With the introduction of the bitcoin in the year 2009, the concept of digital cash came into the picture. It was later that the term cryptocurrency came into the picture. Cryptocurrency is a medium of the transfer taking place between two parties via online mode. Just like regular cash, these currencies can be used to pay for goods and services. This article is aimed at explaining cryptocurrency in the most layman manner. It also explains news trends like the HEX Blockchain happening in the crypto world.
Understanding the Concept of Cryptocurrency
Proper knowledge of the cryptocurrency stays incomplete with the people. The first purpose of having a digital medium of money known as the Bitcoin was to develop a peer-to-peer transfer channel. With time has evolved the purpose of having cryptocurrency has become rather clear. The system is dedicated to creating another platform for money transfer, which is not controlled by any authority.
The cryptocurrency system operates on a decentralized mechanics. It is operated through blockchains. Blockchains are a network spread over many computers that store transaction data for the cryptocurrency. The latest and much in the discussion in the HEX Blockchain, which claims to be the best cryptocurrency system ever produced.
What is HEX Blockchain?
With the number of times this term has been mentioned in the article, a question must have arisen in your minds about its being. So here is an explanation of what exactly the HEX Blockchain is.
HEX is a comparatively new cryptocurrency project that is designed to give rise to optimum value. It is as claimed by the founder Richard Heart, “the first-ever high-interest certificate of deposit or CD.
The HEX Blockchain is a new and smart form of cryptocurrency on the Ethereum platform. What makes it unique is the fact that it is marketed in a form of blockchain-based certificate of deposit (CD).
The Reason Behind the Popularity of Cryptocurrency:
There is more than one reason contributing to cryptocurrency’s popularity.
- The value of the cryptocurrency such as Bitcoin might increase in the future. Therefore, people see it as future money.
- The absence of any central authority controlling the system is also one reason contributing to its popularity. People like the fact that there is no central bank controlling their transactions and money.
- The decentralized nature of the cryptocurrency world, which is known as the blockchain, also poses a reason for its popularity. Due to this decentralization and record maintenance, the entire process of transfer gets more secure than the traditional mediums.
- Another vital reason for the increasing popularity of cryptocurrency is that no interest is viable on it. It, therefore, in the long run, saves a lot of money for the consumer.
How to Buy Cryptocurrency?
Buying cryptocurrency is more like the concept of currency exchange. They are usually bought in exchange for U. S Dollars. But some other sources require cryptocurrency in exchange for cryptocurrency.
The first and the most important thing you require for buying cryptocurrency is an ‘online wallet’ where all your cryptocurrency can be stored. There are online apps where you can first create an account and then pay real money to buy any cryptocurrency of your choice. The Bitcoin to date stays as the most popular cryptocurrency in the world.
The field of cryptocurrency is a much attractive one. But one needs to extremely careful which investing in cryptocurrency. Hackers use cryptocurrency as a potential source for their income. Therefore, do follow some safety measures before switching cryptocurrency. Safety is the greatest need and you need to assure your safety.