How to understand the world of Cryptocurrency?
Yes, the coming world is crypto world as famous personality Bill Gates said, “The future of money is digital currency.” Still, some people are afraid of entering the world of crypto, but it is the revolutionary concept that can change your life.
Tom Golway (Planning and Managing ATM Networks) declares“By 2030, some form of Crypto will become the global reserve currency but it will not be based on what exists today. Existing cryptos need to transform or will disappear. Also, around 2030 or so, the first Nobel Prize in Economics will be awarded to a Crypto economist”
Today, Cryptocurrencies have masked an extraordinary volume in the crypto market. A large portion of the general population have understood the dangers and advantages of this world. This information is important for the individuals who might want to remain in the front of the 4th industrial revolution.
But the main question is that to enter in the world of crypto currency what should we know first? How to understand the world of Cryptocurrency?
What is Crypto currency?
A cryptocurrency is a digital or virtual currency that is designed to work as a medium of exchange. Daily many cryptocurrencies are coming in the marketplace and people are taking interest in them.
On seeing the high demand of the digital transactions, we recommend you register for the most secure and reliable currency that you can use without any risk.
You must know the basic term like block chain technology, ICO and Crypto exchanges.
Blockchain technology– It has a powerful impact on the business world. It has a great potential to secure and integrate the data. Transparency in the transaction is must so that nobody can be cheated over the network. It seems, in next upcoming years, the blockchain technology will become the key pillar of the internet.
why blockchain technology is so exciting?
Let us we take an example: Suppose a hacker goes to your bank account and transfers all money into his account. If he deletes all the traces of the transaction, then what you will do. How you can blame the hacker. To solve this issue blockchain technology is there. With this technology, many fake transactions are there at another servers if one is hacked. Today many banks and other institutions are approaching this blockchain technology. Your money would be safe.
ICO– It stands for Initial Coin Offering is an alternative way of crowdfunding in which companies raise funds for its cryptocurrencies. It releases crypto-tokens and then these tokens are sold in the exchange of digital currency.
Cryptocurrency Exchange: It is the online exchange platform where we can exchange one cryptocurrency with another cryptocurrency. Also, we can describe it as online platform which acts as an intermediary between buyers and sellers of cryptocurrency.
Is crypto currency id real money?
Yes, it is real. Although they are based on the block chain technology, they are not equal. Here we will make you to understand about some differences that you should know before taking some decisions.
- Real world adoption of the technology
- Any big investors in the project?
- Does the use of the software make sense?
- Do the founders have a reputable background?
- Total supply currently available
- Will there ultimately be a limit on the total number of currency available?
- Transaction processing speed
- Will there be an unlimited supply of currency?
- Is there a real-world need for this software/currency?
Above are some characteristics that you must know. After you are having this knowledge you will be sharp in the world of cryptocurrency and can make huge money. But remember, poor player can’t play well.