It might be impossible and unheard of to miss any mentions of digital currencies and cryptocurrency exchanges such as Rubix. If you thought 2017 was great for crypto coin bases, then you have not seen what 2018 brought with it.
How should this change your outlook for 2019?
It is a case of contemplating whether it is worth investing in to secure your financial future now and beyond.
Several questions may have topped your head based on the buzz surrounding crypto. Before you start delving into the meatier stuff, it is suggested you focus on what cryptocurrency is before you try to understand what an exchange is all about.
There is a lot of chatter surrounding the topic, which can make it difficult to differentiate between fact and fiction, what you can trust and what not. We hope to clear any misunderstanding, by providing you with a better picture regarding cryptocurrencies.
In simple terms, there are limited entries created and placed into a database. These cannot be altered unless specific conditions are fulfilled to make provision for the process.
Does that sound familiar to you?
It should as this is how real currencies in the real-world work.
Think about it. When reduced to the most basic form, this is what money is, an entry that has been verified in a database.
These would include transactions of various kinds, which would depend on how you see it.
The difference between conventional currencies and cryptocurrency does not lie in how it’s defined. They can be seen in the same way. However, the way these are governed would be what set them apart from each other.
To put it plainly, the mechanism that cryptocurrencies follow is that of a network of peers. It should not surprise anyone given that these networks were formed to decentralize the Internet and financial systems.
The network is made responsible for holding a full record of every single transaction that took place on the system. The participants are unknown to anyone except for the parties involved as the technology used within these networks enable the general audience to view the transaction amount. Due to this, any transactions conducted must be verified in some form before being approved. Numerous cryptocurrencies make use of mining.
Cryptocurrency Common Properties
Safety of Your Identity
Because one cannot link your cryptocurrency account to a real-world identity, there is a certain measure of security and privacy involved when making use of this system.
The thing is that your identity gets linked to an address, which is necessarily a string of characters that cannot be traced back to you. Also, there is the concept of private and public keys. No one knows what your private key is except you. Given the degree of algorithms involved in the process, you can be sure that both your identity and your funds are secure.
One of the main benefits of dealing with cryptocurrencies is the faster rate one can process any transaction than what is made possible with traditional systems. The actual confirmation occurs in a matter of minutes regardless of where you are located when transferring the funds. However, you must know that once a transaction has been processed, it is irreversible. Also, no one can prevent you from making use of a particular cryptocurrency either. This decision is entirely yours to make.
Compared to fiat currencies, only a limited supply of cryptocurrency tokens are available at any given time. What this means is that you will not be faced by any surprises along the way as it is possible to work out the financial flow and supply of specific cryptocurrency whenever you want to.
Why Cryptocurrency Might Be Worth It
Make no mistake, stock markets, financial systems, and banks are all hit by political unrest that seems to harm the value they provide. This is because the success of one is dependent on how well the other one performs.
Cryptocurrencies, on the other hand, exist in an entirely different space as opposed to your traditional systems.
Other advantages worthy of your consideration is that cryptocurrency is not hard to start, has excellent potential for returns, etc.