Cryptocurrency is
the new kid on the financial block. It’s no more an alien term for us! However,
there are many people who don’t have any idea about cryptocurrencies, at all!
Crypto enthusiasts should take a look at cryptocurrency certification available
online to obtain a sound knowledge.
Without any
further ado, let’s start with some basic questions! What is the concept of
cryptocurrency? What does it represent?
A brief introduction of cryptocurrency
• A cryptocurrency is a virtual currency
which is designed to be the medium of exchange. Cryptography is being used for
verifying the transactions along with the creation of new units. This digital
currency is stored electronically in a blockchain and it is not redeemable. The
supply of cryptocurrency is not decided by any central authority and the
network is decentralized. Bitcoin, Litecoin, and PPcoin are some of the
examples of cryptocurrencies.
• Cryptocurrencies are open to everyone and
there’s no monetary authority is involved! This is one of the great advantages
of cryptocurrency. This decentralized ledger-keeping technology has offered a
great deal of productivity and security for us.
• Despite all the promise and prospect of cryptocurrency,
it is still a niche product, even after one hundred thousand buyers have
accepted it! It is redefining the very concept of “money” in our society.
The Usage of Cryptocurrency
• There are several online and offline
retailers available who accept cryptocurrency as a form of payment. Retailers
like Overstock is one of the popular examples! Now anyone can pay for flights,
apps, computer, accessories, hotels, and educational degrees with
cryptocurrency. Marketplaces like OpenBazaar only accepts cryptocurrencies
which is great!
• A lot of people think that cryptocurrencies
are the hottest commodities to have now! There are plenty of cryptocurrency
certification available for people who are obsessed with cryptocurrency. It is
also being recognized as one of the hottest investment currently! There are
many stories available about people who became millionaires through their
cryptocurrency investment. The value of them has increased almost 2,600 percent
which is incredible! But it should be noted that these are high-risk
investments and the market value changes like no other possessions! One must be
really careful and study deeply about the cryptocurrency before testing the
water. If interested, there are cryptocurrency
certification available online for gaining a deeper knowledge of this realm
which is highly recommended.
• If one decides to invest in
cryptocurrencies, then Bitcoin
technology is still the most popular ones to consider! It is very easy to
buy bitcoins as there are several exchanges available that deal with
cryptocurrencies, for example, Kraken, BitStamp, and BitFinex.
• After buying your first cryptocurrency, you
need to store it which is why you need to have a wallet! All the major
exchanges have wallet services available. It is always best to store the assets
in a hardware wallet which is the most secure way to control them!
• Apart from doing
this, you need to pay attention to the market value of cryptocurrencies. Any
news related to them should be noted. Always track the price, supply, market
cap, and volume of the most favorable cryptocurrencies. But let’s not forget
you need to include it in the tax report as well!
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