“Cryptocurrency and Blockchain technology offers a lot of potential with investing." ― Hendrith Vanlon Smith Jr In our pr...
Technology has been evolving since the beginning of this era. To remember, the last greatest breakthrough that mankind witnessed was the advent of the internet, and since then the next greatest thing that happened is the invention of Blockchain-based cryptocurrency.
The chart below represents that cryptocurrency gains trend for the year 2021:
Bitcoin, Ethereum, or Dogecoin? Here's the crypto with the largest gain this year | Fortune
When we talk about cryptocurrency, the first thing that pops into our mind is Bitcoin. But cryptocurrency which is a lot more than just bitcoin has changed the business for the majority of industries. Want to know how? Keep on reading to know about the basics of cryptocurrency, decentralized exchange development and the reason behind the popularity of this digital currency-
What is Cryptocurrency?
Cryptocurrency is a digital asset. Digital because the transactions are highly encrypted, and the exchanges made through this are highly secure. Based on Blockchain technology, cryptocurrency has the advantage that it is an independent currency and is not controlled by a single institution.
Now, you might wonder about the source of this amazing currency and your answer is-Mining. Yes, cryptocurrency is created through mining. Solving complex problems by powerful computers result in a reward for making successful cryptocurrency transactions. In simpler words, the exchange of cryptocurrency results in more cryptocurrency being introduced.
How do Cryptocurrencies work?
Cryptocurrencies run on the public ledger that is majorly based on blockchain and it keeps the record of all the transactions made by the stakeholders. Users can easily buy the currencies from the brokers and store and spend them on cryptographic wallets.
What is Cryptocurrency - Javatpoint
Some of the best-known cryptocurrencies include:
Bitcoin: The first cryptocurrency to be introduced, Bitcoin was founded in 2009. The currency was developed by Satoshi Nakamoto and is widely believed to be a pseudonym for people with a hidden identity.
Ethereum: Developed in 2015, Ethereum is a blockchain platform with its cryptocurrency, called Ethereum. This is the second most popular cryptocurrency after Bitcoin.
Ripple: Ripple is a distributed ledger system that was founded in 2012. Ripple cryptocurrency can be used to track different kinds of transactions, not just cryptocurrency.
What are Crypto Exchanges?
Crypto exchanges are the platforms that are built with the sole purpose of buying and selling cryptocurrencies. Exchanges can be used by any person who is willing to trade one cryptocurrency for another. Apart from converting one form of cryptocurrency to another, you can also convert them back into U.S Dollar, in which U.S Dollar Exchanges can assist you.
How Profitable Are the World’s Top Crypto Exchanges? (howmuch.net)
Crypto exchange development can be a daunting task, and selecting one that is suitable for your needs is even more difficult. Here are a few pointers that make a crypto-exchange platform stand out:
The exchange platform should be accessible and in adherence to all the rules and regulations according to a geographic location.
Cryptocurrency isn’t backed by any single central institution and to keep your holdings safe you need a reliable crypto-exchange platform.
The crypto-exchange platform should also be economical, and the exchange fee should be a fixed price.
The reason behind crypto becoming so popular
Cryptocurrency has gained so much importance majorly due to its acceptance across all industries. The cryptocurrency development offers several advantages for the business and individuals, such as:
Security- Blockchain wins the game when it comes to security and transparency. It is nearly impossible to forge a cryptocurrency.
Popularity and Versatility- Since the advent of cryptocurrency, it has achieved massive popularity. If the businesses accept the cryptocurrency, a completely different base of people is attracted towards their services.
Accessibility- Cryptocurrencies can be used by anyone with a smartphone and a working internet connection. Countries with weaker economies are preferring cryptocurrencies for the same reasons only.
Limited transaction fees- Transaction fees can be easily eliminated with the help of cryptocurrencies.
Cryptocurrency has many applications and benefits, potentially changing the way we interact with money. Owing to its current popularity, the impact of cryptocurrency can be more far-reaching than we can interpret at the moment.
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