Cryptocurrency The currency exchange platform

Cryptocurrency: The currency exchange platform

  • Author : joelle
  • Published : June 29, 2020

 

Cryptocurrencies have become all the rage over the last few months, especially after the highest rise in the price of Bitcoin back in December, 2017. First, let us understand how we can define cryptocurrency. Cryptocurrency is nothing but an asset fabricated to operate as a way of exchange carried out virtually. It implements a secure technology named as cryptography, which regulates the generation of more credit units and monitors their transfer between parties.

 

A small toy figure and representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration
A small toy figure and representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration taken April 17, 2020. REUTERS/Dado Ruvic/Illustration

Transactions work through a decentralised database called blockchain. The blockchain naturally challenges all the conventional online data management protocols of that time, which included centralization of information.

 

One of the important motivations of cryptocurrencies is the breaking down of existing financial and technological barriers and borders, particularly in the province of trade and finance. With the digital era evolving to new levels, Bitcoins and other cryptocurrencies are likely to improve exponentially in the future.

 

How does a Bitcoin work ?

  • Download a wallet to your desktop or mobile device. The wallet is used to store Bitcoin securely and to make transactions
  • Your wallet has a public key of 34 letters and numbers that can be shared with anyone you want to make a transaction with. The key should be used only once
  • The wallet requesting payment contacts the other wallet with the use of public key and the transaction is verified by the private key that is stored in the wallet
  • The transaction is then broadcast to the blockchain network for validation and recording in to a blocOnce the transaction is verified and recorded across the network, it cannot be changed and becomes a permanent record

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Benefits of cryptocurrency:

 

  • Provides relative security
  • Cryptocurrencies have low barriers to entry
  • Impossible to fake
  • Independence from other asset classes
  • Better value storage
  • Portability
  • Low risk of disruption

Mark laid out $3,000 in Bitcoins and had several profitable ventures afterward. He talked to Bitcoin experts who told him that using a hardware wallet was the best way to protect his Bitcoin cache, so Mark  bought one for $100.

 

While framing up the hardware wallet, he had to set up a code, along with a 24-word list used to recover access if needed. He’d forgotten his code unfortunately.

 

Desperate to regain access, he went online and posted on forums, plus contacted customer service representatives associated with the hardware wallet manufacturer. Mark even visited a hypnotist this spring, but the session did not bring about successful results.

 

At long last, he got help from someone who helped him hack into the hardware wallet and get the code and 24-word list. But, not without substantial heartache, stress and paying money for retrieval methods. He later won a huge amount of money from his investments.

 

 

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Because of the huge expansion of cryptocurrencies, it appears that the cryptocurrencies have created an entirely new and global industry. Because of this massive advances in blockchain technology, as evidenced by the growth in the number of cryptocurrencies on the market today, newly developed applications that will be created upon the blockchain technology will naturally use cryptocurrencies.

 

And as more and more cryptocurrency platforms and exchanges start to emerge, more and more people will be able to use blockchain based apps, which in turn will make the latter industry grow even more.

 

 

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