We are aware of the world being advanced day by day and we, being a part of it are surrounded by digital currencies. The way or the method of transaction is now easier and hassle-free, any person at any corner of the world can send, receive, demand transactions from the person who lives on the other end. The internet has connected many people and this leads us to the topic of cryptocurrencies.
Cryptocurrency is mainly a digital currency that is being used by many people for trading purposes and the most common and growing cryptocurrency today is BITCOIN.
- BITCOIN Value: ~34,466.20 United States Dollar
- Ethereum Value: ~804.71 United States Dollar
- LITECOIN Value:~141.00 United States Dollar
How does Cryptocurrency work?
There is a basic and very easy formula for explaining the working of these coins and currencies.
People mine these currencies through their devices and collect the currencies and further these currencies are used for trading things. Most of the cryptocurrencies that are being used commonly are, Bitcoin(BTC), Etherium(ETH), Monero(XMR), Ripple(XRP), Litecoin(LTC), Tether(USDT), Libra(LIBRA), Eos(EOS).
Users who have a great interest in this find this very useful and compelling. The market for cryptocurrencies are enormous, and many people are already in such things.
There are new and growing markets for such currencies and many companies are throwing their cryptocurrencies so that the evolution of these types of digital currencies can grow large.
Are these Cryptocurrencies safe to trade?
The answer to this question is simple and straight. The companies are working very hard to own and secure such currencies with the help of great and complicated algorithms and firewalls.
These firewalls help the users to safely store and manage their data from any end of the world. These cryptocurrencies are being monitored and safely handled by their respective companies. So far these companies have not reported any malicious activities and are fairly genuine.
Aside from all these, some companies are emerging and growing very frequently.
Some of them are PI, BEE, Timestop, and so on. Mining is available on these platforms and is in its initial phases.
There are mostly three phases of a cryptocurrency to emerge in the market for its official use.
The first phase is the Conceptional coins: where users from any place can start earning or mining the coins as it happened with Bitcoin for future reference.
The second phase is Business tokens: where tokens are generated for the user to use for trading/corporate.
Third, comes the Sovereign cryptos: where people can use the cryptocurrencies anywhere officially.