Cryptocurrency is a new form of financial trading that has recently become very popular across the whole world. The fact of the matter is that with a decreasing interest in the old-style banking system, the new cryptocurrency is a form of decentralized banking system where everyone that is involved has the same responsibility and can affect the market in the same way.
The additional reason why cryptocurrency was widely accepted all across the world is that trading in virtual coins did not pose any additional costs or fees. In short if you wanted to buy something you needed to have a few coins and a wallet where you store those coins (think of a safe in the bank and understand that every user has their wallet for safe storage of their coins), and then when you used your wallet to buy something you would not be charged additional fees to process that trade.
The neat thing about cryptocurrency is that you can even set how much you want to pay your fees, from the lowest satoshi amount (it’s a part of a coin) to a full-blown coin if you want it done as soon as possible. Every part of the cryptocurrency market is connected and the computing power of holding such a network in high functionality boils down to the computing power of the collective base of all the users in it. In short, people contribute far more to the collective value than banks do to any individual.
This has had a large social and behavior change in many sectors and industries. As online currency offers unique ways of approaching trades and many industries and their markets. The people that are at this moment working in the cryptocurrency market as miners are way above the 5 million number, and it will only continue to increase. Also, about 2000 people are working full time as employees of certain firms in the cryptocurrency market, and that is just the reported workers, lest we forget that there are many more rogue groups that don’t want to share their personal information and employment status.
What is the value of the cryptocurrency coins?
The value of the coins is tied to their purchasing power. For example, many industries have decided to accept the coins as valid money equivalents when it comes to trading good and services for online coins.
So, the question is why own a cryptocurrency. Well it’s in a way safer than to own regular money. Its value can rise so your estimated value can increase, it provides better privacy. It has low or no fees on transactions and can be used all over the world.
What are some of the basics you will need?
First things Is first, setup a wallet for your coins. Then figure out if you want to buy coins. And trade with them to earn a profit or if you want to mine them. Picking a good wallet has never been easier as there are tons of quality services offering wallets for coin users. Here are our top favorites that you can check out:
Bitcoin Price IQ
Once you have a wallet set, and some coins in it you are officially part of the cryptocurrency family. All you need to do now is either generate more by mining, by trading. Or by selling services and goods for coins.