First of all, the cryptographic currency must be seen as a virtual payment currency. This means that it does not work in the traditional way but has similar characteristics. The only thing that distinguishes the two transaction currencies is that the crypto currency takes place on virtual terms, whereas clear money does not.
With this as a starting point, it is also required that you have a virtual purse if you are going to trade with crypto currencies. This purse can store your virtual currencies. These can be used for future purchases of various goods and services.
Herewith, you will find a dealer of virtual currencies where you buy the crypto currency for cash. Once your crypt box is purchased, you can paste them into your virtual wallet. Then, use them for anything. The transactions take place as you are used to and can be used throughout the world.
This virtual wallet takes place like an online bank. This means that there are no third parties that charge fees for each transaction.
For a long time, the crypto currency Bitcoin has been sitting on most of the crypto market, and is also the focus of this article. However, it should be mentioned that the three largest crypto currencies at the time of writing are Bitcoin, Ethereum and Litecoin.
In the Bitcoin category, a huge growth experienced by very few people has been anticipated. In 2014, Bitcoin experienced a transaction volume that exceeded the Western Union funding giant.
This growth is due, in part, to the fact that there are usually fees and other charges to be applied when transferring money internationally from different providers, which is not the case with Bitcoins.
One of the most interesting approaches to Bitcoin is that if you had been in 2010 and invested DKK 630, Bitcoins was your multimillionaire today. That's something we have not experienced before. Companies like WordPress, Microsoft and other retailers around the world have begun to accept this virtual currency as a payment method.
Although crypto currencies, and especially Bitcoins have been widespread for a long period of time, it is still a relatively new topic for most Danes. Furthermore, it is also a subject that is relatively technical to understand and explain. This can cause misunderstandings.
As mentioned earlier, some of the key benefits of Bitcoins are that there are no third parties, such as banks, and no additional fees are charged for transactions, as is the case with other cryptographic currencies. However, Bitcoins and other cryptic currencies are not pure idiots.
Since cryptocurrencies are still a new payment method, it is relatively uncertain and may have ups and downs relative to the equity value. As there is a maximum of 21 million. Bitcoins and that it is not yet mainstream, it can be relatively volatile. Furthermore, there are no specific international laws on Bitcoins, which also make it more uncertain.
