Cryptocurrency 6 features to look out for in Tranactions

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Cryptocurrency 6 features to look out for in Tranactions

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Cryptocurrency 6 features to look out for in Tranactions – This article will answer questions like; How many Cryptocurrency re there in the world? And, What re Cryptocurrencies uses? Or Which Cryptocurrency is the best? In this Cryptocurrency 6 features to look out for, you will learn which cryptocurrency to watch and invest in. Therefore, you will get to know when to buy cryptocurrency.

As a matter of fact, you have to know these features because currently there are over 2,000 cryptocurrencies in trade. This is an indication that many people re using crypto to solve their everyday problems. In as much as we encourage you to invest in this currencies, it’s important you know their features to as to be able to differentiate supposed cryptocurrencies from actual cryptocurrencies especially as a cryptocurrency investor.

Cryptocurrency 6 features to look out for in Tranactions

Therefore, in this article, we take a look at 6 distinct features which every cryptocurrency should have using Bitcoin as a benchmark.

1. Central Party Elimination

In fact, this is the most distinctive feature between fiat ( real money like Naira) and cryptocurrency. For fiat, the government and financial institutions give it the value it has or its value determined by the forces of the market. In this case, you can use a piece of paper/paper money with known face value to carry out transactions because the government or market forces have placed some value on the piece of paper.

On the other hand, Cryptocurrencies re peer-to-peer. Its creation is regulated by the block-chain which eliminates control by a central party.

Cryptocurrency 6 features to look out for in Tranactions – 2. Single Spending

Cryptocurrencies can only be spent once. It’s not possible to spend one bitcoin or one ethereum twice or multiple times with various users in an attempt to purchase an item. Because Cryptocurrencies can only be spent once it eliminates the possibility of double spending.

3. Virtual

In addition, Cryptocurrencies exist online only. This means that it does not have paper or coins, unlike fiat.

Cryptocurrency 6 features to look out for in Tranactions – 4. Immutable

Furthermore, Cryptocurrency transactions are irreversible. As transaction occurs on the cryptocurrency network, it’s recorded on the block-chain. To therefore, reverse such transaction would mean that most nodes (connected networks) in the block-chain would be altered. This is an impossible feat to accomplish.

5. Fairly Instant Transaction

Again, this is an online real-time feature. Cryptocurrency transactions re processed so quickly. This is without respect to the sender or receiver location.

6. Anonymous

In addition, transactions re done anonymously on the block-chain. This is because senders and receivers have unique set of characters (public key) for a transaction. With this no sender or receiver knows who owns the public key.

Indeed, the way it works; if you wish to donate to a charity that accepts Bitcoin you can send value only to them. By this they will not know who sent it. However, using the transaction ID you can track the transaction to know when they received it.

Cryptocurrency 6 features to look out for in Tranactions – Business Tips:

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Cryptocurrency 6 features to look out for in Tranactions – Conclusion:

Finally, with all the features enumerated above, you have to keep to mind that cryptocurrency is not a Ponzi or get-rich-quick scheme. Indeed, it’s a transparent system that was created to revolutionise the financial system. Therefore, before you stamp any coin as cryptocurrency, check out for these above listed features.

If you need more information on business matters, click HERE.

Cryptocurrency 6 features to look out for in Tranactions:

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Ane

Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.