There has been a recent surge in the popularity of cryptocurrency. More and more people are looking for opportunities for investing in them. But what exactly are cryptocurrencies? Cryptocurrency is nothing but a digital currency that uses cryptography for its security. This makes it very difficult to counterfeit. Also, it is not issued by any central authority making it safe from government rules and manipulations. In essence, cryptocurrencies are limited entries in the database that no one can change unless they fulfil specific conditions. As of may 2018, over 1800 cryptocurrencies exist. Some of the many benefits of cryptocurrencies as explored in this article.
Secure against fraud:
As mentioned above individual cryptocurrencies cannot be counterfeit hence making them 100% safe and secure. Also, they cannot be reversed arbitrarily by the sender as is the case with credit card charge-backs.
There is no third party involved in the purchase of cryptocurrency. This means all the third party approvals and involvement is completely eliminated. Usually, a purchase of a property involves third parties like notary, lawyers and fee payments. Cryptocurrency contracts can be specifically designed to eliminate third party involvement and asset transfer can be completed at about a fraction of the time required in traditional asset transfers. This helps in saving much time and efforts.
Since miners are involved, there is no transactions fee for cryptocurrency exchanges. However, many users usually engage a third party in their transactions, for e.g. Coinbase for helping them in maintaining their bitcoin wallets. These third parties usually charge a nominal fee for their services and act like Paypal does for cash or credit card users. Some other cryptocurrency exchanges include BTCORA, Coinmama, Bitpanda and Kraken.
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