The modern concept of cryptocurrency is becoming very popular among traders. A revolutionary concept introduced to the world by Satoshi Nakamoto as a by-product became a success. By decoding cryptocurrency, we understand that cryptography is a hidden thing and currency is a means of exchange. It is a form of currency that is used in the chain of blocks created and stored. This is done using encryption techniques in order to control the creation and verification of the processed currency. Bit coin was the first cryptocurrency to exist.
Cryptocurrency is just one part of the process of a virtual database running in the virtual world. The identity of the real person here cannot be determined. In addition, there is no centralized authority governing the cryptocurrency trade. This currency is equivalent to the hard gold retained by people and whose value is supposed to increase in steps and turns. The electronic system established by Satoshi is decentralized, where only miners have the right to make changes by confirming the transactions initiated. They are the only providers of human touch in the system.
Digital currency cannot be counterfeited, as the whole system is based on hard core math and cryptographic puzzles. Only those people who are able to solve these puzzles can make changes to the database almost impossible. Once the transaction is confirmed, it becomes part of the database or blockchain, which cannot be reversed.
Cryptocurrency is nothing more than digital money that is created with the help of encryption technique. It is based on the peer-to-peer control system. Let us now understand how you can benefit by trading in this market.
It cannot be reversed or forged: Although many people can refute this that the transactions made are irreversible, but the best thing about cryptocurrencies is that once the transaction is confirmed. A new block is added to the block chain and the transaction cannot be faked. Become the owner of this blog.
Online transactions: This not only makes it suitable for making transactions to anyone sitting anywhere in the world, but also facilitates the speed with which the transaction is processed. Compared to real-time, where you need third parties to enter the picture to buy a house or gold or take out a loan, you only need a computer and a potential buyer or seller in case of cryptocurrency. This concept is easy, fast and full of ROI prospects.
The commission is low per transaction: There is a low or zero fee charged by miners during transactions, as the network takes care of it.
Accessibility: The concept is so practical that all those people who have access to smartphones and laptops can access and trade in the cryptocurrency market anytime, anywhere. This accessibility makes it even more lucrative. Because the ROI is commendable, many countries like Kenya have introduced the M-Pesa system that allows bit currency devices that now allow 1 in three Kenyans to have a bit currency portfolio with them.