You must have been hearing the term cryptocurrency trading quite often nowadays in your business circles, in the media, among relatives, friends, etc. The term sounds very attractive, and hence is the subject of many discussions. Cryptocurrency, as the name suggests is a digital currency secured by an encryption mechanism called cryptography. Crypto means ‘to encrypt’ and graphy means ‘writing’. Hence, cryptocurrency trading is the trade of highly secured or encrypted currency to earn profit/income. Cryptocurrency trading has gone a long way right from producing the first cryptocurrency i.e. Bitcoin in 2009 by a process called mining to around 2000 varieties of cryptocurrencies. see how does crypto trading benefit you
There are very strong reasons for you to start or continue trading in cryptocurrencies. They are as follows:
- Number of cryptocurrencies
There are so many cryptocurrencies available today that you can pick from to trade. Some of them are Bitcoin, Bitcoin cash, Ether, Litecoin, ripple, etc. You can select based on their availability and your capacity to buy.
- No borders
Cryptocurrencies aren’t bound by borders as it is a digital currency and isn’t controlled by any central agency. You are in control of your own money.
- Less fees
Cryptocurrency trading fees are usually zero to low. It depends on the transaction and the exchange through which the trade is done.
Trading in cryptocurrencies is secure as trades are processed through the blockchain network in which trade details are transparent, but your personal details remain encrypted. You can trade even in a high-risk environment as the blockchain network protects you from the risks.
- Always open
The cryptocurrency network is always open for trade i.e. twenty-four hours a day and seven days a week. So, you can login to your account anytime and simply start trading without any restrictions.
All your trade details are available in the public ledger to see. But your personal information is never revealed to anyone.
- Decentralised network & automation
There is no central authority in a blockchain network, thus keeping it free of any interferences from the government, central banks, etc. Moreover, trades are automated with the help of smart software programs called as contracts which will execute your trade once a certain condition is fulfilled.
Samantha works at the reception of a five-star hotel, where she be friends Cynthia, another receptionist. Cynthia has been trading in ether tokens, a popular cryptocurrency since the last few months. She spoke to Samantha about the benefits of cryptocurrency trading and how it helped her earn extra income during her free time in and outside the workplace. Samantha decides to trade in ether tokens with Cynthia’s guidance. She buys four ether tokens for $480 i.e. $120 per ether token. Three days later, Samantha finds that ether tokens are trading at $150 per token. She sells them immediately and earns $600 i.e. profit of $120. That was Samantha’s lucky start in cryptocurrency trading.