The world is ever-changing and dynamic. If you wish to stay on track with the current trends, you must be sure to try fads and trends. The best example of this would be cryptocurrency. But what is cryptocurrency? Here is all that you need to know about cryptocurrency and crypto market cap.
What is cryptocurrency?
Cryptocurrency can be said to be a virtual currency that cannot be easily counterfeited. It is based on a system called the blockchain technology. It is a decentralized system in which data and information are distributed among a network of computers. They are said to be immune from manipulation nor interference by the government as it is not issued by a central authority.
Advantages of using cryptocurrency
Regular businesses have the element of middlemen in them. There is always the question of paperwork, brokerage fees, or any other terms and conditions. The transactions involving cryptocurrency are a one on one affair that takes place on a peer to peer basis. This improves accountability and establishes clearer lines of payment among the parties.
Confidentiality of Transfers:
When you make a cash or credit transfer, your bank is likely to use these documents as a reference. At the basic level the bank may check if you have sufficient funds before you make a transfer. If there is a critical transaction involved, more detailed checking of your finances may be undertaken. When you use cryptocurrency, the exchange between the parties is unique. The type of transaction involved here is called a “push transaction” as you have the freedom to transmit only what you wish and nothing apart from that. This ensures that your transactional history is protected from the threat of identity theft.
Transaction fees are always involved even if you just breathe in the direction of your finances. If you perform a significant number of transactions each month, a major chunk of your assets is bound to fly towards transaction fees. Whereas, cryptocurrency does not involve transactional fees as the data miners receive their fees from the cryptocurrency network itself. The only factor that will induce extra fees is when you use a third party to maintain your wallet.
Access to Credit:
All that you require to enable a cryptocurrency transaction is stable internet and a device. All that they have to do is to access a website or a portal offering cryptocurrency services. There is a wide scope for inducing new customers to use cryptocurrency. This is set to expand exponentially in the upcoming years.
Facilitation of International Trade:
Though a lot of countries have not recognized cryptocurrency as legal tender, that is said to change soon. Cryptocurrencies are not influenced by levies that are imposed by any country like interest rates or exchange rates. Since these transactions work at a one on one basis, inter-country transactions can be easily conducted without any cross-border interferences.
When you use a bank for your transactions, you give the third party a power that they can exercise over your assets. In case of infringement of any terms and conditions, your account can be closed down without any warning. In case of cryptocurrency, unless you delegate the functioning of your account to a third party, your account will be under your control
When you deal with cryptocurrency, it is important to keep track of the cryptocurrency market cap. If you wish to know the value of your cryptocurrency along with the changes and market cap, all that you have to do is to head over to Crypto Chart’s website. It has the up to date values of all cryptocurrencies around the world. The icing on the cake is the fact that it also shows the available supply of the cryptocurrencies on the blockchain!