A lot of people have been wondering what is cryptocurrency what is Crypto Technology? What does it do and what can it benefit us in the future, well a cryptocurrency is a digital or a virtual currency where you can’t touch or have any physical contact with designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.
So what can you do with cryptocurrency.
1.Buy Goods
In the past, trying to find a merchant that accepts cryptocurrency can be a pain in the head these days. However, the situations are completely different. There are a lot of merchants both online and offline that accept Bitcoin as a form of payment. They range from massive online retailers like Overstock and new to small local shops, bars, and even restaurants. Or even to pay for flights, hotels, jewelry, apps, computer parts, and even education fees.
2.Invest
Many people believe that cryptocurrency are the hottest investment opportunity currently available. Indeed, there are many stories of people becoming millionaires through their Bitcoin investment. Bitcoin is the most recognizable digital currency to date, and just the last one BTC was valued at $800. In November 2017, the price of just one Bitcoin exceeds $7,000. Perhaps the second most valued cryptocurrency has recorded the fastest rise a digital currency ever demonstrated. Since May 2016, its value increased by at least 2,700 percent. When it comes to all cryptocurrencies combined, their market cap soared by more than 10,000 percent since mid-2013
However it is worth noting that cryptocurrency are high-risk investment. Because their market value fluctuates like no other asset’s. Moreover, it is partly unregulated, there is always a risk of them getting outlawed in certain jurisdictions and any cryptocurrency exchange can potentially get hacked.
3.Mine
The most important part of any cryptocurrency network is the miner, and much like trading, mining is an investment. Essentially, miners are providing a bookkeeping service for their respective communities. They contribute their computing power to solve complicated cryptographic puzzles which are necessary to confirm a transaction and record it in a distributed public ledger called the Blockchain. A lot of people have made some fortunes just by mining Bitcoins, Back in the days, you could make substantial profits from mining using just your computer, or even a powerful laptop. These days, Bitcoin mining can only become profitable if you’re willing to invest in industrial-grade mining hardware. This, of course, incurs huge electricity bills on top of the price of all the necessary equipment.
4.Accept As Payment
If you own a business and if you’re looking for potential new customers, accepting cryptocurrencies as a form of payment can be your solution. The interest in cryptocurrencies has never been higher and it’s only going to increase. Along with the growing interest, also grows the number of crypto-ATMs located around the world. Coin ATM Radar currently lists almost 1,800 ATMs in 58 countries
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