The new concept of cryptocurrency is gaining popularity among traders. This revolutionary idea was introduced by Satoshi Nakamoto in the form of a side product and quickly became a huge hit. We can decode Cryptocurrency and see that crypto currency is an exchange medium. It is a type of currency that is used in the creation and storage of the block chain. It is protected by encryption to ensure that currency transactions are tracked and verified. The best cryptocurrency course to be created was Bit coin.
Cryptocurrency is only one part of a virtual world that runs on cryptocurrency. It is impossible to determine the identity of the person involved. There is also no central authority that regulates cryptocurrency trading. This currency is the equivalent of hard gold that is kept by people. Its value is expected to increase by leaps, bounds. Satoshi’s electronic system is decentralized and only miners can make changes to confirm transactions. They are the only human touch providers within the system.
The whole system is built on cryptographic puzzles and hard core math, so it is impossible to forge cryptocurrency. These puzzles are only possible for those who can solve them. Once a transaction is confirmed, it becomes part of the block chain or the database and cannot be reversed.
Cryptocurrency can be described as digital money that is created using coding techniques. It works on peer-to–peer control systems. We will now discuss how trading on this market can benefit you.
Transactions cannot be reversed or forgeried: While many can argue that transactions are irreversible, the best part about cryptocurrencies is that they can only be confirmed once the transaction has been completed. The transaction can’t be forked by adding a new block to the block chain. That block becomes yours.
Online transactions – This allows anyone to transact online from anywhere in the world. It also speeds up the processing of transactions. In cryptocurrency, you only need a computer with a potential buyer or seller. This is in contrast to real-time transactions where third parties are needed to enter the picture to purchase a house, gold, or borrow money. This idea is simple, fast and offers the potential for ROI.
There is no transaction fee: The network takes care of this fee and the miners do not have to pay it.
Accessibility The idea is so simple that anyone with a smartphone or laptop can trade in cryptocurrency anytime, anywhere. It is even more profitable because of its accessibility. Many countries, including Kenya, have introduced the M-Pesa system that allows bit coin devices. This allows one in three Kenyans to carry a bit coin wallet.