Shopping for Cryptocurrency: A Fun Investment For Now & For The Future
Cryptocurrency is the talk of the town now, and it’s everywhere. Among all the debate about its usefulness and profitability, an unfamiliar person might find themselves a bit confused over the word ‘cryptocurrency.’ But there’s no reason to be intimidated since once you know the basics, a whole new world of gaining, saving, and even investing wealth can be yours! Now we are going to discuss all the whats and the hows of cryptocurrency.
What Cryptocurrency Really Is
Cryptocurrency is a digital currency which exists in cyberspace. So it must be created and accessed electronically and it can also be used to buy things electronically. Think of it as like the dollar, the euro, or yen, to name a few conventional currencies circulating today, and now there are more than 900 cryptocurrencies available. The oldest and most famous of them is Bitcoin, the first cryptocurrency invented in 2009. Now today, new coins like Ethereum, Litecoin, Dash and dozens of others are also gained and traded in a fair amount.
Cryptocurrency serves the same purpose as conventional currency except for the one main difference: it is decentralized i.e. there is no central bank regulating it. This means simply that there is no intermediary present between two dealing parties. In the case of conventional currencies, banks record and also charge fees for their services. However, in the case of cryptocurrency, there are no banks present to cut themselves a fee for their services. Not to say that sending cryptocurrency is free, it isn’t. But simply, it means that there is a standard percentage fee to send it, and that’s it. It is also the anonymity ensured by the absence of intermediary which has made it famous; just like in emails and phone calls, where our message travels from A to B without relying on a third-party, thereby ensuring our privacy.
But the question naturally arises: So then, who regulates all the transactions? The answer is: technology, or more specifically, Blockchain Technology. To regulate transactions, an online public ledger called Blockchain, keeps and updates all the records of every transaction ever made. This is the technology at the heart of Bitcoin and every other cryptocurrency. Blockchain also uses cryptography (secret codes,) to make all transactions secure, and it also makes them publicly available for anyone to see, while at the same time ensuring the user’s anonymity, which helps to radically reduce fraud. And, since it is publicly available, the whole community can verify the authenticity of a transaction.
At times described as the money of the future, or an amazing technological development, one thing’s for sure, decentralized blockchain transactions are not going away. So, the sooner you join the party and get yourself some coins, the sooner you can gain wealth, and keep it while it goes up in value, and also spend it for an ever increasing amount of good and services; in other words, shopping!
How to get coins
Oftentimes, you can buy and exchange cryptocurrency at the same place. On cryptocurrency exchange websites like bitit.io you can buy bitcoin in over 50 countries with just a credit card or cash. They accept online and cash payments from anyone, anywhere, so you can definitely get the party started at bitit.io. A lot of bitcoin exchange sites will make you wait for a long period of time for verification purposes. In some cases individuals have waited weeks! But don’t worry — if you’d like to get started sooner than (much) later, bitit.io is a great option where you can buy bitcoin almost instantly.
So you really don’t need to be a computer genius to get your hands on the new digital cash. Creating your own wallet and getting coins really could not be simpler. Why not give bitit.io a try today!