The modern idea of cryptocurrency is becoming extremely popular among traders. A revolutionary concept introduced to the planet by Satoshi Nakamoto as a side product became popular. Decoding Cryptocurrency we understand crypto is something hidden and currency is really a medium of exchange. This is 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 first cryptocurrency which came into existence.
Cryptocurrency is just a the main procedure for a virtual database running in the virtual world. The identity of the real person here can’t be determined. Also, there is absolutely no centralized authority which governs the trading of cryptocurrency. This currency is the same as hard gold preserved by people and the worthiness 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 proper to make changes by confirming the transactions initiated. Bitcoin Cash Token are the only real human touch providers in the system.
Forgery of the cryptocurrency isn’t possible as the whole system is dependant on hard core math and cryptographic puzzles. Only those who find themselves capable of solving these puzzles can make changes to the database that is hard. The transaction once confirmed becomes the main database or the block chain which can’t be reversed then.
Cryptocurrency is only digital money which is made up of the help of coding technique. It is based 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 many people can rebut this that the transactions done are irreversible, however the best thing about cryptocurrencies is that after the transaction is confirmed. A new block gets put into the block chain and the transaction cannot be forged. You become who owns that block.
Online transactions: This not merely makes it suitable for anyone sitting in any portion of the world to transact, but it also eases the speed with which transaction gets processed. When compared 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 the event of cryptocurrency. This concept is easy, speedy and filled with the prospects of ROI.
The fee is low per transaction: There’s low or no fee taken by the miners during the transactions as this is looked after by the network.
Accessibility: The concept is so practical that all those who have access to smartphones and laptops can access the cryptocurrency market and trade inside it anytime anywhere. This accessibility makes it 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 get a bit coin wallet using them.