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Blockchain technology enables, for the first time, secure transaction of value without the need for an intermediary.
While credit and debit cards enable money to change hands digitally, they still rely on a central authority like a bank. The disadvantage of requiring a central authority is that users are subject to high fees, especially when transacting across borders. Blockchain technology, however, eliminates the need for banks by enabling direct peer-to-peer exchange, and because transactions are distributed across servers all over the world and data is cryptographically secured, it is nearly impossible to hack. Digital currencies are the money of the future so it is important to understand the technology behind them and how they will shape the economy of the future.
So, to start to get informed, the following are some of the advantages of cryptocurrencies:
1. Transparency: Blockchain technology permits every transaction to be available to everyone, although the private information is secure.
2. Lower Fees: The fees on cryptocurrency transactions are considerably low in comparison to bank enabled exchanges or other online monetary transactions. Sometimes these fees are only required if the user wants a faster transaction.
3. Decentralized: As cryptocurrencies are supported by blockchain technology, there is no need of an intermediary, central authority or any third party service provider. In other words, it is a decentralized network which operates on a peer-to-peer basis, using the power of cryptography.
4. Seamless Exchanges: Cryptocurrencies can be easily exchanged into other cryptocurrencies or fiat in exchanges and be transferred to the user’s bank account.
5. Rapid Exchanges: Usually cryptocurrency transactions take only a couple of minutes.
6. Privacy: The identity of the cryptocurrency users is secure thanks to cryptography technology; no information is sent to the government or any financial entity.
7. Availability: Cryptocurrencies are available anytime and anywhere in the world. The users do not depend on bank’s schedules.
Now is the perfect timing to start diving in to the waters of the cryptocurrencies ocean. Now is the time to take advantage of the diverse options available, making, of course, very well informed decisions.
Altcoin
The term altcoin has various similar definitions. Stephanie Yang of The Wall Street Journal defined altcoins as "alternative digital currencies, while Paul Vigna, also of The Wall Street Journal, described altcoins as alternative versions of bitcoin. Aaron Hankins of Market Watch refers to any cryptocurrencies other than bitcoin as altcoins.
Crypto token
A blockchain account can provide functions other than making payments, for example in decentralized applications or smart contracts. In this case, the units or coins are sometimes referred to as crypto tokens (or cryptotokens).
Barley Stella
Stellar was made to support digital representations of any currency, but it also has its own native token. Barley-Stella is all about helping your money work for you. With over 40years of combine trading experience in the Commodity, Currency and Stock markets.
Visit barley stella website to know more about them. Thier website link Barley Stella
Contact Info:
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Barley Crypto Community, Team Canada