Cryptocurrency The Global Phenomenon

Cryptocurrency: The Global Phenomenon

  • Author : Steven
  • Published : June 29, 2020

 

Cryptocurrency is the new age digital currency. The fact that more than 90% of the total cash in the world is in the form of electronic cash and just less than 10% is physical cash shows the sign of the times and the advancements technology has made. In the coming years, this percentage is predicted to go even higher.

With this in mind, there is a huge market in cryptocurrency for anyone to invest in and the fact that it is easy to sign up and access the platform makes it possible for anyone to participate. Cryptocurrency’s major players include Bitcoin and Ethereum, but cryptocurrency comes in many more forms and shapes. It is the digital cash that is set to excel in the near future more than it is already doing now. It’s transparency and security makes it all the more appealing.

Cryptocurrency is an easy way to double or triple your savings. Instead of putting the money into a bank or looking for interest rates by lending the sum to others is a tedious task. All one needs to extract profits from this venture is to invest what one is capable of and monitor the market through the ups and downs. Like any other market in the world, cryptocurrencies too have their fair share of highs and lows. When the market is high and when the prices are booming, it might be a good time to sell and cash in.

Importance of Cryptography

 

 

This technology is applied to the exchange of cryptocurrencies for the same reasons that only the seller and the buyer has access to that channel of cash flow. Cryptocurrency is nothing but a few entries in the database, these priced entries are safely secured by the means of cryptography.

A public and a private key is established between the buyer and the seller for a smooth and secure transaction. Only when the right keys are used, the cash flow gets under way.

Features of Online Trading

With the highly polished technology of cryptology, cryptocurrency’s online trading has a lot of features to offer.

  • No third party interventions
  • End to end encryption ensures utmost safety
  • Easy to access and easy to invest
  • It is highly future proof
  • Quick and easy transactions

Karen is a self made entrepreneur. When she was struggling initially to fund her start up, she took a chunk of her savings and invested in Bitcoins. She purchased 8 bitcoins at $700 each. She monitored and kept an eye on the happenings in the market. She was worried when the market price for a bitcoin went down to $650 but she stuck by it and eventually when the price was high at $900 per bitcoin, she decided to sell and made a profit of $1600 which made a huge contribution to her startup.

 

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