Cryptocurrency is much different from a digital currency as it has not any central authority or any government control. It usually backs by a network of computers. Furthermore, these currencies are one of the best alternatives to traditional money and used for trading on the speculation of the rise and falls.
There are more than 2000 cryptocurrencies available, which are quite intangible and extremely volatile. You can send cryptocurrencies to your friends and colleagues within a lower transaction time. The transaction of cryptos is just like a mail and free from an intermediary and negligible fee.
Here are four crucial features of cryptocurrency
- Zero Authority
- No Identification
- Irreversible transactions
- Limited supply
When we say zero authority, we mean that the cryptocurrency is a decentralized system, and there is no governmental control for this type of financial trade. Here primarily, no one is the owner and works through a distributed network of computers.
On the other hand, you can trade anonymously as there is no need for any authorization from the central body. The decentralized system only verifies your transactions using a private key and secures your transactions by recording it in the blockchain.
One of the key features of cryptocurrency is its irreversible transactions. Your transactions cannot be modified, so it is entirely transparent and open to all. Last but not least, cryptocurrency features a limited supply to eliminate manipulation and scam.
- Cryptocurrency trading is all about guessing a price through your CFD trading account for your cryptocurrency. You can also buy and sell your first coins through an exchange. But before that, you should know a few fundamental things.
There are more than 200 cryptocurrencies, so you have to do extensive research and find out which one is on the trend and growing exponentially. Primarily cryptocurrencies like Bitcoin and Ethereum are most popular. Still, you have to look out for the demand of cryptos like Ripple and Das and do proper homework before investing.
While you have made your mind to invest in cryptocurrency, then you have to embrace volatility alongside. The investment features like high-risk high-income scenario. Hence accept the volatility and make a sensible decision before investment.
Furthermore, you need to have a basic idea of blockchain and keep a close eye on the updated news and announcements on cryptocurrency so that you can make a reasonable prediction to manifold your investment.
There are many success stories since the inception of cryptocurrency, which makes a higher number of people to live their dreams. Here we will portray one such story which bestowed a common woman to experience all the financial freedom and enjoy a luxurious lifestyle and cars.
Rita was a single mother to a six-year-old girl and worked as a customer-support executive in an IT company. Her life took a sharp turn when she acquired some of her parental properties. With the guidance of a colleague, she fell in love with the idea of Bitcoin and invest around $3000. She cashed out unbelievable $1.6 million.
You too could be the next millionaire and buy a luxurious beach-side chalet if you decide to jump into the race and capture all the tricks and time to invest.