The modern concept of cryptocurrency is becoming very popular among traders. The revolutionary concept presented to the world by Satoshi Nakamoto as a by-product became a hit. Deciphering cryptocurrency, we understand, crypto is something hidden, and currency is a medium of exchange. It is a form of currency used in a blockchain that is created and stored. This is done using encryption techniques in order to control the creation and verification of the currency being committed. Bitcoin was the first cryptocurrency to appear.
Cryptocurrency is only part of the process of a virtual database running in the virtual world. The identity of a real person cannot be determined here. In addition, there is no centralized body to manage cryptocurrency trading. This currency is equivalent to hard gold, which is stored by people, and the value of which is expected to increase rapidly. The electronic system installed by Satoshi is decentralized, where only miners have the right to make changes by confirming initiated transactions. They are the only providers of human contacts in the system.
Counterfeiting cryptocurrencies is impossible as the whole system is based on solid math 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 a database or chain of blocks that cannot then be undone.
Cryptocurrency is nothing more than digital money created using coding techniques. It is based on a peer control system. Let’s now understand how you can benefit by trading in this market.
Cannot be undone or forgedA: Although many may deny that transactions are irreversible, the best thing about cryptocurrencies is that after the transaction is confirmed. A new block is added to the blockchain, and then the transaction cannot be forged. You become the owner of this block.
Online transactionsA: This not only makes it suitable for transactions for those sitting in any part of the world, but also facilitates the speed of transaction processing. Compared to real time, if you need a third party to buy a house, gold or take a loan, you only need a computer and a potential buyer or seller in the case of cryptocurrency. This concept is simple, fast and filled with prospects for return on investment.
The transaction fee is low: When conducting transactions, miners charge a small fee or do not require it at all, because the network takes care of it.
AvailabilityA: The concept is so practical that all people who have access to smartphones and laptops can access the cryptocurrency market and trade on it anytime, anywhere. Such affordability makes it even more profitable. Because return on investment is commendable, many countries, such as Kenya, have introduced the M-Pesa system, which allows the use of bit coins, which now allow one-third of Kenyans to carry a wallet.