If you’re lacking an understanding of what cryptocurrency and blockchain is, we recommend that you first read Blockchain Definition.
What is an entry coin?
Simply put, an entry coin is a coin that you can obtain by using a FIAT currency.
What is FIAT?
It is useful to define FIAT, because this is not a commonly understood word to the layperson.
Fiat is defined as an authoritative decree or order. Like a command delivered from the United States government. So FIAT money, is money that is backed by the government. The Canadian dollar is also a FIAT money.
FIAT money has been defined as: Any money declared by a government to be legal tender. FIAT money has been around for almost a millennium, originating in China in the early 1100’s. However, the internet credits the widespread of adoption of fiat money to Richard Nixon decoupling the American Dollar from gold in 1971.
Bitcoin and FIAT
If you’ve heard of Bitcoin, then you know about the first coin to enter the cryptocurrency stage. Bitcoin came into existence on January 3rd, 2009, but it wasn’t until May 22nd, 2010 ( Pizza Day ) that Bitcoin started to obtain real value with respect to the American Dollar.
Any coin that someone wants to sell you for Canadian Dollars would for you, be considered your entry coin. More generally though, for the purpose of this article, we want to define entry coins as the coins you can buy on an exchange. An exchange is a website, or a service that allows you to deposit Canadian Dollars through an interac e-transfer, or a credit card purchase, then trade those Canadian dollars for an coin such as Bitcoin. It is often the case that these exchanges offer more than just Bitcoin for Canadian Dollars. Other entry coins, include Ethereum, Litecoin, Bitcoin Cash, and Ripple.
Earn an entry coin
You can earn an entry coin through donations, or some other service that offers you crypto in exchange for a task. A good example of how you can earn yourself cryptocurrency, is through the Brave Browser. The Brave Browser allows you to earn “Brave Attention Tokens” proportional to the time you spend watching advertisements on the internet. Effectively, paying you for your attention. Click here to read more about Brave.
Shakepay is a mobile app and website that allows you to e-transfer them Canadian dollars, which then can be traded for Bitcoin and Ethereum. Thus, Shakepay has decided that Bitcoin and Ethereum are the entry coins for this platform.
CoinSquare is an exchange based out of Toronto Canada. They offer a FIAT to Crypto exchange in various currencies such as the Euro, Canadian Dollar, and American Dollar. You can fund your account with your credit card through CoinSquare.
Binance is the largest cryptocurrency exchange in the world. They have more than 100 trading pairs and a native token called BNB.
KuCoin is an exchange, also with more than 100 trading pairs. KuCoin has their own native token, called KCS or KuCoinShares. By holding KuCoinShares, you receive a portion of the trading fees paid on the platform on a daily basis.
After getting an entry coin
You have a number of options after you get yourself an entry coin.
You can transfer your entry coin to a larger exchange, to diversify your portfolio
You can re-invest your coins in a lending service, putting your crypto to work
You can buy things on the internet from any merchant than accepts crypto
You can transfer your funds into a cold-wallet for long term, and secure storage
Regardless of what you choose to do with our funds. You’re officially a holder ( hodler?? ) of cryptocurrency. You’ve joined the 100 million other people on the planet that own, use, and hold crypto. Welcome to the revolution.