A cryptocurrency is a digital currency that works as a channel of transaction. Bitcoin was the first form of cryptocurrency to be produced thereby making it the most commonly known and used digital currency. Other examples of cryptocurrency include Ethereum, Ripple, Litecoin, Dash, NEM, Monero and many others. It is not easy to duplicate cryptocurrencies partly because they use cryptography to secure their system. Cryptography is a complex method that is used to secure information in computer operations thereby acting as a good security feature against counterfeiting a cryptocurrency. Cryptocurrency makes it easier for transactions to take place with less transaction fee making users evade the high charges incurred in bank transactions. There are various ways one can acquire cryptocurrencies, the first step is through mining or through purchasing from a broker who charges some amount.
There are several places where a merchant can purchase bitcoins. Most of them are regulated to operate in specific countries or regions. This is partly due to licensing concerns. Therefore, when planning to purchase a cryptocurrency, one has to be informed on the form of digital currency that they want to purchase and whether it is in their location. Coinbase is the most popular brokerage channel of cryptocurrency because of its simplicity and straightforwardness. It mostly deals in bitcoin, ethereum and, and litecoin. Coinbase is a leading cryptocurrency platform that is reputed for its transparency, regulation abidance and its security it offers in the cryptocurrency market. Coinbase was selected by the New York Security Exchange to provide its data for valuation tracking of cryptocurrency (Berkerman, M., 2017). It offers secure brokerage services thereby earning the trust of users and different institutions. This is exhibited since coinbase operates in 35 countries which goes a great extent to show how large its market share is with 11.2 million customers served since it began operating. Since its inception, coinbase has traded close to $20.0 Billion. For people who want to get into cryptocurrency, then coinbase is a recommended place to trade with. Coinbase can be accessed through their website using a web browser or through uploading their Mobile wallet app which works on Android and iPhone.
Cryptopay is also a channel that deals in bitcoins and offers cryptocurrency services to its users. Users can use its wallet to buy, keep and transfer bitcoins all over the world. It has convenient deposit forms and guards accounts against inflation since it uses deposit methods in major fiat currencies. It has flex accounts which holds bitcoins safely for its users. It is the flex account that secure bitcoins against price fluctuation. Deposits and withdrawals in are free when transacting with Cryptopay. There is no commission fee charged when depositing money with Cryptopay.
One can also buy cryptocurrency from CEX.10 since it offers one of the best and available services about digital money. Users can buy, sell and trade in bitcoins using CEX.10. It also offers a great platform to carry out trade through its advanced algorithms that are backed by a unique trade engine. Its uses popular payment methods such as MasterCard and Visa with a strong security backup. CEX.10 has a wide coverage of in most countries worldwide.
The security of cryptocurrency cannot be questioned. This is because compromising of data can be detected through the use of blockchain technology. This is because blockchain technology decentralizes network allowing access without password. It operates in peer-to-peer manner that verifies the integrity of the transactions thereby making it almost impossible to manipulate figures. Through blockchain, cryptocurrency security has been enhanced since it is encrypted and data is scattered in the blockchain thereby making it impossible to gather data since it is not distributed at a centralized point. This makes it difficult or data to leak. The security of cryptocurrency through blockchain is secure that Pentagon believes Blockchain Technology could be used as a Cybersecurity shield (Joshi, D.,2017).
Transaction fee of depends on the cryptocurrency one is using. There have been issues raised about the high transaction amount charged by Bitcoin. This can be attributed to the popularity of bitcoin which has made its demand to go up thereby making the transaction fee do up. (Chaparro, F., 2017). The high transaction fee led resulted to a situation where users dipped in transaction leading to Bitcoin splitting into bitcoin and bitcoin cash (Chaparro, F., 2017). Other cryptocurrency such as Cryptopay, only charge 1% to convert to or from bitcoin cash.
Cryptocurrency is easy to use even to new users. What is needed is a smartphone and Internet access. With this then you are good to go with transacting in cryptocurrencies as it doesn’t require one to have much knowledge on statistics or computing. There are applications that can be downloaded from stores, depending on the device one is using. Such are ways to make cryptocurrency available and easy to use. There are also rules that guide user, which prove important especially to those who are new to cryptocurrency.
Cryptocurrency is here to stay and with the progress made in recent times, there are no signs no of stopping it. It has been dubbed the future of money and investment thereby making the demand soar high each day. Cryptocurrencies can be acquired through mining and through purchasing. There are many platforms that help in transactions such as coinbase, Cryptopay and CEX.10. the transaction fee is always dependent on the channel one is using as there are other platforms that charge less while others charge high. The security of cryptocurrency cannot be doubted and this has been enhanced by the use of blockchain technology which spreads data at a decentralized sheet thereby making it impossible to manipulate. Besides, there are regular checks made on them every now and then. One does not need to know Statistics in order to use cryptocurrency. Accessing and using cryptocurrency is not a tedious task as the Internet and a smartphone are the basic requirement. What is left now is time to tell whether cryptocurrency is the future of money or it will be a failure, but from the look of things there are no signs of relenting.