The modern concept of cryptocurrency is becoming very 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 a medium of exchange. It 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 area of the process of a virtual database running in the virtual world. The identity of the true person here cannot 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 value of which is meant to be getting increased by leaps and bounds. The electronic system set by Satoshi is really a decentralized one where only the miners have the right to create changes by confirming the transactions initiated. They’re the only human touch providers in the system.
Forgery of the cryptocurrency is not possible as the whole system is dependant on hard core math and cryptographic puzzles. Only those who find themselves capable of solving these puzzles could make changes to the database that is hard. The transaction once confirmed becomes portion of the database or the block chain which can’t be reversed then.
Cryptocurrency is nothing but 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 one can be benefitted by trading in the forex market.
Can’t be reversed or forged: Though many people can rebut this that the transactions done are irreversible, however the most sensible thing about cryptocurrencies is that once 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 ideal for anyone sitting in any area of the world to transact, but it also eases the speed with which transaction gets processed. As compared with real time where you will 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 case of cryptocurrency. This concept is simple, speedy and filled 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 indeed practical that all those people who have usage of smartphones and laptops can access the cryptocurrency market and trade in 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 have a bit coin wallet using them.