Cryptocurrencies are the new trend-setter of the world in the trade market. It has become the best medium for peer to peer transactions and sets high standards for digital money transfer.
The global economy took significant damage after the massacre caused by the COVID 19. Now that we are in the post lockdown phase, we hope that the world’s economy can get back on its feet as fast as possible.
Cryptocurrency is playing an essential part in making the economy strong. Traders and investors are showing more trust in digital Cryptocurrency.
When the COVID 19 hit the world, fiat currency failed to perform and took massive damage. But it was the Cryptocurrency which, even after taking damage, is now back on its feet.
The Cryptocurrency has become a new medium for traders and investors to participate in international trades and investment plans.
So, what is Cryptocurrency? Let’s find out?
What is Cryptocurrency?
Cryptocurrencies are decentralized digital currency over which no institution holds any authority. The Cryptocurrency was powered by blockchain technology that was initially meant for sharing information.
The information is shared by blackchin technology with the help of a public ledger network. All the information is encrypted by cryptography. And this information cannot be edited, deleted, or changed. Instead, it can only be viewed.
All the information shared on the network can be viewed by every member. However, no member has any authority to make any changes.
Over the last decade, Cryptocurrency has made exponential evolution, and in this short period, it has disrupted the market in many ways.
The positive effects of the Cryptocurrency in the market have made the traders and investors interested in future possibilities. There have also been several rumors stating that Cryptocurrency can become one of the mainstream currencies with the proper management and regulation system.
So, what factors make traders and investors believe in the Cryptocurrency? Let’s check out!
- Fraud proof
Cryptocurrency is known for its public ledger network. That means, every transaction happens over a network with several nodes (Members) that act as witnesses for your every transaction.
Every information is encrypted with the help of Cryptography, and the information is then shared over the public ledger network. It maintains the legitimacy record of the transaction you have made.
- Identity theft
A cryptocurrency transaction is done with a digital wallet that makes sure that the transaction happens over a secure network, and accurate balances are transacted. The transaction is confirmed on several levels so that the owner of the wallet holds the transaction made.
Every transaction is encrypted to form smart contracts that ensure no external threat can seep into the transactions. Hence, you can rest assured of the safety of your Crypto exchanges and transactions.
- Instant settlement
Have you ever faced a scenario where you have transacted an amount for the business transaction, but it took more than a couple of weeks to complete the whole transaction? Well, it happens all the time with the traditional methods. However, with the cryptocurrency transaction, every transaction is a matter of a couple of minutes.
You need a smartphone with an internet connection and software or a Crypto wallet like Bitcoin Era App, and your transaction will be as smooth as possible.
- Accessible
There are over 3 billion people worldwide with a smartphone and internet connection. So, why don’t we use this to our advantage? You need the right exchange platform where you can find people willing to trade in Cryptocurrencies.
- Get full ownership
With the traditional method like bank transactions, you need permission from the bank to make international payments. If not, you at least need a separate gateway to make an international transaction. This service might cost you some of the percentages of your total transaction cost.
However, with the Cryptocurrency, you are the crypto tokens owner, and you can exchange them anytime, anywhere, to anyone. And the best part is that there are almost negligible transaction charges.
Conclusion
The current market capitalization of the Cryptocurrency all over the world is over $250 million. And it is said that in the next ten years in the future, the market capitalization will reach over billions. So, it will be an excellent choice to start investing in this virtual gold ingot.