Cryptocurrency is virtual money that, unlike fiat funds, has no physical expression. The unit of such currency is “coin”, which implies “coin” in English. The peculiarity of the unit of measurement is protection against forgery, because it contains encrypted data that can’t be duplicated. A key feature of cryptocurrencies is the absence of any internal or external administrator.
Therefore, banks, tax, judicial and state authorities cannot influence the transactions of any participants of the payment system. This is often possible because all data with cryptocurrency wallets and transactions are stored within the blockchain.
The transfer of cryptocurrencies is irreversible – no one can cancel, block, deny or force (without a private key) a transaction. However, the parties to the agreement may voluntarily temporarily lock their cryptocurrencies as collateral or establish that the agreement of all (or arbitrary additional) parties is required to complete/cancel the agreement. Such possibilities exist in smart contracts and depend on a specific blockchain.
How to get cryptocurrency:
- Cloud mining is the best way to get bitcoins in early 2019. It’s a rental of cloud mining service capacity within the variety of a contract for a year. All cryptocurrency mined from this power goes to your account. On average, the income is from 130% to 300% per annum, it all depends on the charge per unit and therefore the increasing complexity of the network. But keep in mind that in cloud mining there are lots of scammers or pyramid sites, you’ll only trust old and proven services.
- Classic mining. Those who are engaged in mining, as it were, rent out the hash rate of their ASICs, video cards and processors to receive cryptocurrency by using computing power data. There are many Bitcoin mass mining farms.
- Buying cryptocurrency. You can buy electronic currency for money in special exchanges. Before buying, you should know the forecasts. For example, GRT price prediction and more are already available on our website.
Benefits of cryptocurrency
Two of the biggest advantages of cryptocurrency are that it cannot be counterfeited, and transactions cannot be contested and revoked by the payer. In addition, transactions using cryptocurrency are anonymous. Banking operations are based on the principle of collection: the transaction is identified, and a certain amount is debited from the payer’s account. For cryptocurrency, on the other hand, the principle of transfer is used, thanks to which the owner of the digital currency can transfer it to the recipient without providing any accompanying information.
Another advantage of cryptocurrency is that it allows you to avoid being tied to exchange rates, interest rates, and transaction fees. In addition, transactions using digital currency are instantaneous, regardless of the physical location of the payer and recipient.
If you want to understand in more detail everything related to this new form of financial calculations, we recommend starting with such concepts as Bitcoin (Bitcoin), Litecoin (Litecoin), Blockchain (Blockchain) and Ethereum (Ethereum). Here, for example, is MANA coin price prediction 2030, which is based on the Ethereum blockchain.
Our team will help you understand the crypto world faster!