Intro to Cryptocurrency

We live in a funny world where money has gone digital. Cryptocurrency is basically a platform for exchanging transactions through a secure database. Unlike normal currency, you’ll use digital currency as the staple for cash. The whole thing sounds like an idea from an 80’s science fiction film, but cryptocurrency is real and it’s happening right now. The way of the future is in the making, and cryptocurrency is one of its leading examples.

But even if digital currency is normal in this day and age, there are some questions that are left in the wondering minds of curious people. Right now, we can tackle these simple topics to ease the mind of the curious individual.

Cryptocurrency is safe

Through the use of blockchain technology, digital transactions are considered safe to use. Blockchain is the primary feature of digital currency. With this technology, transactions are safe because they’re exchanged directly from sender to receiver.

Cryptocurrency is considered hack-proof because of the safety precautions blockchain technology provides. Since transactions are direct, information is also updated almost instantly. To hack and steal digital currency would require almost impossible effort to do so, since the network database is embedded in all the involving computers.

Different forms of cryptocurrency

Virtual transactions are done with different form of cyptocurrency. The most common ones are Bitcoin (BTC) and Ethereum (ETH or Ether).

Bitcoin was invented by an anonymous person or group using the name Satoshi Nakamoto. This form of electronic cash is immensely popular, but criticised for its use in illegal transactions. 1 BTC converted to Singapore dollars is 5,477.75 SGD.

Ethereum or Ether is the name given to a form of electronic cash that was proposed in late 2013 by Vitalik Buterin. Technically speaking, Ethereum is the blockchain-based platform while Ether is the cryptocurrency generated by the platform. Ether has also been criticised for its alleged use in illegal transactions (Ponzi schemes). 1 ETH converted to Singapore dollars is 210.91 SGD.

Complete control over data

One of the main benefits when you invest in cryptocurrency is the wide freedom of control over information. Privacy is essential in transactions, obviously. But in cryptocurrency, you are given both privacy and freedom.

If you want to keep any additional information private in your transaction, cryptocurrency will give you that freedom without sacrificing privacy.

No more need for the middleman

Another major advantage is the lack of a middleman when engaging in transactions. Buying in the real world will usually include middlemen like banking or payment centres in between transactions. But when you’re using cryptocurrency, the whole transaction lacks any form of middle medium. This means when international transactions take place, there is no influence by exchange rates and transaction charges which are usually imposed by specific countries.

Cryptocurrency is just a universal medium for transactions online. Transactions are done so much easier, without the complications of usual currency. International transactions that usually take several days with extra charges are done without complications when it comes to cryptocurrency. If you’re looking to invest in cryptocurrency, now is the best time.