Cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and many more enable us to provide a space free from the restrictive rules of traditional payment methods.
Each cryptocurrency has a fixed value which can be exchanged in EUR, USD, or any other currency. However, the market is more volatile than traditional currencies, which can be a risk. At HardcoreFighters, we don't give any financial advice or recommend investing in cryptocurrencies. We use it nearly as a tool, therefore we recommend that you only exchange the amount you need for transactions. Many exchanges provide features to exchange your cryptocurrency back to your local currency.
Let's start with the basics of cryptocurrency, explaining some of the most important terms and concepts.
- Cryptocurrency: A digital or virtual currency that uses cryptography for security.
- FIAT Currencies: Traditional currencies like US Dollar (USD), Euro (EUR), or British Pound (GBP).
- Bitcoin (BTC): The first and most well-known cryptocurrency.
- Ethereum (ETH): Another popular cryptocurrency with smart contract capabilities.
- Blockchain: A decentralized, distributed ledger that records all transactions.
- Wallet: A digital tool that allows you to store, send, and receive cryptocurrency.
- Exchange: A platform where you can buy, sell, and trade cryptocurrencies.
There is no need to remember all of these and many more terms. We will guide you through the process of setting up your wallet, buying your first cryptocurrency, and making your first transaction.
If you sign up for a crypto app, many large ones also have onboarding steps which guide you, but if not, you will encounter recurring terms like FIAT, Exchange, Wallet, and the name of the Coin such as Bitcoin or BTC.
How it works - simplified:
You will be using a cryptocurrency app or site, which can be compared to your bank. It provides you with a wallet similar to a bank account. Then, you use the exchange (usually the same app or site) to buy cryptocurrency. You can compare this to buying a stock or a currency. The cryptocurrency you buy is stored in your wallet. You can use this cryptocurrency to buy goods or services. To do that, you will send the crypto from your wallet to another wallet â very similar to sending money to another bank account. In our case, you can use it to buy content on HardcoreFighters.
It is important that you can use any app and many cryptocurrencies on HardcoreFighters. Think about it like a bank, it does not matter which bank you use, so if you already have cryptocurrency you can use it. At the time of writing, we are supporting 7 of the largest currencies, you can see the full list on our checkout page.
There are also other ways of getting cryptocurrency, but we focus here on a simplified, easy-to-follow guide using some of the largest and most trusted platforms (at the time of writing this guide).
Fees:
Just like banking fees, cryptocurrency transactions come with their own set of fees. These can include transaction fees, exchange fees, and wallet fees.
- Transaction Fees: Similar to bank transfer fees, these are paid to the network processing the transaction.
- Exchange Fees: Comparable to stock trading fees, these are charged by the platform where you buy or sell cryptocurrency.
- Wallet Fees: Similar to PayPal or banking account fees, some wallets charge for sending or receiving cryptocurrency.
While the fees may seem high at first glance, they are actually quite affordable. The total of all fees is only a small fraction of the total amount, typically ranging from as low as 0.1% to 1%, depending on the system used. These fees can vary, but they are generally competitive with traditional banking and payment services (Banks, PayPal...). It's important to be aware of these costs and factor them into your transactions.