What Are Cryptocurrencies, And How Do You Trade Them?

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Posted on: 10 August 2018 by Ariyan Roy

What is?

Words like "cryptocurrency" and "bitcoin" have become increasingly more common the past few years, especially as access to them becomes less mysterious and laypeople are more comfortable with peer-to-peer technology. Yet, there is still a lot of misinformation regarding what they mean.

In this article, we will discuss exactly what cryptocurrency is, how to use it, and why it was created.

Defining Cryptocurrency

In its most basic terms, cryptocurrency is the act of exchanging data on a ledger that is decentralized. The user interprets and utilizes the exchanged data as financial. The concept is not all that different from your traditional checking account ledger, with the exception that it is centralized to the bank.

This means that the information on your ledger at your traditional account is confirmed and authorized only by the bank and its authorities. There is a finite value and inventory of "information" (cash) that can be confirmed and authorized for your account.

How Cryptocurrency is Different

In cryptocurrency, the centralized authority is replaced with third parties known as miners who confirm each transaction individually. They use a sophisticated system built on cryptography to confirm transactions and correctly enter information on the respective ledgers. Because cryptocurrency transactions are validated by math, which is objective, instead of subjective human intelligence, this makes them much more secure than the fallible banking system.

There are a number of benefits for those exchanging cryptocurrency. It is mostly anonymous and the transactions are not connected to real-world identities. Transactions are quite fast and can be confirmed anywhere around the globe in a matter of minutes. Most importantly, because of the use of miners and decentralization, there is no gatekeeping. Anyone who has access to exchange cryptocurrency can do it.

What Cryptocurrencies Aren't

Cryptocurrencies are not debts or IOUs, which is how banks operate. Think of them similar to a cash or debit card transaction: it is money the holder physically possesses in real time that no one else owns.

It is not traditional banking. While cryptocurrency was created by accident, it is a defiance against the traditional banking systems. Because cryptocurrency transactions are irreversible, there is no revenue service or bank authorities to undo the hard work of any transaction. This ensures that the transacted funds are free from politics and depreciation.

Who Created Cryptocurrency?

Satoshi Nakamoto is an anonymous identity or identities that first began coding what we now know as bitcoin in 2007. In October 2008, they released a paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System". Version 0.1 of bitcoin software was released in 2009 on Sourceforge.

As of 2010, Nakamoto is no longer part of the project. Source codes and the network alert key were handed off to a software developer named Gavin Andresen, and several other domains were dispersed among high-profile members of the bitcoin community.

How to Get Started

There are a number of brokers and professionals that are trained to assist buyers with their investments. InvestMIB and DeltaFxMarkets are noted brokers. InvestMIB offers a number of traditional and modern services, including VFC regulated trading on Bitcoin, Ethereum, Litecoin, and Tether. DeltaFxMarkets was developed by experienced traders with an innovative approach.

Because of the mathematics used in cryptocurrency, there is a finite number of bitcoins available to mine. While getting started in cryptocurrency does not specifically require a licensed trader, having a professional with experience is recommended. It is in their best interest to help you succeed.

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Ariyan Roy

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Loki Berson posted 12 November 2019

That's right, cryptocurrency is a unique future, because thanks to it we can still make a world government, and if you want to trade on crypto exchanges, you need excellent signals, and you can find them here https://fuk.io/, this guy is a blogger and has been trading for a long time

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Kelly Due posted 13 December 2019

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Harriet Simpson posted 12 March 2020

I never wanted to feel this way but I guess we don’t have much of a choice with all that is going on with https://bitcoinbuyer.ie/ and in all the similar cases in the past. 

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Jordan Lee posted 09 June 2020

I'm still inclined to believe that this won't happen. Slow transactions, poor scalability, large fees, etc. all this pushed users to find a replacement. Whether there's an alternative to Bitcoin? I think there is. I like how this's explained by analysts on this resource https://newsblockchain.io/ Of course, they aren't so popular and their price isn't so high. That all is a matter of time! Therefore the question of whether to invest in bitcoin is not as one-sided as one might think.

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Hurman Wastas posted 19 June 2020

Robopay is a hybrid with ENJ coin https://robopay.com/currencies/enj, semi-decentralized cryptocurrency futures trading platform that provides a real-time, ultra-fast matching engine in conjunction with a decentralized, secure blockchain-based settlement which is controlled by clients.

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Lala Woods posted 07 October 2020

Cryptocurrency has now become very popular due to the fact that its volatility is very high and you can make a lot of money. I decided to trade on the exchange and realized that it was boring, then I found the bitcoin gambling site and started winning cryptocurrency very quickly on it. Dice is now my favorite pastime.



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