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Cryptocurrencies Ultimate Investment

CRYPTOCURRENCIES – THE ULTIMATE INVESTMENT

31FX now offers all traders the opportunity to trade a wide range of the most promising digital coins 24/7. Cryptocurrencies have become known to most people as a high potential investment option. The main purpose of this new technology is to allow people to buy, trade, and invest without the need for banks or any other financial institution. Cryptocurrencies are highly volatile and high potential short term investments that can double your account in a blink.Cryptocurrencies are not physical coins they are electronic, a digital asset that remains as data. The technology behind the cryptocurrency controls a large part of its value which holds new technology on the secure way to identify and transfer money.The first official digital coin introduced to the public was Bitcoin and today it remains as the standard that all other coins compare themselves to. Following it footsteps came Litecoin, so to date they stand as the top 2 highly valued coins on the market. There are several other coins also reaching a high-level market share such as Bitcoin, Dash, Ripple, Ethereum. Trade top cryptocurrencies such as Bitcoin, Litecoin and Ethereum 24/7 at 31FX and enjoy the best conditions no other cryptocurrency exchange can provide.

Start Trading Leading Cryptocurrencies

What are Cryptocurrencies

A cryptocurrency is a digital coin, designed to be transferred between people in virtual transactions. Cryptocurrencies exist only as data and not as physical objects; you cannot actually hold a Bitcoin in your hand or keep Ethereum in your safe. Owning a Bitcoin means you have the collective agreement of each and every computer on the Bitcoin network that it is currently owned by you and – more importantly – that it was legitimately created by a miner.

What cryptocurrency miners do

Cryptocurrencies are handled like cash but are mined like gold. Mining is simply the process of verifying a crypto transaction. People around the world transfer e-coins from wallet to wallet, while miners use computer-processing power to maintain the blockchain and verify these transactions.

When a new crypto is launched, its founders announce how many coins will be mined. Once the quota is reached, no further coins can be produced. The first digital coin introduced was Bitcoin, which remains today the benchmark for all other digital coins. Among other currencies that have made their way into the cryptocurrency hall-of-fame we have: Ethereum, Ripple, Litecoin, EOS, and a number of derived currencies, including Bitcoin Cash and Bitcoin Gold.

Blockchain – The Technology Behind Cryptocurrencies

Unlike traditional transactions, cryptocurrency transfers are not handled by banks or other financial institutions. Every time someone pays via e-coin, his payment is recorded on a digital ledger called the blockchain.

Block Chain

What is Blockchain

A list of transaction records, called blocks, which are linked to each other and encrypted. The blockchain is continuously growing and is completely open to anyone. Each block in the blockchain contains:

  1. The details of the sender, receiver and amount of e-coins.
  2. A hash, which serves as a unique fingerprint.
  3. A hash of the previous block in the chain.

When a new block is created, it is sent to all the users in the network. Each user then verifies the block and it is added to the blockchain.

What is Tangle

The biggest problem of the Blockchain is its reliance on miners. This is exactly why the cryptocurrency called IOTA (the Internet of Things Application) was created in 2016. IOTA also battles increasing transaction fees and network scalability. IOTA’s blockchain is called Tangle. It is a blockchain with no blocks and no chains. In this system, the users themselves are responsible for validating transactions. This means there’s no need for approval from miners; so users enjoy a fee-free transaction and an increased process speed.

What is a cryptocurrency wallet

A piece of software or hardware that gives you the ability to store and exchange your cryptocurrencies. Each cryptocurrency wallet is encrypted and unique. When you send funds you actually broadcast an encrypted message to the recipient. Only the recipient’s cryptocurrency wallet can decrypt that message and thus receive the funds. A hardware cryptocurrency wallet is considered to have key advantages over other software wallets:

  • It is immune to viruses or malware
  • Its private keys are not exposed to your computer
  • Does not require an import to a software
  • More secure and interactive
  • Uses an open source software that allows you to validate the entire device operation
  • Can host multiple cryptocurrencies

What Makes Cryptos Ideal for Trading

Cryptocurrencies allow traders to diversify their investment portfolio, as their price is mainly determined by demand and supply; Their value has a low correlation to national economies or political scenarios. Once Bitcoin surpassed the price of gold in 2017, US markets introduced 2 ETFs on Bitcoin and drew more and more institutional money into the world of cryptocurrencies. In 2017, Indian PM Narendra Modi has announced the gradual replacement of paper currency with electronic currency; In March 2018, the Marshall Islands announced that they would be introducing a cryptocurrency to replace US dollars as their main currency; other central banks are investigating the adoption of blockchain-like technologies… in short cryptocurrencies are probably here to stay. A growing number of crypto investors all over the world have already discovered the benefits:

  • Cryptocurrency trading allows traders to diversify their investment portfolio, as cryptocurrency price is mainly determined by market sentiment, demand and supply
  • Benefit from a wide range of today’s top traded cryptocurrencies
  • e-coins offer a new form of high-volatility investment
  • Cryptos are traded 24/7, even during the weekend

Please note: The cryptocurrencies market’s high volatility may offer endless trading opportunities, but also high risk of loss.Due to price fluctuation, certain crypto pairs may be suspended and/or removed from our trading platforms periodically.Please see our crypto trading conditions page for available crypto currencies.