« »

Sunday, September 10, 2017

Cryptocurrencies: What are they and why do you need to learn about them?

The importance of money as a method of arbitrating one’s asset has been known to the humans from as early as the later parts of the Stone Age. It all started with treating the stone nuggets as a form of currency and grew into the use of iron tablets, silver and gold coins, bronze coins, and now paper and electronic money. It’s a noticeable fact that as the number of people owning money increased in the transition of going from the stone nuggets to paper currencies, the value of each unit of money decreased by time.

This went on until the time when the banks stepped in and digitized the currencies for storage and transactions as well, and this was the time when money for the first time became digitized. Digitization of the money actually gave way to the concept of cryptocurrencies which is completely different from the regular currencies that are stored in banks and are transacted through digitized mediums, like credit cards, debit cards, and internet banking as well.

What is a cryptocurrency?


Basically, cryptocurrency is an online form of currency or money that uses cryptography or encryption, which can also be known as a digital asset. These are probably the safest mode of currency that is present today because cryptocurrencies are not physical currencies, but are a set of codes that use blockchain technology. Basically, blockchain technology encrypts the currency which makes the money completely secure for transactions.

While the security and ease of exchange of cryptocurrencies make them a good medium for currency exchange in the future, very few people have an idea about them. However, the scenario has been changed in the recent years after the introduction of various cryptocurrencies, especially Bitcoins which have risen to popularity within a very short span of time. People are now starting to invest in these cryptocurrencies and even some governments have recognized these digital currencies.

Because of the fact that the cryptocurrencies are termed as the future of digital currencies, there’s a dire need of educating more and more people about these digital currencies. One of the best platforms of doing that is the icoinpro website that allows the people to learn about the various digital currencies and even provides them a trading platform.

If you’re still skeptical about learning and investing in the cryptocurrencies, here are some benefits of them that could make you think otherwise:

Security


One of the most important benefits of using cryptocurrencies is their security. These currencies are encrypted through a blockchain technology, which is almost impossible to hack through. The other most intriguing feature of cryptocurrencies is each of them carries a different set of codes, which makes it very difficult to counterfeit it. This ensures that you stay away from frauds, counterfeits, hacking attempts, and other things.


No third party involvement


Usually, while transacting with other people using the debit cards, credit cards, or net banking, there is always an involvement of a third party. It may be the bank, central government, or even any third party application, like PayPal, which could be involved in your transaction. Although these mediums help you by tracking your transactions to make sure that they’re secure, they charge some amount of money for their involvement.

In the case of transactions involving cryptocurrencies, there’s no need for any third party involvement. This is because the cryptocurrencies don’t have any central body to govern and track it. The transactions and the transfers involving the cryptocurrencies are done through the public and private keys that are encrypted and very secure.

Access to everyone


There is more than 2 billion people world having access to the mobile phones and the internet, who don’t have the access to the traditional exchange. These people are well-informed about the cryptocurrency market and they can have access to this currency whenever they want. This literally means that the cryptocurrencies are available for everyone present on the planet to have access to.

Decentralization


The cryptocurrencies are managed by a global network of computers that use blockchain technology to manage the database and records of the transactions done through these currencies. This means that there is no central authority to govern and make rules on the transactions taking place through the digital currencies. It purely works on a user-to-user basis, which means its decentralized.


These are some of the major advantages of cryptocurrencies, which makes them a thing of the future. However, it’s not completely evolved and might take some time for the people to know about these completely. This is why it’s recommended that people should start learning about this future of currencies from sources, like icoinpro. If you’re still skeptical you can check for the icoinpro review on the internet, which could help you in knowing the importance of learning about cryptocurrencies.