B3i.tech has taken off in a big way over the last several years, and many people have jumped on the bandwagon for investing, trading, and using it as a means of payment. But there are a lot of things to keep in mind before you invest your hard-earned money or even start playing around with it.
One of the most important things to remember is that cryptocurrencies and other digital assets are designed to allow peer-to-peer value exchanges. The idea is that you can hand someone an agreed amount of cryptocurrency in exchange for something, such as a house painting or a ride on a roller coaster. It’s similar to how you might pay cash for a haircut or a coffee.
Learn How to Use Crypto Exchanges: Features, Fees, and Risks
But in order to do that, you need a place where you can buy and sell your coins. There are a lot of different cryptocurrency exchanges out there – think of them as online brokerage platforms – that offer all sorts of different features and services to users, including accounts, key storage, security, and transaction fees.
These kinds of exchanges give the company ultimate control over customers’ assets, which has led more ideological crypto people to deride them as “not your keys, not your coins.” They are also not FDIC-insured and have a lot of risks associated with them, especially if they are hacked. The most famous example is probably Mt Gox, which collapsed in 2014 with hundreds of millions of dollars missing.
