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Cryptocurrency or commonly known as crypto is a digital currency that enables crypto owners to buy or sell goods and services, just like any other currency. To secure online transactions it uses a strong online ledger with strong cryptography.
However, the majority of interest stems from profit-making through trading this cryptocurrency. Speculation, cryptocoins news, and an increase in awareness about crypto have led the prices of these coins to rise.
Response and reactions of governments of different countries from most of the crypto news have made the prices of these currencies volatile.
Since crypto is not regulated by any bank or financial institution and considering its volatile nature it has become easy for any common man to trade or invest in cryptocurrencies. But a huge demand and popularity of crypto coins have led to various apps that provide different services to ease investment and trading in cryptocurrency.
Today we have apps that provide traders and investors with crypto price alert& news. CoinMarketCap provides crypto charts, market data and trading volumes which makes it easy for traders and investors to make their decisions, not only that, the app also provides news that is tailored towards the user’s particular portfolio.
The main reason why cryptocurrencies are popular is that it is a medium of exchange, a decentralised digital currency which is neither introduced by any Central Bank nor is it issued by any financial institution. Crypto can be bought and sold via crypto exchanges. Cryptocurrencies are easy to transfer, a transaction between two parties does not require third party institutes like a central bank or financial institution.
Crypto is not only a currency but also a popular investment. Cryptocurrency investment is similar to investing in stocks.
Another reason that makes cryptocurrencies attractive is their privacy feature. Crypto is built on blockchain technology which is known for its privacy and security. The transactions in cryptocurrency are very difficult to trace.
The charges related to cryptocurrencies are very low. In any other transactions, banks and financial institutions levy charges. Bank accounts are also charged for maintenance, credit and debit cards are also charged with a fee, all of which sums up to a big amount that can be avoided if one uses cryptocurrencies for transactions.
When bitcoin was launched, getting cryptocurrencies was difficult. Those who could mine crypto coins could obtain it. Thanks to crypto exchanges it is not the case anymore. Today anyone can buy, invest and trade in crypto. Investors and traders have a lot of different options to choose from. If they do not wish to buy expensive cryptocurrencies like Bitcoin and Ethereum they can invest in various other cryptocurrencies. There are cryptocurrencies for everyone, right from short term investors to long term investors.
Last but not least, crypto today is changing the whole financial system for the better. Near future, we can expect stronger, safer and honest transactions of any kind.
