Crypto means “ secret ” and currency means “a medium of exchange for
goods and services”. Cryptocurrency is digital money, which can be
transferred without middlemen. We don’t need a centralised party like
banks and the government. The centralised party can be corrupted, so
cryptocurrency works throughout blockchains, it uses encryption to verify
transactions. This means it uses advanced coding to provide security and
safety in storing cryptocurrency data. It enables anyone anywhere to send
and receive payments. Once the transaction has been done it get stored in
digital wallets and once stored cannot be changed. Units of cryptocurrency
are created through the process called mining.
Types of cryptocurrency available are as follows.
Coin Total Market Value
Binance Coin $79.5billion
Bitcoin, first released in 2009 and is thought to be founded by Satoshi
Nakamoto, Bitcoin is the most expensive Cryptocurrency, while Dogecoin is
the cheapest one. Bitcoin is limited just like much other expensive material
like gold, there are only 21 million units of Bitcoin available.
Cryptocurrency is so widely popular because of the elimination of third
party like banks to transfer funds, there’s no blockage of funds, You can
spend wherever and whenever.If you want to send money from one country
to a person from another country you can easily transfer your
cryptocurrency by skipping all the layers of Bureaucracy through
blockchain. There is no difference in the value of one country’s
cryptocurrency to another. The system is designed in a way to work very
efficiently, it’s secured, transparent, and without revealing the identity of the
user we have full control over our Cryptocurrency as the system does not
require a central authority. It is nowadays becoming the fastest way of
making money and no government interference is making it more popular.
The money we keep in our banks is no secret to our government and banks
but cryptocurrency is more secure. It doesn’t disclose its users’ identity
though it keeps all the transaction records through blockchain. Blockchain
is an open distributed ledger managed by a peer-to-peer network. Once
recorded, the data in any given block cannot be changed.
HOW TO START ONLINE TRADING IN CRYPTOCURRENCY
These are the 5 steps to be followed
Step 1 – Create brokerage account
Step 2 – Transfer real money in your account to buy cryptocurrency.
Step 3 – Choose the type of cryptocurrency you are willing to invest in.
Step 4 – Choose strategy
Step 5 – Get a cryptocurrency wallet if you want to hold your cryptocurrency
In India, if one wants to trade in cryptocurrency he/she can simply open
his/her account in COINDCX and OCTAFX application now available in
One can join through this link given below:
HOW CRYPTOCURRENCY MARKET WORKS:
As we know cryptocurrency is not backed by any legal authority such as
the government, it is usually purchased and sold via exchanges and stored
in a “wallet”. It exists only as a shared digital record of ownership, it is
intangible money. So the value of cryptocurrency fluctuates according to its
demand and supply. Cryptocurrency value remains unaffected by any
political and economic decision of the government. Government possesses
no power in cryptocurrency value and cryptocurrency trading, but it can
make the trade of cryptocurrency illegal in the country. In the
cryptocurrency market, one is usually presented with two prices, if one
wants to open a long position he/she gets a trade at a buy price slightly
above the market price. If one wants to open a short position he/she gets a
trade at a selling price slightly below the market price.
If one wants to learn the whole thing about how the crypto market works,
one can join the classes for easy learning and through simple methods
from the link given below:
To conclude, now we know Bitcoin trading is the most profitable venture in
today’s market. It’s all the rage among people, mainly young investors, who
don’t invest in property or gold. They want global money, which means the
value remains the same in every corner of the world regardless of their
country’s economy. They want an easy trading currency and secure status
about the value of the currency they hold. Cryptocurrency currency
provides them with everything. It’s the beginning of a new era, a common
and global money “CRYPTOCURRENCY “.