Cryptocurrency is a digital or virtual currency. It uses cryptography to secure transactions between two parties. Most common and popular examples of Cryptocurrencies include Bitcoins, Ethereum, Terra, Avalanche, etc. This article is about to tell you How to Buy FlokiInu.
No Regulatory Authority
Cryptocurrencies have an advantage that they are not issued or managed by any regulatory authority designated for the purpose. No bank can verify transaction(s). Unlike physical notes and coins the payments are done virtually over the internet and anybody, sitting anywhere can send and receive payments. When cryptocurrency funds are transferred, the transactions are recorded in a public ledger meant for this purpose.
Cryptocurrencies are stored in digital wallets. Digital wallet or an e-wallet is a system that is designed through a software to securely store customer payment passwords and information for multiple payment methods and websites. With the help of digital wallets users can transfer funds to make purchases and for other purposes easily and quickly with the help of Near-Field Communications (NFC) technology. Digital wallets are handy to store loyalty points and digital coupons. One can also track payment histories through computer.
It is associated with secure communication techniques that allows only the sender and the intended recipient of a message to view its contents. The root word of ‘cryptography’ is Greek word ‘kryptos’ which means ‘hidden’. It is a study on secure communication techniques. The encrypted data is sent to the intended user and he/she only has the key to decode the information. Cryptologists are constantly trying to make their data more secure and safe so that no other person is able to decrypt it except the intended user.
These are those cryptocurrencies which are different from bitcoins or are not bitcoins. Since Bitcoins were the first cryptocurrency that came into existence, all other cryptocurrencies became ‘Altcoins’. It includes Ethereum, Terra, Avalanche, FlokiInu, etc. Ethereum is considered to be most popular altcoin. It accounts for nearly 20% of the market capitalization in the crypto market. Bitcoin and other cryptocurrencies accounts for the rest.
To buy a cryptocurrency one needs to use fiat money such as US Dollars, Pound Sterling, Euro, Japanese Yen, etc. This fiat money is exchanged virtually through one’s bank account to buy a crypto currency as normally done for any online transaction. This exchange is a platform for buyers and sellers to buy and sell cryptocurrencies. To buy FlokiInu one has to register oneself on one of these fiat-to-crypto exchanges. The fiat-to-crypto exchange which is safe and have all the security features must be preferred.
In a crypto-to-crypto exchange one can buy cryptocurrencies by exchanging them for another cryptocurrency. This is same as buying US Dollars by exchanging Pound Sterling at the price at that time prevailing in the market. This is done on a crypto-to-crypto exchange which facilitates all these transactions to take place on its platform. One can also trade here cryptocurrencies which are in his/her possession. The crypto-to-crypto exchange which is safe and have all the security features must be preferred. They must also provide many options for trade.
Two-Factor Authentication (2FA)
Malicious attacks has the ability to compromise any system that is digitally managed. Personal data can be lost and precious information can be corrupted. The rise in cybercrimes has necessitated the use of 2FA. Personal Identification Number (PIN), answers to secret questions or a specific keystroke pattern acts as the second factor of security to gain access to the system. This provides an extra layer of security to your system so that even if your password protection may get compromised, data remain safe.
Register on a Fiat-to-Crypto Exchange and buying first cryptocurrency
FlokiInu is an altcoin. This means that it cannot be bought like other cryptocurrencies from the crypto-to-crypto or fiat-to-crypto exchange(s) directly. One first have to buy one of the major cryptocurrencies. Ethereum (ETH) is suggested to be preferred cryptocurrency to buy FlokiInu. One is required first to register on a fiat-to-crypto exchange. It will create your account after doing Know Your Customer (KYC) process. Then some amount is required to be deposited on this fiat-to-crypto exchange account so that it may facilitate transactions. Payment methods such as credit/debit cards or through bank transfer are the suggested payment methods. Choose to buy Ethereum and confirm transaction. This will show purchase of Ethereum in the fiat-to-crypto exchange account. Coinbase and Uphold.com are fiat-to-crypto exchanges that are most suitable to perform this operation.
Transfer Ethereum to a Crypto-to-Crypto Exchange
The next step is to transfer your Ethereum (ETH) to an altcoin exchange where FlokiInu could be traded for Ethereum. This Ethereum cryptocurrency must now be traded on the crypto-to-crypto exchange for FlokiInu. Gate.io is a popular crypto-to-crypto exchange to trade altcoins. It gives many options to the user to trade altcoins. A new account has to be registered on this exchange. 2FA authentication is advised. This will add extra layer of security to your account.
Deposit Ethereum to Exchange
One is then required to deposit Ethereum cryptocurrency to the crypto-to-crypto exchange. Another KYC process is required and this will help one to gain access to digital wallet. In Gate.io, Select ETH as we want to trade ETH with an altcoin. After typing in “FLOKI” select “FLOKI/ETH” pair. Click on “BUY FLOKI” button and then “Market” tab. One then need to Confirm his/her purchase by clicking on “BUY FLOKI” button again and then one has successfully bought FlokiInu.
Choosing the right exchange
There are many popular exchanges which can provide services for cryptocurrency trade. Every exchange has its unique feature which gives many options to both the buyer and the seller to trade cryptocurrencies. Some has a huge base and trade volume while others have more security features and have incorporated technologies that do not allow hackers to gain access to the system easily. One needs to be aware of all these evolving mechanisms that the exchange(s) have and try to choose which suits them.