FAQ – Digital Currency Exchange

FAQ

Frequently Asked Questions


Storage and security of your digital currencies



When you buy digital currencies through a centralized crypto exchange, you will have no control over your private keys. A centralized crypto exchange will store a percentage of your private keys in a hot wallet, while the rest will be stored in a cold wallet. Centralized crypto exchanges are the main target of unscrupulous hackers because they concentrate large amounts of wealth in one place. In the past, crypto exchanges like Mt. Gox, Quadriga, or EXMO were hacked leaving many investors with big losses on their investments. This is one reason why you should have control over your private keys, so you can store them safely in cold storage wallets or also called hardware wallets.
When you own a digital currency, what you own is a private key. It is the most important piece of information used to authorize outgoing transactions on the blockchain network. For instance, when you buy ADA coins, your coins are going to be associated with a set of public and private keys. Your public keys are like your email address. They can be shared with anyone you decide to. On the other hand, your private key is like your password for that email address. You don’t want anyone to have control or access to your personal account. Do you? If you don’t have the private keys of your digital currencies, you don’t control them.
There are three different ways to store your private keys. The first one is keeping your digital currencies on a centralized crypto exchange. The downside is that you have no control over your private keys. Not only your keys but everyone else’s keys are the target of sophisticated hackers who try to breach the security of the centralized exchange and steal millions of dollars in cryptocurrencies. The second one is downloading a software or wallet application to your desktop or smartphone. The problem with this type of wallets is that they are still connected to the internet. If you fall into a hacker’s trap, you could lose all your funds. The third one is buying a hardware wallet (also called a cold wallet). This is the safest way to store your private keys since they will be stored in a device that does not have a connection to the internet.

Bitcoin ATM



Bitcoin is as safe as any other investment. Make sure you do business with a Bitcoin vendor/provider that you can trust.
Check the vendor’s credentials and verify with the BBB Association.
With the ATMs distributed by Digital Currency Exchange, you can sell your Bitcoin as easily as you can buy it.
No one can tell what the price of Bitcoin or any other asset will be in the future. However, cryptocurrency analysts have projected that the price of Bitcoin could reach $100,000 per coin this year and $300,000 per coin in a few years.
The price of Bitcoin is constantly changing. You can find the market value of any digital currency on our home page.
Yes, if your vendor receives Bitcoin as payment for products and services.
Tesla, Expedia, Overstock.com are publicly traded companies that are accepting Bitcoin as a form of payment. There are other big names that are receiving payments indirectly. For instance, Microsoft, Home Depot, or Whole Foods.
Yes, many people will only use Bitcoin or digital currencies to transact business in the future.