Cryptocurrency was around ten years ago and has now become quite popular, widespread, and surrounded by many controversies from innovative developments.
Cryptocurrency is a digital currency where transactions can be done in a network (online). Unlike printed paper currencies, cryptocurrency is designed by solving mathematical problems based on cryptography.
The digital currency has a decentralized nature which means that it is generally much safer than the centralized nature. The value of cryptographic-based digital currencies comes from their scarcity, and the process of their creation through complex mathematical solutions, their unique encryption values, and their beliefs and usage also come from the whole community.
The first cryptocurrency that arrived and achieved success was Bitcoin, which was discovered by Satoshi Nakamoto. Bitcoin’s success is the initiator of the emergence of new types of cryptocurrency that try to compete with Bitcoin.
How does Cryptocurrency work?
Satoshi Nakamoto has managed to find a revolutionary system that is a system that serves to facilitate decentralized digital money transactions.
A decentralized money system is a network that is able to connect its users without the need for intermediaries or third parties or central authorities such as banks or the government.
Only with an Android-based smartphone or laptop connected to the internet, you can send and receive money anywhere and everywhere in the world.
Interestingly, this can be done anytime and anywhere, not depending on the bank’s work day or government work day, no downtime and transactions can be done in minutes.
The problem we are facing in a centralized system is related to the need for more costs to pay for services to third parties as intermediaries. In addition, the role of the third party that is now played by the bank or government must consist of a set of rules and certain limitations, so that it can be said to be far from efficiency and effectiveness. This is the problem that technology is trying to solve which is now introduced with the name Blockchain.
This activity is very promising for both professionals and beginners. Because the bazaar market can still be regarded as a new thing, where arbitration and margin trading are still possible to occur widely and as often as possible.
The price of a currency that is still changing drastically plays a very important role to bring new investors into this market. Compared to the conventional financial market, the cryptocurrency market can be said to be very barrier free and very easy to join. Besides, if you are an investor in Bitcoin, you will have many opportunities to sell Bitcoins fast since there are so many demands for it.
You can register directly, exchange your fiat currency for a number of Bitcoins, and can immediately start independent trading activities. But be aware, Bitcoin is not a fiat currency, which means that the rise and fall of prices will not depend or be influenced by the economy or policy of a country.
In contrast to the stock market in general, there is no official market for Bitcoin. Hundreds of crypto markets are spread all over the world that you can access 24 x 7. Due to the absence of an official market, it has the consequence of not having an official price for this digital currency.