The modern concept of cryptocurrency is becoming extremely popular among traders. A revolutionary concept introduced to the world by Satoshi Nakamoto as a side product became a hit. Decoding Cryptocurrency we understand crypto is something hidden and currency is really 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 had become.
Cryptocurrency is just a section of the process of a virtual database running in the virtual world. The identity of the true person here can’t be determined. Also, there is no centralized authority which governs the trading of crypto currency. This currency is the same as hard gold preserved by people and the value 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’re the only real human touch providers in the system.
Forgery of the cryptocurrency is not 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 can make changes to the database which is next to impossible. The transaction once confirmed becomes part of the database or the block chain which cannot be reversed then.
Cryptocurrency is only digital money which is made up of the assistance 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 new block gets put into the block chain and then the transaction can’t be forged. You become the owner of that block.
Online transactions: This not merely makes it suitable for anyone sitting in any the main world to transact, but it addittionally 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 have a loan, You only need 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 is low or no fee taken by the miners during the transactions as this is taken care of 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 helps it be even more lucrative. Because 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 have a bit coin wallet using them.