The modern idea of cryptocurrency is becoming extremely popular among traders. A revolutionary concept introduced to the world by Satoshi Nakamoto as a side product became a hit. Decoding Cryptocurrency we understand crypto is something hidden and currency is a medium of exchange. It is a form of currency found in the block chain created and stored. That is done through encryption techniques to be able to control the creation and verification of the currency transacted. Bit coin was the first cryptocurrency which had become.
Cryptocurrency is just a portion of the procedure for a virtual database running in the virtual world. The identity of the true person here cannot be determined. Also, there is no centralized authority which governs the trading of cryptocurrency. This currency is equivalent to hard gold preserved by people and the value of which is meant to be getting increased by leaps and bounds. The electronic system set by Satoshi is a decentralized one where only the miners have the right to make changes by confirming the transactions initiated. They are the only real human touch providers in the machine.
equipment of the cryptocurrency is not possible as the whole system is based on hard core math and cryptographic puzzles. Only those who find themselves capable of solving these puzzles could make changes to the database which is next to impossible. The transaction once confirmed becomes area of the database or the block chain which can’t be reversed then.
Cryptocurrency is only digital money which is made up of the help of coding technique. It is based on peer-to-peer control system. Why don’t we now understand how one can be benefitted by trading in this market.
Cannot be reversed or forged: Though lots of people can rebut this that the transactions done are irreversible, however the most sensible thing about cryptocurrencies is that after the transaction is confirmed. A fresh block gets put into the block chain and the transaction cannot be forged. You become who owns that block.
Online transactions: This not only makes it suitable for anyone sitting in any section of the world to transact, but it addittionally eases the speed with which transaction gets processed. As compared to real time where you will need third parties to come in to the picture to get house or gold or have a loan, You only need a computer and a prospective buyer or seller in case of cryptocurrency. This concept is easy, speedy and filled with the prospects of ROI.
The fee is low per transaction: There’s low or no fee taken by the miners during the transactions as this is looked after by the network.
Accessibility: The concept is indeed practical that all those people who have access to smartphones and laptops can access the cryptocurrency market and trade inside it anytime anywhere. This accessibility makes it even more lucrative. As the ROI is commendable, many countries like Kenya has introduced the M-Pesa system allowing bit coin device which now allows 1 in every three Kenyans to possess a bit coin wallet with them.