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Bitcoin Cash Rate : 65350

Ripple Rate : 55

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Neocoin Rate : 46.8

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DigiByte Rate : 3

Peer Coin Rate : 150

About Crypto Currencies

About Crypto Currencies

Many investors are highly hopeful about the future of cryptocurrencies. Cryptocurrencies are perceived to be a lucrative investment asset. On the other hand, cryptocurrencies involve a significant amount of risk and are extremely volatile. Despite the fact that the high fluctuation involved with cryptocurrencies, they have emerged to be popular and attractive among investors. Today, Bitcoin is the most sought-after cryptocurrency.

In technical terms, cryptocurrencies are created with a technique known as cryptography (encryption). The entries are recorded in a database and certain conditions need to be fulfilled in order to alter these entries. These entries are not secured by people, but with math.

Crypto Currency Features

Each and every cryptocurrency is different. However, there are some similar features among the different cryptocurrencies, which are as below :

Irrevocable

It is not possible to reverse a cryptocurrency transaction once it is made. You can neither cancel the transaction nor it is possible to chargeback like a credit card.

fast

Cryptocurrency transactions are fast and are usually confirmed within minutes.

secure

Cryptocurrencies are highly secure and the most recent cryptographic systems are used.

limited

Cryptocurrencies are carefully regulated and are limited in supply. Cryptocurrencies are designed in such a way that their production decreases with time.

Basics of Crypto Currency Transactions

Let us first understand some basic concepts before understanding how cryptocurrencies function.

Crypto Currency Transactions

Cryptocurrency transactions occur between peers. They are transferred peer to peer. Cryptocurrency transactions are recorded in a digital/public ledger known as blockchain through a procedure called mining. From the name itself, one can denote that blockchain is a chain of blocks. Every block consists a group of transactions, which have the sending and receiving addresses plus the amount of bitcoins exchanged. The transactions are recorded publicly and in a chronological order. In fact, blockchain is the fundamental notion in the cryptocurrency system.

Mining

Mining is confirming of cryptocurrency transactions and adding these transactions to a public ledger. A complex math puzzle has to be solved and the miner that solves this problem first adds a transaction block to the public ledger. The moment the block is added, all corresponding transactions are unchangeable and a transaction amount will be added to the wallet of the miner.

Benefits of Crypto Currencies

Low Transaction Fees

The best thing about cryptocurrencies is that there are minimal transaction fees if you want transfer your funds. The infrastructure cost is less as well. Gradually they will also come in the banking sector. Hence, the transaction fees are negligible.

Bright Future

Cryptocurrencies definitely have a bright future. The growth of cryptocurrencies has been phenomenal. You can see that various cryptocurrencies have grown swiftly over the years.

Secure

Cryptocurrency payments are encrypted and digital unlike conventional payment methods. Cryptocurrencies use cryptography for the transactions to be secure. Hence, they cannot be forged easily. Cryptocurrency transactions are one of the safest and most secure.

Decentralized

One of the advantages of cryptocurrencies is that they are not controlled by any single authority and in fact are decentralized. Instead, the cryptocurrency network is operated on a peer-to-peer basis. Therefore, anyone can have access to cryptocurrencies.

Universally Accepted

Cryptocurrencies are accepted all over the world without facing any issues as they are not under the obligation of any country specific charges or interest of exchange rates.

Fast Transfers

Transfer of cryptocurrencies is extremely fast compared to conventional currencies. You can transfer cryptocurrencies almost instantly to any person in the world and in an inexpensive way.

Crypto Currencies Available to Trade at CryptoIdol

Click on the icons to know more about the respective crypto currency