Bitpapa: Understanding Cryptocurrencies Better!

Cryptocurrency, also called the digital asset has been revolving in the market at a pace like never before https://bitpapa.com. It is designed to be used as a medium of exchange amongst people just like other authorised currencies have got recognition from the various countries’ government and is used by buying and selling commodities. These are characterised as the digital currencies, and can be used while only making transactions digitally, and hence these are also termed as virtual currencies. The first cryptocurrency to be created and launched was, Bitcoin in the year 2009, and following it, many other currencies were launched to be used as a medium of exchange in the electronic world where I can buy crypto in Nigeria.

The basics behind launching cryptocurrency

The bankers and other financial experts have all failed to understand what exactly a cryptocurrency is, and why has it been formulated. This puts people under more pressure of understanding the mechanism behind it, and taking action accordingly of buying a cryptocurrency or investing in it. Let’s first understand why was it launched and what are the basics behind it;

• It is believed that cryptocurrencies will make transfer of funds easier. The transfer of these funds will be done with minimal processing fees, and that’s how the burden on the users will be reduced and people will be more relaxed.
• It is believed that with the use of cryptocurrencies, the consumer won’t be charged twice and he will not pay for the same commodity twice as is done during cash payment system. While digital payment is enabled, there’s no double paying.
• Cryptocurrency has no intrinsic value. It cannot be redeemed for any other commodity, and hence there’s exists no intrinsic value for this form of digital currency.
• It doesn’t own any physical form, it is merely a currency in database. Just like our country’s currency, it cannot exchange hands, cannot be seen or felt, it is created digitally and it lies electronically.
• The network including a digital currency is totally decentralised. It isn’t authorised by government and hence it is not determined by any central bank. It can only be transferred digitally.

The world of cryptocurrencies was enabled by Bitcoin in the year 2009, and following this a lot of other digital currencies were launched. People showed interest in the same, and that’s how the makers or designers brought new currencies in market, which started getting recognition one after the other.

Cryptocurrencies have off lately attracted a lot of investors, people have been piling up these currencies in their online wallets, like bitpapa, different currencies have different value in market, and it keeps on changing based on a certain factors unknown to a common man. A lot of research and studies are going of cryptocurrency made and what is its importance. People are also studying the graph of these currencies to make predictions on which currency shall lead the market and attain higher value in future. There’s no prediction on till how long these currencies shall revolve in the market, but as of now, these digital currencies are ruling.