What Is Crypto?
Cryptocurrency is a form of payment that can be exchanged online for goods and services. For now, you’ll need to exchange real currency for the cryptocurrency to access the good or service. However, some companies have already started paying in cryptocurrency. It is expected that as time goes on, cryptocurrency will become just as common a currency as the fiat currency we currently use.
What Is Bitcoin?
Bitcoin (BTC) is the first, and world’s most popular, cryptocurrency. Bitcoin was invented in 2008. The currency began use in 2009 when its implementation was released as open-source software. Bitcoin operates using blockchain technology. It offers the promise of lower transaction fees than traditional online payment mechanisms and, unlike government-issued currencies, it is operated by a decentralized authority. That means that unlike the U.S. Dollar, there is no central authority that manages and maintains the value of a cryptocurrency.
What is Blockchain?
Blockchain can be thought of as a collection of blocks that records transactions in code. Because all the computers running the blockchain has the same list of blocks and transactions and can transparently see these new blocks being filled with new bitcoin transactions, no one can cheat the system. This means if one block in one chain was changed, it would be immediately apparent it had been tampered with. If hackers wanted to corrupt a blockchain system, they would have to change every block in the chain, across all of the distributed versions of the chain.
What Is Forex?
Forex or Foreign exchange (FX) is a global market based on the exchange of one currency for another. As the rates of each currency (US dollar, Japanese Yen, Euro, etc) changes, those that are trading in the market have the opportunity to make money as the value goes UP or DOWN. The forex market isn’t new. It's a concept that has been around for centuries. It may seem new simply because more people now have access to this lucrative market. It used to only be accessible by big banks, major corporations, and multi-millionaires. Now, everyone can participate and benefit from this market. It's actually the largest, most traded market in the world. More than $5.1 trillion dollars flows through this market everyday.
Forex currencies are put together in pairs for trading. Each currency pair is listed as a three-letter code. Usually the first two letters stand for the region or country and the last letter stands for the currency itself. For example, USD stand for United States Dollar, and JPY stands for Japanese yen. In forex, you will see the two currencies paired together like, USD/JPY. The first currency listed in the pair is called the Base currency. The second currency is the quote currency.
What are the Benefits?
With the forex market you have the ability to go long or short, buy or sell, profit regardless to if a particular currency is gaining or losing value. This means that you have the ability to make money no matter which way the market moves.
Digital access to the market gives you the flexibility to trade as an incorporated part of your lifestyle. No matter if you choose to be a long term trader (swing trader), and put in trades that are expected to profit after days or weeks or if you are a short term trader (scalper) that enters trades expected to profit in minutes to hours, you can trade from the electronic device of your choice.
Why is Crypto Popular?
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