You Should Know Before Investing In Cryptocurrency!

02/04/2018 Financial & Legal Services

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Cryptocurrency is making its presence felt in the world markets for sure. However, as is with all investments, you must know what you are getting into before you take your investment decision.

Cryptocurrency is what we thought the future would be two decades back. Anything virtual has always caught the attention of people across the world. In the field of finance, cryptocurrency is leading the way of virtual reality by being the first 'digital currency'. The fact that it is mined through solving complex mathematical equations on a software makes it even more intriguing.

Cryptocurrency has two unique features. Firstly, this is mined through a software. There is a specific combination of the 64 digits that creates the perfect code for one coin of cryptocurrency to be mined. This means that this is a complicated task. Also, the fact that it is a derivative of a mathematical equation makes it a novelty and there can only be 21 million in existence. This makes it a limited resource and hence, getting into it earlier than others would be profitable.

The second unique feature of cryptocurrency is its pseudo anonymity. If you have purchased cryptocurrencies, then the wallet provided to you is also encrypted and not on your name. Further, when you use the coins from your wallet, you will need to provide a 'password' which is essentially a mathematical code that will provide you access to these coins. This process happens every time you wish to make a transaction. Unlike other wallets, this is an encrypted wallet and online cryptocurrency providers like use this feature to keep your wallet secure from hackers and viruses.

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