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What is cryptocurrencies?
Cryptocurrency is an internet-based medium of exchange which uses cryptographical functions to conduct financial transactions. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability. The most important feature of a cryptocurrency is that it is not controlled by any central authority: the decentralized nature of the blockchain makes cryptocurrencies theoretically immune to the old ways of government control and interference. Cryptocurrencies can be sent directly between two parties via the use of private and public keys. These transfers can be done with minimal processing fees, allowing users to avoid the steep fees charged by traditional financial institutions.
What is crypto faucet?
A crypto faucet is a website that will give you satoshis in exchange for viewing ads or completing simple tasks. A satoshi is the smallest trading unit of a coin, worth 0.00000001 BTC in the case of BitCoin. Crypto faucets exist for most alt coins. From the most popular, BitCoin, to the most fun and useful, Dogecoin, you’re sure to find one to fit your needs. Crypto faucets are about as close as you can get to regularly getting coins for free. In a lot of cases you simply have to solve a captcha and collect your satoshis. Let’s look at how it works and how you can get started in the world of cryptocurrency.
What is blockchain?
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT). Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash. This means if one block in one chain was changed, it would be immediately apparent it had been tampered with. If hackers wanted to corrupt a blockchain system, they would have to change every block in the chain, across all of the distributed versions of the chain. Blockchains such as Bitcoin and Ethereum are constantly and continually growing as blocks are being added to the chain, which significantly adds to the security of the ledger.
What is Cryptocurrency Trading?
Ever since 2017, cryptocurrency trading has been an area of interest for new and old investors alike. Notably, cryptocurrency trading involves speculating on future price movements within the market. In its simplest form, trading requires the buying and selling of cryptocurrencies in a manner that produces profit. In order to accomplish this task, you need to have a firm grasp on what cryptocurrencies are and what affects their market movements. Cryptocurrencies are decentralized digital assets that rely on a network of computers to validate their authenticity and the overall state of the network. Unlike fiat currencies such as the dollar, there is no government or central authority backing these coins. Instead, cryptocurrencies rely on mathematical protocols to reduce human intervention and provide the world with a truly unique financial instrument. Importantly, cryptocurrencies exist only as a shared digital record of ownership. This means you can’t handle or even touch a cryptocurrency. Instead, these assets exist only in the digital realm. Consequently, no crypto transaction is complete until it is verified by the network nodes (miners) and added to the blockchain. Interestingly, there are multiple different types of blockchain assets one can trade today. Each asset has its own regulatory and trading requirements that you must adhere to. The three main types of blockchain assets in the market today are cryptocurrencies, utility, and security tokens.
Best Cryptocurrency Exchanges
The Binance exchange entered the market in 2017 with the goal to simplify the trading process for normal investors. The firm’s founder, Changpeng Zhao was already well known in the FinTech sector as the premier developer of high-frequency trading software. This technological know-how helped Binance create a unique UX and cement its position as an industry leader. This simplicity helped the exchange grow. By 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume. Today, the exchange still dominates the sector. Binance has since opened multiple platforms including Binance US, Binance DEX, Binance KR, and Binance Australia, to name a few.
The Singapore-based crypto exchange KuCoin was one of the first platforms to enter the market. Reports confirmed that developers began market research for this exchange as early as 2011. In 2013 KuCoin entered the crypto market as a dominant player. Today the platform is known for its state of the art technology. The exchange features a combination of reliable and extended technical architecture. In this way, developers have been able to streamline the standard trading operations encountered by users.
The Poloniex exchange entered the market in 2014 with the aim to provide US clientele safe access to digital assets. Currently, the firm has a headquarters located in the Greater Philadelphia Area of the Southern US. The founder of the exchange, Tristan D’Agosta, is known for living a private lifestyle, despite making Fortune magazine’s 40 under 40 list. Poloniex is known for its accessibility and overall market positioning. Today the platform offers over 100 BTC trading pairs. Additionally, traders are privy to advanced charts and data analysis tools to help further their investment strategies. Notably, the exchange charges a 0.2% transaction fee on all trades.
Bittrex is another market leader to consider. This firm has been in operation since 2016. The developers behind this platform wanted to create an institutional brokerage firm that could help bridge the gap between the traditional financial sector and the crypto markets. Bittrex is well known for its industry-best security practices. Currently, the platform is one of America’s leading blockchain technology providers. As such, it enjoys a reputation as one of the most reliable exchanges in the world.