Cryptocurrencies are the hot thing in the internet nowadays, and it doesn’t take much to understand why. In an ever-changing market the cryptocurrency is a game-changer, and as traders our job is to take advantage of this new exciting opportunity.
The history of Cryptocurrencies
It all began with Satoshi Nakamoto’s intent to build a decentralized digital cash system in 2009; cryptocurrencies were a side product of this invention. It started as an attempt to build a Peer-to-Peer network and unintentionally turned out to be a global phenomenon.
What are Cryptocurrencies?
In the simplest form, cryptocurrency is medium of exchange just like any other currency known to us, only different is it’s a digital money on a software platform. Cryptocurrency designed for exchanging digital information through a process made possible by certain principles of cryptography. It differs from a regular currency by being secure and, in many cases, anonymous. One of the reasons it was designed, is to allow users to make secure payments without involving the banks. Among the different existing cryptocurrencies, the Bitcoin is the first and most important of all.
How do cryptocurrencies work?
Cryptocurrencies use decentralized technology so users can store their money and make secure payments without using their identity or reach the bank. They run on a distributed public ledger called blockchain, which is a record of all transactions ever made and held by currency holders.
Should I invest in cryptocurrencies?
Cryptocurrencies have the potential to be the currency of the future with more and more people gaining interest and price value going up. What makes Bitcoin such an amazing currency is that unlike silver or gold, which have a steady value, the Bitcoin draws its value from the numbers of transactions made on the asset; means, its value is only as strong as the trust that the Bitcoin community places in it.
The Pros and Cons of cryptocurrencies
Although there is no answer to those questions, cryptocurrency is hot right now and investors and venture capital experts are betting that it is here to stay. More and more people buying cryptocurrencies, and companies use it as a legitimate payment method, accordingly. We are welcome you to join and become part of history in the economy.
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