Are you a kind of person who spends your time with internet and technology?
If yes, definitely you might be heard about cryptocurrencies?
What are cryptocurrencies?
A cryptocurrency is a digital or virtual currency established as a medium of exchange, by using cryptography to obtain and verify entire single minuet transactions.
Is cryptocurrency has a global recognition?
Cryptocurrencies are common in digital market. As an emerging trend it creates a new space in world exchange system.
What are famous cryptocurrencies in market?
- Dash (DASH)
- Ripple( XRP)
- Monero (XMR)
- Bitcoin cash
I have a question for you,
While you think about cryptocurrencies, which crypto comes to your mind first?
I hope 90% of people will go with’ Bitcoin’ The king of cryptocurrency.
What is a Bitcoin?
Bitcoin is a most renowned decentralized digital currency without any central regulatory authority and an intermediary system. Bitcoin can be sent from user-to user on a peer to peer network as medium of exchange of values.
Is Bitcoin can provide a secure transaction?
Like any other cryptocurrency Bitcoin also uses cryptography to verify and secure transactions.
Bitcoin uses cryptography mathematical proofs (proof of work) and economic incentives (mining) to puzzle out the problem in double spending and to verify and process the transactions.
Bitcoin network is erect by a public ledger named “Block chain”.The ledger records and evaluates every digital transactions.This digital records of transactions are combined in to blocks.
However, Bitcoin comprise an open source protocol which permits any developers to review and make a contribution for the development of bitcoin.
From where I can buy Bitcoins?
I hope now you got an idea about Cryptocurrency and Bitcoin as well.
There have many cryptocurrency exchanges in world market to buy and sell bitcoins.
You can purchase Bitcoins from cryptocurrency exchanges or directly from other people who holds a bitcoin wallet.
You will purchase it in variety of ways like cash mode transactions, debit and credit cards to wire transfers, or even with other cryptocurrencies.
What makes Bitcoin Different ?
Let’s have a look on various key features of a Bitcoin
It is a digital currency
This currency is strictly based on computers and internet. There is no reserves for cryptocurrencies. It is a digital currency which says good bye to coins and notes.
Countries in worldwide has their own fiat currencies, this currencies are variant from country to country, crypto currencies has a world recognition and it can be transfer to all over the world easily.
It is a globally accepted digital money.
It is decentralized
One of the chief feature with bitcoin is it is a decentralized digital currency. Bitcoin has no any governing authority. It uses a peer to peer independent network.
Transactions are maintained on a distributed ledger to computers all over the world.This sense there is no control of government authority or a central bank on bitcoin.
Decentralized nature along with encryption techniques which used to record transactions on a block chain makes bit coin more secure.
However fiat currencies in bank is not so much safe, because bank can hack and experience default due to financial crisis or either their account may be frozen by government.
Bitcoin is maintaining a worldwide block chain and it cannot be seized.
A bitcoin holder can make transactions without revealing his or her identity.
Bit coin Is Anonymous
Bitcoins are mostly defined as an anonymous cryptocurrency. The privacy was an important feature provided by bit coin to its users.
Users doesn’t need to identify each other while transferring a bitcoin.
The block chain in decentralized network checks the transactions and then verifies and records it successfully
Bitcoin uses both privet and public key system to authenticate the transactions.
Cryptocurrencies have a limited supply which is coded in to underlying algorithm when it is created.
Bitcoin has a fixed number of supply, once this limit is reached no other new bitcoin can be mined.
However fiat currencies have an unlimited supply and the Central bank can manipulate the value of the currencies.
There may have variance in value of currency during the time of inflation and deflation as per the economic policy of a particular country.
Cryptocurrencies takes initiative to prevent currency manipulation and the decrease of value over time.
Increase in value
Most of the cryptocurrencies have a limited supply.Bitcoin also has a limited point of supply .
Once the limit is reached no other new bitcoin will introduce to the market .
This increases the value and circulation of existing bitcoin in market.
Role of crypto currency in multilevel marketing
Multi-level marketing is one of the powerful marketing tool of today’s business. It is a well tried method, which is used to sell the product or service of a particular business organization in a better way.
From the beginning to till now MLM industry witnessed many changes with new latest technologies and ideas.
The payment method in Network marketing business was usually through card payments, wallet payments, internet banking etc…
The latest trend in Multilevel marketing business is digital money transaction by using cryptocurrencies.
This crypto trend in network marketing began with ever popular crypto currency “Bitcoin”.
Cryptocurrency transaction offers a new kind of money exchange experience for the user.
However many cryptocurrencies are used in today’s MLM business as a trend of new digital currency exchange system.