Debunking the Myths of Cryptocurrency

Here in this article, we will discuss some myths that are surrounding the cryptocurrency market and how to break it for separating the real facts from that of the misconception of the fictional rumors.

Although the dynamic cryptocurrency traders chase the news and updates from the industry, there still exist a good number of confusions and myths around blockchain and cryptocurrencies. It is very important for you to first understand the whole concept of crypto and then jump into the ocean of virtual currencies.

After reading this article, you can easily put together your thoughts and formulate your own opinion about what Cryptocurrencies are. 

• Cryptocurrencies are the new generation tulip mania: 

Everyone knows that Bitcoin and the other cryptocurrencies are something that does not exist physically and you can’t even touch them and yet everyone is crazy about it. They do not exist in your wallet like the fiat currencies. Instead, they exist on your computer and you can buy a lot of things using them virtually. This phenomenon of cryptocurrencies is becoming global day by bay, and if one likes it or not the concept has become unignorably important. 

• Trading is essential to make profits: 

Though people think it is mandatory to buy or hold cryptocurrencies to earn profits from them, the actual fact is that everyone can trade cryptos without even buying it. The market of these virtual currencies is extremely unpredictable and it works on speculation. There can be multiple opportunities created by the high volatile market which is a great window for making profits. 

• Bitcoin and Blockchain technology are the same things: 

Blockchain is the underlying technology for cryptocurrencies which facilitates the process of recording the transaction within some blocks. These names can get you confused as they both store transaction data in a chain of blocks that are linked together. Blockchain is a shared immutable ledger here no participant can tamper with a transaction after it is recorded in the chain. Cryptocurrency like Bitcoin is just a small part of its application. 

• Crypto coins and tokens are the same: 

Crypto coins are virtual currencies that can be used as an alternative to payments, while tokens are used in a completely different way. There are many people across the world who have mistaken these crypto coins and the tokens as the same thing. Now, the virtual currency exchange market holds over 2308 cryptocurrencies each of which has a completely different market capitalization. 

• Crypto Trading is not as safe as the transactions are anonymous: 

Crypto trading and investment can be subjected to market risks just like the other investments. But it is fully secured and the only risk that can be occurred is regarding the price volatility and the regulation issues of these cryptocurrencies. There exist some cryptocurrencies that focus on privacy and anonymity, but it does not explain that all the cryptocurrencies are anonymous. They do possess a layer of transparency that differentiates them from the substantial commodities and the fiat currencies. 

• Cryptocurrencies are only for the technical and finance communities: 

Many people are not known to the fact that every single individual in this world can do their digital currency exchange with minimum trading fees. Gradually the big companies also are accepting and utilizing these new technologies like Blockchain and cryptocurrencies. The ones with a little bit of knowledge about these new technologies will stay away from it and think that these are only for the tech people and those related to finance companies. 

As more and more people are educated about these virtual currencies and trying to invest in those, I would definitely argue that these are the safest and the most secure options for doing any transactions. All these virtual currencies work the same way as the traditional fiat currencies do, with the value being chosen by the same group of people who are using these currencies. The only difference between the real currencies and these virtual assets is that we can touch the fiat money physically and store them while we cannot touch the crypto assets as they are digital or virtual. 

Conclusion: The virtual currencies are progressively changing the approach in which financial operations have been carried out. There are daily new additions of people around the globe who are accepting the cryptocurrencies with the intention of taking pleasure from the benefits that these virtual currencies offer. On an endnote, for enjoying the profits from these virtual currencies in the real world, you need to take apart the myths from the truth by yourself and that too before investing in the Cryptocurrency Trading Platforms.

Content Credit: This content has been taken from https://go2article.com/article/debunking-the-myths-of-cryptocurrency/ and originally posted on: https://go2article.com/article/debunking-the-myths-of-cryptocurrency/

Guide To Find The Best Cryptocurrency Exchange Platform

Cryptocurrency Exchange Platforms process like banks in many ways. They hold your money; they manage your transactions and they are responsible to keep your funds safe. They should also be user-friendly, reliable, and easy to use. Finding the best cryptocurrency exchange for you can take some time and effort, but it pays off in the long run. We recognize that it can be intimidating to assess which exchange is good or which isn’t, hence this article will guide you on the factors to consider for the best crypto exchange platforms.

• Reputation:

It is important to look up the reputation of an exchange platform. The best way to find out exchange is to look through the reviews from individual users and well-known trade websites. Reviews will give you a rough idea about the authenticity & features of the exchange. All reviews are important because they are based on factors like liquidity and security. Furthermore, you can check online communities of these exchange platforms.

• Fees: 

Every digital currency exchange platform has a completely different fee structure that is targeted to a particular type of user. Before joining, make sure you understand the deposit, transaction, and withdrawal fees. Fees will differ considerably depending on the exchange you employ. Cryptocurrency transactions are supposed to be close to free if you’re sending coins directly from one blockchain address to another. If a user needs to swap one currency for another, then the Cryptocurrency exchange platform they use will charge for that service.

• Payment Methods:

What payment methods are available on the exchange? Credit & debit card? Wire transfer? PayPal? If an exchange has restricted payment choices, then it may not be convenient for you to use it. Remember that buying cryptocurrencies with a MasterCard can invariably need identity verification and buying cryptocurrency via wire transfer can take considerably longer as it takes time for banks to process.

• Verification Requirements:

The vast majority of the Bitcoin trading platforms need some sort of ID verification so as to create deposits & withdrawals. Some exchanges will allow you to remain anonymous. Although verification, which can take up to a few days, it protects the exchange against all kinds of scams and money laundering.

• Liquidity:

Liquidity on a cryptocurrency exchange platform simply means the degree to which a particular asset can be quickly bought or sold without altering the general stability of its price. It is highly advised to join an exchange platform with higher liquidity since it guarantees market stability of the asset. Higher liquidity gives access to quicker transaction times. It makes it possible to complete exchange & transactions faster, more easily and without having to deal with price volatility.

• Security: 

Security is the most important factor in choosing a digital exchange platform. Before you pick an exchange platform, make sure to check its history, make sure it offers solid security measures to protect your funds. Any crypto exchange platform should have basic security features like two-factor authentication and keeps its deposits in cold storage so that they can’t be grabbed by electronic thieves, username, password, and extra security keys. Measures such as e-mail encryption with OpenPGP or U2F is a bonus.

• Transparency: 

A cryptocurrency exchange platform has to maintain a level of transparency to gain user trust. Before choosing a digital exchange platform, it is important to check its authenticity. Does the exchange reveal its owners, its headquarter address and information about the managing team that’s working for your assets? Transparent cryptocurrency exchange platforms also publish their cold storage address or help check their reserves in other ways, like audit information.

• Geographical Restrictions: 

First, you’ll want to make sure that the Cryptocurrency Exchange Platform you’re going to use is available and legally operating in your country. Some specific user functions offered by exchanges are solely accessible from certain countries. Make sure the exchange you want to join permits full access to any or all platform tools and functions within the country you presently sleep in.

• Usability: 

Cryptocurrency Exchange Platforms shall offer a mobile app for its use. But whether or not you want to access the exchange from your smartphone is a further consideration for a platform to be user-friendly. The actual usability of a platform is judged through the quality of its user interfaces. It can vary widely between different cryptocurrency exchange platforms.

All in all, selecting an exchange is the gateway to the crypto world. If you’re simply getting started with crypto, There are many factors to consider when choosing the best exchange, It is recommended to use Digital Ticks exchange platform since it holds all the factors mentioned above.

This content has been taken from https://digitaltickscryptocurrencyplatform.wordpress.com/2019/07/23/guide-to-find-the-best-cryptocurrency-exchange-platform/ and originally posted on https://digitaltickscryptocurrencyplatform.wordpress.com/2019/07/23/guide-to-find-the-best-cryptocurrency-exchange-platform/