Skip to main content

6 Incredible Benefits Of the Cryptocurrency

Over the past few years, people have been talking a lot about cryptocurrency. At first, this business sounded scary but people started developing trust in it. You may have heard of Ether and Bitcoin. They both are crypto currencies and use the Blockchain Technology for highest security possible. Nowadays, these currencies are available in several types. Let's know more about it.

How Can cryptocurrency help you?

As far as fraud is concerned, this type of currency can't be faked as it's in digital form and can't be reversed or counterfeited unlike the credit cards.

Immediate settlement

Buying real property involves third parties, such as lawyers and notary. So, delays can occur and extra costs may incur. On the other hand, Bitcoin contracts are designed and enforced in order to include or exclude third parties. The transactions are quick and settlements can be made instantly.

Lower fees

Typically, there is no transaction fee if you want to exchange Bitcoin or any other currency. For verifying a transaction, there are minors who get paid by the network. Although there is zero transaction fee, most buyers or sellers hire the services of a third-party, such as Coinbase for the creation and maintenance of their wallets. If you don't know, these services function just like Paypal that offers a web-based exchange system.

Identification of theft

Your merchant gets your full credit line when you provide them with your credit card. This is true even if the transaction amount is very small. Actually, what happens is that credit cards work based on a "pull" system where the online store pulls the required amount from the account associated with the card. On the other hand, the digital currencies feature a "push" mechanism where the account holder sends only the amount required without any additional information. So, there is no chance of theft.

Open access

According to statistics, there are around 2.2 billion people who use the Internet but not all of them have access to the conventional exchange. So, they can use the new form of payment method.

Decentralization

As far as decentralization is concerned, an international computer network called Blockchain technology manages the database of Bitcoin. In other words, Bitcoin is under the administration of the network, and there is no central authority. In other words, the network works on a peer-to-peer based approach.

Recognition

Since cryptocurrency is not based on the exchange rates, transaction charges or interest rates, you can use it internationally without suffering from any problems. So, you can save a lot of time and money. In other words, Bitcoin and other currencies like this are recognized all over the world. You can count on them.

So, if you have been looking for a way to invest your extra money, you can consider investing in Bitcoin. You can either become a miner or investor. However, make sure you know what you are doing. Safety is not an issue but other things are important to be kept in mind. Hopefully, you will find this article helpful.




Source by Shalini Madhav

Popular posts from this blog

Commoditizing the world

Let's discuss commodities; With the latest Enron situation, it is important to understand the way things work. A commodity is anything useful, especially a transportable agricultural product or mining product. This comes from the Latin word "commoditas" meaning roughly advantage, convenience. So then what is a commodity? Well we consider Gold, Silver, wheat, corn, pork bellies, coffee, etc all commodities. If you look in the back of the WSJ or Investors Business Daily you will see a listing of all the commodities traded on the commodities exchange. Enron made some errors no doubt, but let's not judge all commodity markets in haste. Commodity trading works best when there is a stable instrument of trade. Sometimes the instrument of trade is actually the commodity. If you looked most countries of the world today you would find that there are three basic instruments of trade; money, as in currency, precious metals and gems, drugs; like cocaine, opium, and

Virtual Currency Games

Every little boy's (and many grown men's) dream of making a living by playing video games is edging closer to reality. The recent release of HunterCoin and the in-development VoidSpace, games which reward players in digital currency rather than virtual princesses or gold stars point towards a future where one's ranking on a scoreboard could be rewarded in dollars, and sterling, euros and yen. The story of the millionaire (virtual) real estate agent... Digital currencies have been slowly gaining in maturity both in terms of their functionality and the financial infrastructure that enables them to be used as a credible alternative to non-virtual fiat currency. Though Bitcoin, the 1st and most well known of the crypto-currencies was created in 2009 there have been forms of virtual currencies used in video games for more than 15 years. 1997's Ultima Online was the first notable attempt to incorporate a large scale virtual economy in a game. Players could collect gold coins

Could This Be a Great & Extreme Reversal?

The EURGBP has been on of the best currency pairs to trade since the referendum. And it looks ready to kick off again... False Break Reversal The FBR is one of the great reversal patterns. They show up time and again but can catch us out because we've been conditioned to stay with the dominant trend. It started last Friday with the Harami, inside day. Monday broke lower following through, so it seemed, with the down trend running since July. By the end of the day, it had reversed, leaving behind a long wick that turned the day's trading into a Hammer, one of the best price action reversal candles. Tuesdays price action confirmed the FBR. The rule is that when price comes back above the high of the downside breakout candle, the FBR is set. Earlier sell trades closed and then reversed. That's exactly what we have done. Hikkake An added technical reversal is the Hikkake. It's formed by at least three candles, starting with the Harami. Following the break lower, recovery on