All About Cryptocurrency

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!

Author : Shubhi Gupta

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