Cryptocurrency: The new era of Digital Currency

Cryptocurrency: The new era of Digital Currency

  • Author : joelle
  • Published : June 29, 2020

Cryptocurrency can be used to buy goods and services. Cryptocurrency utilizes cryptography where it encrypts the data to provide secure online transactions. Cryptocurrencies work using a technology called blockchain. Blockchain is a circulated technology that spreads across many computers, controls and records transactions. Part of the appeal of this technology is its security.

People utilize cryptocurrencies for quick payments and to avoid transaction fees. Some might also get cryptocurrencies as an investment, hoping the value increases. With the help of a credit card, people  can buy cryptocurrency or, in certain circumstances, get it through a process called “mining.” Cryptocurrency is stored in a digital wallet, either online, on your computer.

 

Classification of cryptocurrency:

The biggest and most significant cryptocurrencies are

  • Bitcoin
  • XRP
  • Ethereum
  • Bitcoin Cash
  • Bitcoin SV

Bitcoin is an online currency in which transactions can be performed without the need for a credit card or central bank.

XRP is a global settlement network that is outlined to create a fast, secure and low-priced method of transferring money.

Ethereum is a kind of cryptocurrency that is a public domain platform based on blockchain technology. It also concentrates on running the programming code of any decentralized application, allowing it to be used by application developers to pay for transaction fees and services on the Ethereum network.

 

Cryptocurrency: Advantages

  • The most popular and an important advantage cryptocurrency provides is that there are no restrictions on payment. The payments can be made quickly without any delay 
  • Because of online transactions, people can maintain anonymity
  • There will be no middlemen or third party involved. The usage of cryptography benefits the users by providing security
  • 24-hour accessibility is an important  feature for the adoption of bitcoin, and is being used across the globe to provide an opportunity for those who would previously have struggled to become online consumers
  • Cryptocurrency is transparent where, there is an open ledger called a block chain on which all transactions are recorded and monitored


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Traveling the world is something many people dream of doing, but John has turned that ambition into reality, all due to Bitcoin investments starting in 2011. John heard about Bitcoins in July of 2011 and began investing in them a few months later.

Knowing he was in it for the long haul, John put his Bitcoin investments on the back burner until 2013, a time when the cryptocurrency’s value started rising rapidly. Ultimately, the price per coin went up to more than 2,000 times what Smith originally paid for it. He now claims to have made $20 million from an initial $2,000 investment and uses the money to go on expensive, round-the-world travels that involve only staying in five-star hotels and flying first-class.

John still owns ,700 Bitcoins, but only wants to sell those once the per-coin value reaches $150,000. He has no regrets about selling the rest and says he has everything he ever wanted, thanks to Bitcoins.

 

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Cryptocurrency gives the individuals more choices to manage their finances. It is digital in nature where transparency plays a major role. Investing in bitcoins might help individuals to become an overnight lavish. It also provides various benefits and advantages to people like security, anonymity, avoiding additional fees and making transactions simpler internationally.

Cryptocurrencies growth has been able to gain the attention of many stockholders. They are easily tradable. This is an alternative currency for the less developed countries and has opened the doors of economic transformation

 

 

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