The modern Cryptocurrency concept became very popular among traders. The revolutionary concept introduced to the world by Satoshi Nakamoto as a by-product became a hit. Decoding Cryptocurrency We understand Crypto is something hidden and the currency is an exchange media. This is a form of currency used in the block chain made and stored. This is done through encryption techniques to control the creation and verification of the currency traded. Coin bit is the first cryptocurrency that appears.
Cryptocurrency is only part of the virtual database process that runs in the virtual world. The identity of real people here cannot be determined. Also, there is no centralized authority that regulates the Cryptocurrency trade. This currency is equivalent to hard gold which is preserved by people and values that should be increased with leaps and limits. The electronic system set by Satoshi is a decentralized where only miners have the right to make changes by confirming the transaction starting. They are the only human touch providers in the system.
Cryptocurrency forgery is not possible because the entire system is based on core mathematics and harsh cryptographic puzzles. Only people who are able to complete these puzzles can make changes to the database that is not possible. Transactions that have been confirmed are part of the database or block chain that cannot be reversed later.
Cryptocurrency is only digital money made with the help of coding techniques. This is based on a peer-to-peer control system. Let’s understand how someone can benefit from trading in this market.
Cannot be reversed or forged: although many people can argue that transactions that are carried out cannot be recovered, but the best thing about cryptocurrency is that after the transaction is confirmed. The new block will be added to the block chain and then the transaction cannot be falsified. You become the block owner.
Online transactions: this not only makes it suitable for anyone sitting on any part of the world to transact, but also facilitate the speed of the transaction processed. Compared to the real time where you need a third party to enter the image to buy a house or gold or take a loan, you only need a computer and prospective buyer or seller if there is cryptocurrency. This concept is easy, fast and full of ROI prospects.
Low cost per transaction: There are low cost or no one taken by miners during the transaction because this is taken care of by the network.
Accessibility: The concept is very practical so that everyone who has access to smartphones and laptops can access the Cryptocurrency market and trade in it anytime. This accessibility makes it more profitable. When ROI is commendable, many countries like Kenya have introduced the M-PACA system that allows a coin bits that now allows 1 to every three Kenya has a coin bits wallet with them.