What is cryptocurrency and how it works

Have you ever thought of making money quickly? How about receiving dividends monthly for the long term? A brand new digital monetary technology called cryptocurrency gives you an opportunity to make money daily for living expenses or to accumulate savings for the future. Whichever you choose, it’s a great opportunity to get involved in this future technology. Let’s explore how it works in more detail.

Cryptocurrency is essentially digital currency stored in a digital wallet that allows you to pay for goods or services and is also storage of value. It is also a hedge against inflation as it is entirely decentralized, in other words cryptocurrency is not controlled by governments, banks or the global economic climate. It is entirely a free market enterprise. The most well-known cryptocurrency is Bitcoin although there many others too. Until recently you could buy Tesla cars with Bitcoin. You can still make purchases on PayPal, EBay, Visa and MasterCard using crypto.

Cryptocurrency transactions are stored in a digital ledger known as a blockchain. Blockchains are online virtual ledgers that record all transactions and it is impossible to hack into or alter in any way. Therefore, all transactions are kept safe. Using the blockchain you can conduct crypto transactions and send money worldwide in seconds bypassing banks and intermediaries and the transaction fees associated thereof. Blockchains are essentials blocks of transactions linked together from the very birth of cryptocurrency and all transactions are sealed on the blockchain for anyone to view. Transactions are verified electronically by computer networks around the world to ensure integrity and safety. This process is known as mining.

There is no single computer where the data is recited but rather on the blockchain itself which anyone can access. It is impossible to alter any single transaction because one would need to alter the entire blockchain’s transaction to change it. Furthermore, nobody’s data can be stolen as transactions are anonymous.

How do you buy cryptocurrency?

Firstly, you need to open a digital cryptocurrency account and then you will receive a digital wallet. You can then purchase cryptocurrency from your exchange using your bank. One of the most popular exchanges is Binance.

How do you make money with cryptocurrency?

If you are familiar with stocks, shares and securities then trading crypto will be easy. The same principles apply . You buy crypto at a certain value, wait for it to rise and then sell it , thereby making a profit. Imagine how much you would be worth today if you had bought $100 with of Bitcoin in 2011 when it was valued at 0.25 of a penny!

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