INSUBCONTINENT EXCLUSIVE:
Simplest way to join the crypto industry is by making an investmentWith the advent of personal computers, various terminologies have found a
Some of them are so popular that we sometimes use them as if by default
For instance, we store data on files that are in turn stored in folders
When we open a file, a window pops up
Closing all the open windows shows the desktop
Similarly, we use analogies in the world of cryptocurrencies as well
For example, we store money in a wallet (online or offline), which in reality isn't a wallet but a pair of digital keys needed to open the
wallet.As for computers, analogies for cryptocurrency are also inspired by real life
Consider the process of obtaining or spending crypto coins as getting on to a highway or getting off it
These processes are called on-ramps and off-ramps.How does this work?The simplest way to join the crypto industry is by making an
investment, meaning you buy coins by exchanging fiat money
Most people do this through online exchanges
Not all exchangers, however, allow for direct fiat purchases
Thus, when you receive crypto coins in exchange for fiat money, you are using an on-ramp
When you spend cryptocurrency for something that is not a digital asset, you are using an off-ramp.Both on-ramps and off-ramps are key to
maintaining the cryptocurrency industry's smooth functioning
How? Consider this: you work for a company that is paying you salaries either in part or fully in a cryptocurrency
In that case, the company is on-ramping its employees
Usually, employees are fine with this payment system, since most of them want to trade or hold digital assets anyway.But this could create
problems for vendors, who accept crypto payments for their goods and services
These businesses want to get off the highway as soon as possible after receiving payments in crypto coins
So, these vendors act as off-ramps
Relatively speaking, you are an on-ramp for the vendor and the vendor is an off-ramp for you.What are the ways to get on-ramp?There are
mainly two other ways to get on-ramp, besides centralised (online) crypto exchanges.1) Get in touch with your local traders
But this is no longer in vogue
It's not possible to meet regularly and requires immense trust that the traders won't scam you.2) Use cryptocurrency ATMs
Crypto ATMs function a little differently from traditional ATMs
At crypto ATMs, you need to insert cash in the machine and the machine sends crypto to your wallet
But, again, there's a big problem with this method as well: there are neither such ATMs nor in all cities.
