The modern concept 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. It is just a form of currency found in the block chain created and stored. This is done through encryption techniques in order to control the creation and verification of the currency transacted. Bit coin was the first crypto currency which had become.
Cryptocurrency is just a part 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 absolutely no centralized authority which governs the trading of cryptocurrency. This currency is equivalent to hard gold preserved by people and the worthiness of which is meant to be getting increased by leaps and bounds. The electronic system set by Satoshi is a decentralized one where only the miners have the proper to make changes by confirming the transactions initiated. They are the only human touch providers in the machine.
Forgery of the cryptocurrency is not possible because the whole system is based 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 that is hard. The transaction once confirmed becomes section of the database or the block chain which can’t 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 one 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 after the transaction is confirmed. A fresh block gets put into the block chain and the transaction cannot be forged. You become the owner of that block.
Online transactions: This not only makes it suitable for anyone sitting in any area of the world to transact, but it addittionally eases the speed with which transaction gets processed. As compared with real time where you need third parties to come in to 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 is low or no fee taken by the miners through the transactions as this is taken care of by the network.
Accessibility: The concept is so 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. As 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 get a bit coin wallet with them.