Tag: Bitcoins

What’re The Important Criteria for Selecting Crypto Exchanges?

Many people are looking to invest and trade in Bitcoin or other cryptos as intimidating. It is because cryptocurrency market is presented to many people as the technical financial market.

But, that isn’t a case with Solanax prediction markets. You can begin trading and invest in the cryptos within no time, providing you follow the best process. Following this process begin by selecting the best crypto exchange. Cryptocurrency exchanges are the gateway to cryptocurrency market, thus reason why they’re very important.

How Safe Is Cryptocurrency?

The cryptocurrencies are generally made using the blockchain technology. This describes in a way transactions will be recorded in “blocks” or time stamped. This is a bit complex and technical procedure, but result is the digital ledger of your crypto transactions that is tough for the hackers to steal or tamper with.

Additionally, transactions need 2FA process. For example, you will be asked entering the username and password in order to start the transaction. After that, you need to enter the authentication code, which will be sent through text on your personal phone.

When securities are in proper place that does not mean cryptocurrencies will be un-hackable. Actually, high-dollar hacks already have cost the cryptocurrency startups highly.

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Buying/Selling Cryptos Through An Exchange

If you are looking to buy the cryptocurrencies through an exchange, then you buy coins themselves. You will have to create the exchange account and put up its full value of an asset to open the position or store cryptocurrency tokens in wallet till you are prepared to sell it.

The exchanges bring their steep learning curve since you will have to get grips with technology involved as well as learn to make a little sense of data. Most of the exchanges have certain limits over how much a person can deposit, whereas accounts will be costly to maintain.

Security and authenticity

Make sure to do your own and know if that exchange is the most legitimate and safe platform out there. The security and authenticity of the platform can help you to determine if the funds will be completely safe with a crypto exchange. The traders have lost huge amount of money to the scam platforms. Thus, make sure you check reputation of that platform and security protocols that they have to safeguard your funds and data.

Moreover, make sure you check out customer service and various other customer-related features that are offered by the crypto exchange.

Cryptocurrency, the currency of the 21st century

There has been a lot of talk in the investment arena regarding the emergency of cryptocurrency. A brief history of trade shows us where we are coming from and where we are going. It all began with barter trade, then came the centralized currency (money) and now cryptocurrency. I know this is complex topic to many. Before we go further, I think it is of paramount importance to define the term cryptocurrency. Here we go, what is cryptocurrency? The term is a combination of two words, ‘‘crypt’’, and ‘‘currency.’’ The word Crypt means puzzle while Currency means the value or form of conducting business. In simple term cryptocurrency is a digital currency, which uses hidden crypts called algorithms to secure its validity. These algorithms keep away potential fraudsters from manipulating the systems. Cryptocurrency is not tangible, visible, or centralized but it is digital. The currency comes to gap the shortfalls of hard currency and marks the beginning of technological advancement in the currency sector.

​After knowing what cryptocurrency is, there comes the question ”is cryptocurrency the currency of the 21st century? In chapters to come, we are going to unravel this fact. With the challenges facing the hard currency, cryptocurrency has come at the right time. To beat the issues of safety, security, size, time, movement and many other factors cryptocurrency was born. No wonder, it has taken the currency world by storm. However, let me not put you off track of our question, the answer definitely will be YES. But, to what extend? That is going to be our line of learning as we go through the article. Let us learn together. The business world has been on the move or growth over the years. This shows that the world has embraced technology as a development tool in the 21st century and beyond. There are several types of cryptocurrencies in the market today. The list comprises of over 1,300 cryptocurrencies as of December 19 2017. I will only give a list of ten most valuable and performing digital currencies.

 These notable cryptocurrencies include, Bitcoin, Ethereum, Ripple, Litecoin, NEM, Dash, IOTA, Monero, Stellar, and NXT. The developers keep on modifying these currencies for more acceptability and adding new compatible features. All the above currencies have been tested and are roundly accepted globally. Cryptocurrency is taking the world by storm due to its mode of operation. By just a click on your laptop, computer or phone you have sealed a sale or deal. You can seal a sale deal with somebody who is many miles away. Pay for your bills using either of these currencies to avoid long queues.

What makes cryptocurrency the currency for the future?

Cryptocurrency is cheap and easy to maintain. There is no involvement of third party such as merchants, banks, or government representatives. This means the initiator controls all the transactions. The transaction or ledger charges are not there. You just need a computer or a laptop and internet connectivity to conduct your transaction. You do not need an office or many employees to conduct business. This translates to saving lot money that you could have used to pay for rent and salaries. Normal banks will require a lot of space for their equipments and staff.

Nobody can alter or change the transaction. It is not like other forms of currencies where if a dispute arises the transaction is stoppable. Once you initiate a transaction, nobody can alter or stop it. It is not so with banks and other financial institutions. Once a dispute is launched, the bank holds your account so that you cannot withdraw money until the dispute is solved.

Minimized or no personal information at all stored in the data. A lot of personal information is required in the other form of currency. Your details are not of paramount importance as opposed to hard currency. No need of your identity card or signature once a payment has been send to you.

Acquisition of assets is quick and easy. There is no need of third parties such as attorneys, witnesses, or lawyers while buying assets. The system has its own property database. Just login to your account and make payment.

The currency can be used anywhere in the world without much problems. This is because no country can purport to regulate or control the systems. This means no exchange rates applicable. Whether you are in America or Africa, you will always transact. You are the initiator, regulator, and the end user.

Anyone with internet connection can access the currency. One can transfer any amount. No transfer limits as is with the ordinary bank transfers. Are you worried about the bank limits in your country? Then opt to cryptocurrency.

What the cryptocurrency has been able to do

The currency has been used to purchase goods and services. Below are some examples where cryptocurrency has been used to buy goods and services:

  1. Richard Branson owner of Virgin Galactic Company accepts cryptocurrency payments
  2. To assist in noble causes such as crowd funding
  3. To buy a car, A Tesla model S car was bought using Bitcoins
  4. To pay for education, Nicosia University in Cyprus accepts cryptocurrencies

Some improvements on cryptocurrency as we move forward

  1. There will be need for periodic improvement on the technology and the database. This will be necessary in keeping away hackers.
  2. To address the legal issues governing the process.
  3. Educating people about the new technology through campaigns and advertisements
  4. Availing more outlets accepting cryptocurrency
  5. Easing the process of changing protocol to avoid keeping away potential investors

After going through this article, we are able to affirm that cryptocurrency is the currency of the 21st century. How would you feel doing business with a stranger where you only interact online? They initiate you conclude. However, we are not there yet, a lot of technological advancement is required to make the system tighter and friendlier. Both online and print media campaigns are required to sensitize the public on the importance of cryptocurrency. As at the time of writing this article, many people are still not familiar with cryptocurrency or they completely do not know about the digital currency.