The modern concept of cryptocurrency is very popular among traders. A revolutionary concept introduced to the world by Satoshi Nakamoto as a secondary product became a success. Decoding Cryptocurrency We understand that cryptography is something hidden and currency is a medium of exchange. It is a form of currency that is used on the blockchain that is created and stored. This is done using encrypted techniques to control the creation and verification of transaction currency. Bit coin was the first cryptocurrency to be created.
Cryptocurrency is just part of the process of a virtual database running in the virtual world. The identity of the real person here cannot be determined. Furthermore, there is no centralized authority that governs cryptocurrency trading. This currency is equivalent to the hard gold that people have stored and its value is supposed to increase by leaps and bounds. It is a decentralized electronic system established by Satoshi, where only miners have the right to make changes, confirming the transactions that have been initiated. They are the only human touch providers in the system.
Counterfeiting cryptocurrency is impossible because the entire system is based on hard math and cryptographic puzzles. Only people who are able to solve these puzzles can make changes to the database that are impossible. Once a transaction is confirmed, it becomes part of the database or blockchain and cannot be reversed.
Cryptocurrency is nothing but digital money created with the help of coding technique. It is based on a peer-to-peer control system. Let us now understand how you can benefit from trading in this market.
It cannot be reversed or falsified: Although many people may deny that the transactions made are irreversible, but the best thing about cryptocurrency is after the transaction is confirmed. A new block is added to the blockchain and then the transaction cannot be faked. You become the owner of that block.
Online transactions: This not only makes it convenient for anyone sitting anywhere in the world to transact, but also eases the speed of transaction processing. Whether you need to bring third parties into the picture in real time to buy a house or gold or take out a loan, all you need is a computer and a potential buyer or seller in the case of cryptocurrency. This concept is simple, fast and full of ROI potential.
The fee is low per transaction: Miners take a low or no fee on transactions, as this is taken care of by the network.
accessibility: The concept is so practical that anyone with access to smartphones and laptops can access the cryptocurrency market and trade anytime anywhere. This accessibility makes it even more profitable. Because of the commendable ROI, many countries like Kenya have introduced the M-Pesa system, which now allows one in three Kenyans to own a coin wallet.