What is Crypto?

What is this 'Crypto' everyone is talking about?

Cryptocurrency – or simply "crypto" – is a type of digital money. It differs from traditional FIAT - currencies like the dollar or euro that you can physically hold in your hand. Instead, crypto only exists digitally, on the internet. The most well-known cryptocurrency is Bitcoin , but there are many others, such as Ethereum or USDT . Imagine crypto as an app on your phone that stores and transfers money without a bank in the middle. With X4T, you can easily and securely buy, trade, and use cryptocurrencies.

How can I use crypto?

You can use crypto to invest, make payments, or even receive payments. Think of it as faster and international bank transfers that can be made at any time – without a middleman like a bank or a payment processor.

As a customer, you can open an account with X4T . This process is completely free and can be completed online within 5 minutes. Upon registration, you will receive a Wallet , which can be simply thought of as working similarly to a bank account. Your cryptocurrencies are stored safely in your wallet. Each wallet has an associated Wallet ID – you can think of it like an account number. You can use this ID to receive crypto from other people, for example, as a payment. Similarly, other people can send you their wallet ID, much like a bank transfer, to receive payments from you. This way you can for example pay a friend in Madrid without involving banks! You then send crypto from your wallet to them, and that's it – completely hassle-free and all manageable online via your smartphone.

In addition to sending and receiving payments, you can also invest in cryptocurrencies using trades with X4T . We have another article prepared to provide more information to help you get started.

Summary

We understand that when beginning with crypto, there is an overwhelming amount of information and it all seems difficult. But do not worry! We are here to help you with every step and questions you may have. We prepared a short summary with all importan things we learned so far:

X4T = Crypto exchange. Here, you can acquire crypto for fiat, sell crypto for fiat, and trade cryptocurrencies for other cryptocurrencies.
Wallet = Similar to a bank account, this is where your cryptocurrencies are stored and managed.
Wallet ID = A kind of account number that you can use to send or receive payments.
Fiat Money = "Regular" money, like USD or Guaraní.
Trade = The process of exchanging one cryptocurrency for another, e.g., USDT to Bitcoin.
USDT/USDC = Stablecoins. These are always worth exactly one USD. When you deposit fiat with X4T, you automatically receive USDT/USDC in your wallet, like a digital dollar, which you can then use to send to another Wallet or trade for other cryptocurrencies on X4T
Bitcoin/Ethereum/Tron/Ripple = The names of some well-known cryptocurrencies that you can acquire with your USDT/USDC on X4T.

These basics will help you understand the world of cryptocurrencies better. If you have any questions or want to dive deeper into specific topics, more articles are available for you. Let's continue exploring the world of crypto together!

Example

Let's say you want to buy crypto for 200,000 Guaraní or 50$. All you need is an account with X4T . You can then deposit the Guaraní or USD either via bank transfer or in cash at our office, and you will automatically receive the equivalent amount in USDT . With that, you can then buy other cryptocurrencies on X4T , such as Bitcoin or Ethereum , pay your friend in Madrid, or simply keep the funds digitally in your wallet in USDT – perhaps you'll need them one day. If you then want to convert the crypto back to fiat , i.e., "regular" money, it is just as easy with X4T . In further articles, we explain how investing in crypto works, how to open an account, make deposits, and much more.

Next Steps

Open an Account with X4T: Now that you understand the basics of crypto, the next step is to open an account with X4T. This can be done online in just a few minutes, and it's free.
Learn how to buy and sell crypto : Visit our article "How to buy and sell crypto on X4T?" for step-by-step instructions.
Try a small transaction : Start small – send or receive your first cryptocurrency to get a feel for the process. You can do this directly in your X4T app.
Exchange crypto for fiat or other cryptocurrencies : Learn how to convert your crypto to fiat or exchange it for other coins on X4T. Our platform offers an easy way to experiment and trade with crypto.

Updated on: 06/11/2024