The modern idea of cryptocurrency is becoming extremely popular among traders. A revolutionary concept introduced to the planet 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. This can be a form of currency used in the block chain created and stored. This is done through encryption techniques to be able to control the creation and verification of the currency transacted. Bit coin was the initial cryptocurrency which came into existence.
Cryptocurrency is just a part of the process of a virtual database running in the virtual world. The identity of the true person here cannot be determined. Also, there is hardware centralized authority which governs the trading of cryptocurrency. This currency is the same as hard gold preserved by people and the worthiness of which is supposed 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 create changes by confirming the transactions initiated. They are the only human touch providers in the machine.
Forgery of the cryptocurrency isn’t possible because the whole system is dependant on hard core math and cryptographic puzzles. Only those who find themselves with the capacity of solving these puzzles could make changes to the database which is hard. The transaction once confirmed becomes portion of the database or the block chain which cannot be reversed then.
Cryptocurrency is only digital money which is created with the aid 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.
Cannot 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 new block gets put into the block chain and the transaction can’t be forged. You become who owns that block.
Online transactions: This not only makes it suitable for anyone sitting in any area of the world to transact, but it also eases the speed with which transaction gets processed. When compared with real time where you will need third parties to come into the picture to buy house or gold or take a loan, You only require a computer and a prospective buyer or seller in the event 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 so practical that all those who have access to smartphones and laptops can access the cryptocurrency market and trade in 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 atlanta divorce attorneys three Kenyans to possess a bit coin wallet using them.