DIGITAL CURRENCIES TRADING
There are many digital money forms available, Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Ripple.
This market is considered more volatile than the other traditional markets.
Overview
The majority of digital money forms are powered by Blockchain technology. They are totally different from the traditional form of money because they do not have a central authority to manage the supply. They are decentralized money, a self-regulated market. Digital money tends to change the old concept of money, decreasing the power of high level authorities like central banks and governments. This is why in many places they are considered not legal assets to use, own or trade.
The most famous digital money forms are Bitcoin, the original and the first form of money; Bitcoin Cash is a hard fork of Bitcoin; Ethereum is aiming to change the way the internet currently works; Litecoin is designed to make payments with faster execution time of transaction; Ripple is created to address speed issues of international payment methods.
Bitcoin is the main and first cryptocurrency out there. It is created to make people’s life easier and to cut the cost from third parties. Each time we make a bank transfer or transaction banks are keeping their interest, charging people unfairly. Nowadays system is called like a slavery economic system, Bitcoin is trying to transfer the power on the people hands and take it from banks and governments. This is the reason why these two parties are so against Bitcoin and other cryptos. Cryptocurrencies will make them powerless.
Who rules Digital Money World?
Users, they might be an individual or a legal entity who obtains coins to purchase real or virtual goods or services.
Miners make the transactions valid by solving a ‘cryptographic puzzle’. They support the network by using computing power to validate transactions and are rewarded with new coins. They raise the supply.
Exchanges, they help cryptocurrency holders to convert their cryptos into fiat currencies and vise-versa.
Trading platforms are marketplaces that bring together different digital currencies users that are either looking to buy or sell coins, providing them with a platform on which they can directly trade with each other.
E- wallets are used to hold, store and transfer digital coins among the crypto users.
Blockchain & Other definitions
- What is blockchain?
It is a database available in many computers at the same time. As long as there are new people holding bitcoins, the blockchain is growing block by block. Each block has its timestamp, linked to the most current block, so they keep creating the chain.
- What is digital currencies mining?
Digital money mining is the process of verifying and adding users’ transactions into a blockchain public ledger.
- What is the difference between digital money and fiat money?
The main difference is that fiat money is a centralized form of money, issued and controlled by central authorities like central banks. On the other hand, digital money is decentralized and runs across computer networks.
- How many digital money wallets are there?
E-wallets are used to save, send or receive digital money. Let’s make clear that there is no need for a wallet if you are trading bitcoin or other forms of digital money. Forms of wallets are paper wallet, hardware wallet, mobile wallet, online wallet, desktop wallet.
- What was the first form of digital money?
The first digital money was called Bitcoin. It was registered in 2008 as a domain, and the first transaction was done in 2009. It is published by Satoshi Nakamoto, but it is believed that this name is a pseudonym for a person or a group who developed bitcoin.
- How many digital money forms are there?
The number of digital money forms has been increasing recently. There are more than 2,000 digital money forms available for the public to buy, sell and trade. Most of them have little value.
- How does the digital money market work?
Digital money market has a different nature compared to other financial markets. It is a decentralized digital money network, meaning that it operates based on a system of peer-to-peer transaction checks. Each time a digital money is bought or sold, the transaction is registered to the blockchain.
- What factors influence digital money rates?
The main factors which influence digital money forms are supply and demand for that currency and also the news about it.
- Which are the most famous digital money forms?
The most famous forms of digital money are Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple.
- How much should I invest to start trading Bitcoin?
The minimum to start is $ 250. But you can start with the amount that you want to.
- Is Bitcoin really worth trading?
Bitcoin history has shown that it is an asset worth trading. High volatility, excellent for people who trade in fast moving markets.
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