge of cryptocurrency 101 can be very disastrous. Someone new to the crypto market doesn't know how it works or when the bitcoin price fluctuates; thus, they can make a terrible investment mistake. Hiring a tutor to teach you the crypto basics is essential.
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