The modern concept of cryptocurrency is becoming extremely popular among traders. hardware introduced to the world by Satoshi Nakamoto as a side product became popular. Decoding Cryptocurrency we understand crypto is something hidden and currency is really a medium of exchange. This is a form of currency found in the block chain created and stored. This is done through encryption techniques in order to control the creation and verification of the currency transacted. Bit coin was the initial 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 real person here cannot be determined. Also, there is absolutely no centralized authority which governs the trading of cryptocurrency. This currency is the same as 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 really a decentralized one where only the miners have the right to make changes by confirming the transactions initiated. They’re the only real human touch providers in the system.
Forgery of the cryptocurrency is not possible because the whole system is based on hard core math and cryptographic puzzles. Only those people who are with the capacity of solving these puzzles can make changes to the database that is hard. The transaction once confirmed becomes the main database or the block chain which can’t be reversed then.
Cryptocurrency is nothing but digital money which is created with the help of coding technique. It is predicated on peer-to-peer control system. Let us now understand how you can be benefitted by trading in this market.
Can’t be reversed or forged: Though lots of people can rebut this that the transactions done are irreversible, however the best thing about cryptocurrencies is that once the transaction is confirmed. A fresh block gets added to the block chain and the transaction cannot be forged. You become the owner of that block.
Online transactions: This not merely makes it ideal for anyone sitting in any area of the world to transact, but it also eases the speed with which transaction gets processed. In comparison with real time where you will need third parties to come in to the picture to buy house or gold or take a loan, You only require a computer and a prospective buyer or seller in case of cryptocurrency. This concept is easy, speedy and filled up 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 get a bit coin wallet using them.