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A BEGINNER’S INTRO TO CRYPTOCURRENCY

Have you ever heard of Cryptocurrency? After reading this post, you will get to know much about Cryptocurrency.  Cryptocurrency is a digital asset that works as a medium of exchange and secures financial transactions and confirms the transfer of assets through strong Cryptography. Cryptocurrencies are also known as the virtual currencies, and they are used as the means of virtual transactions for various purposes. Cryptocurrency has become a massive global phenomenon of present times. This virtual form of currency is still not understood by many people around the world while many individuals and companies have realized its importance and are making money through it.

There are few basic concepts that you need to learn before starting to make money through cryptocurrency:

  • Public Ledgers
  • Transactions
  • Mining

Public ledger helps in storing all the confirmed transactions made from the start of a particular cryptocurrency. The public ledgers ensure that the digital wallet stores and calculates the virtual currency accurately. It also ensures that a person uses only the currency that he/she owns, for each transaction.

A transaction is referred to as transferring money between two digital wallets. The made transaction is recorded in the public ledger and waits for the confirmation. The cryptography signature is used by the digital wallet to make sure that the owner of the wallet makes the transaction. The approval might take a while, but it is necessary before any transaction.

Mining occurs after confirmation of the transaction and adds it to the public ledger as a record. The mining is concerned with solving the complex situations and adding the transaction to the general ledger after confirmation.

 

Now that you know the basics about cryptocurrency you must want to know why you should invest in it and what are the advantages of having e-money? Here are some of the fundamental benefits of cryptocurrency

  1. No Fear of Fraud or Theft

As it is a digital currency saved in a digital wallet thus, there are no risks of fraud or the money being stolen. Transactions can be made at any point in time and are recorded in the public ledger to avoid any fraudulent activity.

  1. No Risk of Identity Theft

Giving your ATM card to someone for making a transaction can be very risky as you are giving your identity to someone. The cryptocurrency has minimized all these identity theft risks by using a push concept. The cryptocurrency uses the push concept to send the exact amount to the merchant as required without sharing any personal information.

  1. Easily Accessible

The cryptocurrency allows access globally to anyone and has made transactions easier. Now you can transfer and receive money quickly through the digital wallet without any risks of theft or fraud. You don’t need to go out for traditional transaction methods any individual with a mobile or computer can make a transaction simply by just a few clicks.

It might appear as if earning cash from cryptocurrencies is extremely simple, it’s if you are doing your analysis and place in your fair proportion of diligence. Similarly, this line of earning has its pros and cons, so beware, gain enough information and do adequate research before you actually start making use of any cryptocurrency.

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