Cryptocurrency trading platform - Ethereum, Tron, Bitcoin Trade
Cryptocurrency is digital money. They differ from conventional ones in two main ways: independence - сryptocurrencies are not tied to any existing currency, oil prices, or any other assets; virtuality - cryptocurrency exists only in the digital space, stored in an electronic wallet.
There is no central bank-style regulator for cryptocurrency. The only problem with digital money is that it is subject to "mining" by users who run programs. They are paid a specific amount of virtual money for utilising the resources (computer power). There is more "mining" the more powerful the computer is.
Virtual services, or exchangers, can be used to convert Bitcoin to real money.
The name "cryptocurrency" was coined because encryption (cryptography) is used to authenticate transactions. To store and send cryptocurrency data between wallets and to public registries, advanced encryption is used. Encryption is used to ensure security and dependability.
The first cryptocurrency was Bitcoin, and it is still the most well-known today. Although there are occasional price surges in cryptocurrencies as a result of speculation, cryptocurrency trading is profitable.
What is the application of cryptocurrency?
Cryptocurrencies are handled in a blockchain, a distributed public registry where the currency's holders keep and update records of all transactions.
Mining is the method through which cryptocurrency units (coins) are created. This is a method of creating coins that involves the use of computer processing power to solve complex mathematical problems. Crypto wallets can also be used to buy money from brokers and then store and spend it.
Cryptocurrency is not a tangible object; it is a key that allows a record or unit to be moved from one person to another without a trusted third party.
Examples of Cryptocurrencies
There are thousands of cryptocurrencies. Listed below are the most well-known ones:
Bitcoin was the first cryptocurrency, launched in 2009, and it continues to be the most popular.
Bitcoin is based on a blockchain, which has been compared to a large book holding all of the cryptocurrency's transactions. And every Bitcoin owner owns a copy of this book that is unique but identical.
All of the books' entries are correct and identical. These records cannot be tampered with by banks, governments, or the cryptocurrency's creator. To put it another way, there is no single controller in the blockchain; instead, the system is managed by a large number of people. Digital currency is protected against being tampered with or hacked by a system based on mathematical formulas.
Miners are the ones that give birth to bitcoins ("miners"). Mining is the process of creating cryptocurrency with the use of computer hardware. Bitcoin miners are compensated for their efforts.
The Ethereum blockchain platform was developed in 2015. It has its own cryptocurrency Ether (ETH) or Ethereum. Etherium, like Bitcoin and other cryptocurrencies, is used to transfer digital money. However, its capabilities are much broader - you can use your own code and interact with applications created by other users. Because of its flexibility, Etherium allows you to run many programs of varying complexity.
In simple words, the point is that developers can create and run code on a distributed network instead of a centralized server. This means that, theoretically, such applications cannot simply be stopped or censored.
Ethereum allows you to run code in a distributed system. This prevents unauthorized people from making changes to the program. The code is added to the Ethereum database (i.e., the blockchain), and can be configured to close off the possibility of further editing. In addition, the database is visible to all users, so they can check the code before working with it.
This means that any user anywhere in the world can run an application that cannot be taken offline. In addition, because the network's own unit of ether has value, these apps can set terms for cryptocurrency translation. App creation programs are called smart contracts, and they can often be set up to run independently without human intervention.
Litecoin is one of the first cryptocurrencies developed after Bitcoin, which explains the similarity of its protocol. However, the main difference between Bitcoin and Litecoin is that Litecoin has reduced blockchain time, resulting in more possible transactions per second, increased overall supply, and lower transaction fees.
It uses far less processing power than the Bitcoin hashing algorithm. Compared to Bitcoin's blockchain time, the LTC network generates network blocks four times faster. This process takes an average of 2.5 minutes. The maximum supply of 84 million coins is also four times the maximum number of Bitcoins.
How to buy cryptocurrency? How to trade cryptocurrency?
By 2023, the crypto market will have risen by a factor of ten, and the industry will be drawing an increasing number of consumers. However, you must be prepared because digital assets are not the same as traditional financial assets. As a result, it's critical for new investors to understand what services, platforms, and methods for buying and trading cryptocurrencies are available. It is possible to limit the hazards in this situation.
P2P (peer-to-peer) exchangers
One of the simplest methods is to use peer-to-peer exchanges such as LocalBitcoins. There are advertisements for buying and selling cryptocurrencies. You can select the one with the best pricing for you and complete the transaction. This is a fast way to convert digital money to fiat currency and vice versa.
You must keep in mind that in this event, the bank transfer may be canceled, resulting in the loss of your bitcoins or altcoins. As a result, it's preferable to use escrow services (they hold funds until the transaction passes).
You'll have to go through a verification process to withdraw funds from the same LocalBitcoins, so don't expect privacy. Passport information and other personal information will be required by the platform.
Centralized exchanges are an additional alternative. There are also KYC and AML procedures in place. However, if the platform has no liquidity issues, the transaction is likely to go through promptly. It is preferable to choose major, well-established platforms.
You should not use the exchange to store your own funds. It is better to immediately withdraw them to third-party services, ideally, if we are talking about cryptocurrency, to hardware wallets (they are considered the safest in this area). In addition to hacking, which threatens large trading platforms, problems can arise within the company, after which customers can lose access to their account.
However, the commissions for such transactions will also be impressive, so if you want to "hike" a bit of Bitcoin, and then sell it the same way, the earnings can be literally eaten up by the fees of the site. In addition, many large wallets, such as Blockchain.com, ask for verification.
There are various services that offer to buy or sell cryptocurrency directly in a mobile app. Each service has its own transaction fees, which should be taken into account when buying and selling digital assets. However, it is better to choose the most reliable and trusted option and overpay a little than to try to save money and lose everything.
The most straightforward, but also the most dangerous way is to exchange funds in person at a private exchange. Such services are offered in big cities, but there is always a chance to be cheated by unscrupulous buyers/sellers. Often, the rates of digital assets for purchase are significantly lower, while the ones for sale are significantly overvalued. Unlike P2P-platforms, you will not be able to select the closest to the market price for an asset.
Buying and trading cryptocurrency on IQ Option: the advantages
IQ Option binary options became known in the industry in 2013. During several years of its activity, the financial organization has proven itself on the positive side.
The company is focused on beginning traders, which led to the specifics of its work, expressed in convenient terms of cooperation and in a simplified cryptocurrency trading platform.
The founder of IQ Option is Dmitry Zaretsky. He studied the binary options market for a long time and in 2013 he gathered a team of professionals and officially registered the new business. The secret of his success lies in the monitoring of offers on the market of financial services and creating new exclusive products on their basis. The broker specializes in the field of binary options and is a part of the international company Option Investlab Trading Limited, known in the global financial market.
Over the entire period of activity the company has been awarded for such achievements as:
- modern technology;
- innovative platform;
- mobile application;
- fast-growing brand;
- global leadership;
If customers have questions or problems, they can at any time contact an operator by Skype, phone, e-mail or by writing a message in a special online form. The chat functionality allows players to communicate with other traders of the broker.
The official website of the broker IQ Option is multifunctional and intuitive. The trader can set up the display of its information content in several languages. To start working, it is necessary to be authorized in the personal cabinet or to register. After logging into your account, the user can: open an account, learn, trade, contact a personal manager, get acquainted with the conditions of trading, deposit and withdraw money, participate in promotions, participate in tournaments, view statistics and participate in affiliate programs.
Binary options IQ Option trades on a unique platform, which is a software product developed by the leading specialists of the company. Its clients can work: in a browser; on the terminal preliminarily downloaded and installed on a computer device; on the mobile application downloaded to a smartphone.
The trading platform is equipped with standard functional options: 4 price chart display modes - zone, line, bars and candlesticks; 18 time periods from 5 seconds to a month; 12 technical analysis tools. The conditions of the contract are executed with the functional buttons on the right side of the screen. With their help it is possible to set:
- trading instrument;
- expiration time;
- bet amount;
- direction of quotations change;
- percentage of profitability.
To understand how to trade cryptocurrency and start trading you can use a IQ Option free demo account which has 10 000$ virtual amount on it. When you feel ready, you can switch to a real account and make a deposit to start trading crypto. Enthusiasm is the cornerstone of all progress! Only with it is success possible. Without it, you have only opportunities. Good luck!