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August 24, 2017

The truth about Bitcoin and cryptocurrency for beginners

Cryptocurrency is starting to become a defining factor in today’s economy as more people are driven by interest and the prospect of profit to this relatively fresh way of conducting trades and exchanges. But before you set out to find yourself some regulated Bitcoin brokers, you should know a little bit more about Bitcoin and what cryptocurrencies promise. You will thus be able to draw a line and determine whether or not it’s something that might interest you or if you should just move on and not waste your time with its ideals. We shall start from the beginning and see what cryptocurrencies actually are, moving onward from there.

Bitcoin and the cryptocurrency revolution

By now, there might still be a lot of people that don’t know about cryptocurrency, but there are surely many people that have heard of Bitcoin. Bitcoin is among the most popular cryptocurrencies and definitely an ice breaker as far as seeing these currencies intertwine with traditional markets.

Bitcoin is different from the rest because it had become the cryptocurrency which people, companies, and financial entities recognized and swiftly implemented into their own systems. When something is popular enough that it rails considerable amounts of people, it’s a good move to allow them to make use of the said thing. The “thing” in this case is Bitcoin and other rising cryptocurrencies which are now available for online services and even stores as an acceptable payment method.

The perks of cryptocurrency exchange and buying with Bitcoin

All this surely cannot be just a fad or a trend, as people wouldn’t invest heavily into something they wouldn’t think would last. When it comes to advantages, cryptocurrencies have many. Let’s start off with the easiest of them all: no exchange fees. When you deal with multiple currencies, you are going to get an exchange fee slapped on top of what you’re already paying or receiving. That is not the case with cryptocurrency. Here, exchanges are a lot cleaner because there is no need to invoke an exchange fee, and we’ll get to why that is in just a minute.

Other advantages include:

  • Having access to a completely secure online platform
  • Having user-to-user encrypted transactions
  • Having worldwide availability and no sort of governmental restrain because it belongs to none
  • An increasing number of service and good providers opening their doors to currencies like Bitcoin, making it an extremely convenient method of payment that only stands to grow in that position

Where do Bitcoins and other cryptocurrencies come from?

You might also be interested in where these currencies come from and how to they end up being the advantageous digital tokens they become. Cryptocurrencies are electronic currencies that are restricted to electronic or online use. They cannot be counterfeited as a result and provide several other benefits. These currencies are not just invented, they are mined. For instance, Bitcoins are produced with the help of Bitcoin miners, people that excavate the currency through a series of challenging mathematical processes done with the help of computers. Once computer finishes an equation of mathematical process, they are rewarded with a Bitcoin. Bitcoin miners are rewarded by their networks for their work which means that there is no need for an exchange fee on trades.

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