What is cryptocurrency?

For several years, the cryptocurrency space has revolutionized the financial markets in Poland as well as the world. Despite this, many people still do not know what a cryptocurrency is and how you can make money with it. Bitclude specialists will explain what cryptocurrencies are, where to buy them and how to earn thanks to them.

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What is cryptocurrency?

What does the term cryptocurrency mean? Most often it is referred to as virtual money, however, devoid of physical value. You can use it to pay for a variety of online goods and services if the seller agrees. To save and verify a transaction with a paid cryptocurrency, it is necessary to use a complex mathematical system that encrypts the data. The transaction is direct - it takes place only between two people, and no bank or other financial institutions are involved in it. Only those involved in the transaction can access the encrypted transaction details, although the registry itself is public. A cryptocurrency is a cryptographic currency, meaning one that is encrypted and secured by a complex cipher. All transactions (date, time, value) are recorded in a special blockchain register, i.e. a blockchain. A single block can store up to 1 MB of data, or several thousand transactions. Then another block is added to the chain, created by an advanced computing system.

Transaction by cryptocurrency in practice

How to pay for a purchase with cryptocurrency? The user collects the cryptocurrency on his account, which only he has access to in a special wallet on his computer or smartphone. Digital signatures are used to confirm the transaction.

Nature of the transaction

The transaction is peer to peer - it takes place only between two interested entities and no one supervises it or informs the tax authorities about it. It is not possible to block funds or an account or to seize them by a bailiff.

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What regulates the value of the cryptocurrency?

The value of cryptocurrency is regulated only by the market mechanism, there is no bank or special institution that would decide on the amount of virtual money in the market and its value. Bitcoin is the most popular cryptocurrency so far, but other types of virtual money are also appearing on the market.

How to start investing in Bitcoin

If you want to learn about Bitcoin and invest in it, visit the Bitclude platform for fast and secure Bitcoin purchase and sale as well as cryptocurrency exchange rate verification. We guarantee professional support and speed of action when verifying data.

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