The modern concept of cryptocurrency is becoming very popular among traders. The revolutionary concept introduced to the world by Satoshi Nakamoto as a spin-off was a hit. We understand that cryptocurrency is something hidden and currency is a medium of exchange. It is a form of currency used in a created and stored block chain. This is done using encryption techniques to control the creation and validation of the transaction currency. Bitcoin was the first cryptocurrency to emerge.
Cryptocurrency is just part of the virtual database process that works in the virtual world. It is impossible to determine the identity of a real person here. Additionally, there is no centralized authority that governs cryptocurrency trading. This currency is equivalent to solid gold, saved by people and whose value is expected to grow like yeast. The electronic system established by Satoshi is decentralized, where only miners have the right to make changes by confirming the initiated transactions. They are the only providers of human touch in the system.
Cryptocurrency counterfeiting is impossible, as the entire system is based on hard mathematical and cryptographic puzzles. Only those people who are able to solve these puzzles can make changes to the database, which is almost impossible. Once confirmed, the transaction becomes part of the database or block chain that cannot be reversed.
Cryptocurrency is nothing but digital money that is created using coding techniques. It is based on a peer-to-peer management system. Let’s now find out how you can benefit from trading in this market.
Cannot be canceled or tampered with: Although many people may deny that the transactions made are irreversible, but the best thing about cryptocurrencies is that the transaction is confirmed. The new block is added to the block chain and then the transaction cannot be faked. You become the owner of this block.
Online transactions: This not only makes it suitable for anyone anywhere in the world to transact, but also reduces the speed of transaction processing. Compared to real time, when you need a third party to buy a house, gold or take out a loan, you only need a computer and a potential buyer or seller in the case of cryptocurrency. This concept is simple, fast and full of ROI prospects.
The commission is low per transaction: Miners charge low or no commission during transactions because the network takes care of it.
Availability: The concept is so practical that all those people who have access to smartphones and laptops can access and trade the cryptocurrency market anytime, anywhere. This accessibility makes it even more profitable. As the return on investment is commendable, many countries like Kenya have introduced the M-Pesa system which allows the use of bit coins, which now allows one in three Kenyans to carry a bit coin wallet.