The discussion on cryptocurrency and Bitcoins has increased a lot over the past years. More and more people and now beginning to trust and invest in cryptocurrency. Bitcoin is the first name whenever there is a talk about cryptocurrency. However with time, there are hundreds of other cryptocurrencies launched online with each one offering some or the other feature.
Cryptocurrency is assumed to carry a much higher level of security than fiat money. Transactions taking place through cryptocurrencies are fast and involve less fees. They also involve a great level of anonymity for the user.
Although there is no transaction fee for exchanging such currencies, but for verifying transaction there are miners who get paid by the network. There are third party services like coinbase which help in creation and maintenance of digital wallets for cryptocurrency exchange and trade.
You must have come across the word "credit card fraud" many times. However cryptocurrencies are much safer when compared to credit cards and traditional online banking.
This new digital currency offers a new medium of exchange for people which does not involve any financial institution. Blockchain, the ledger which stores the information of cryptocurrency transaction is decentralized and works on user to user based approach. There is no Central authority which controls blockchain.
This digital currency can be used at international level very easily, conveniently and safely. More and more companies are now accepting this digital currency. You could also invest in Bitcoin or any other digital currency.
There are various predictions going on regarding the price of Bitcoin. Bitcoin has created several millionaires which has diverted the attention of many investors towards Bitcoin. There are also debates going on various forums regarding which digital currency could become the next Bitcoin.
It is very easy to get confused about investment in cryptocurrency because of the mushrooming of large number of digital currencies recently. However to invest in any digital currency, you must first research all the aspects related to it and then invest only what you could afford to lose without having any negative consequences on your personal finances.
Various governments are also trying to regulate the trade of digital currency because there are risks involved like money laundering and anti social activities. Recently, there have been increased cases of ransomwares where digital currencies were used for restoring access. It is expected that with time, more levels of security would be added to digital currency to combat any possible case of misuse.