WHAT IS CRYPTOCURRENCY? HOW TO BEGIN YOUR INVESTMENT WITH CRYPTOCURRENCY EXCHANGE CANADA?
This article describes all about cryptocurrencies, how they work, and how to invest in crypto as a Canadian citizen. You can also make your investment with the help of a crypto exchange Canada.
What is a cryptocurrency? Cryptocurrencies are decentralized peer-to-peer (p2p) digital currencies. With secure encryption algorithms, forgery or double payment of money is almost impossible. Cryptocurrencies are decentralized because they are based on what is known as blockchain technology. Blockchain is a distributed, transparent, and very fast distributed ledger that is immutable.
Cryptocurrency vs. fiat Cryptocurrencies For those who don’t know, fiat currencies are government-issued currencies supported by the government that issued them. Legal tender is centralized. They are managed by the central bank. The Canadian dollar is fiat currency, the US dollar is fiat currency, and the Japanese yen is fiat currency.
Inflation, supply, purchasing power, investment, exports, imports and many other factors influence the valuation of a currency. Cryptocurrencies also share some of the same elements as fiat money. Their value is based on macroeconomic and microeconomic factors, supply, purchasing power, investment and more. Another similarity between cryptocurrencies and government-issued currencies is that they can be exchanged for goods, services and other currencies.
What is a decentralized currency? Today, there are over 17,000 unique and diverse Stablecoins and Altcoins, each with its own unique characteristics, strengths, weaknesses and values. A distinct feature of cryptocurrencies is that they are decentralized, unlike government-issued currencies. That is, it is not issued by a centralized agency, agency, or government. This means that cryptocurrencies exceed government enforcement. Therefore, it is very difficult to regulate cryptocurrencies.
What was the reason for creating the cryptocurrency? Initially, cryptocurrencies were a hedge against a future economic crisis like 2008. Inflation is a major problem in different parts of the world, especially as pandemics are hitting different parts of the supply chain and economy. The government manipulates interest rates to devalue or inflated currencies. These governments and central banks have centrally managed money, constantly printed or produced it, controlled its distribution, and ensured that transactions were legal and valid.
However, this same centralization has resulted in 2.2 billion non-bank account people worldwide. You are not allowed to have something as simple as a bank account or get a loan from a bank. It seems almost unfair. As mentioned earlier, cryptocurrencies are decentralized. There is no central government agency that controls its supply, determines its value and distribution, or controls its control. Instead, it’s decentralized. Everyone on the network has a say in how cryptocurrencies work.
Decentralization is what makes cryptocurrencies very innovative. They break through all possible barriers and make financial instruments transparent, faster, more reliable and more accessible. This is all thanks to blockchain technology.
How to buy cryptocurrency with Netcoins? 1. Create an Account with Netcoins Provide some personal details and get verified in minutes through our automated KYC process. 2. Fund (No Fees) Fund your account with a cryptocurrency deposit, Interac e-Transfer, online bill payment or bank wire transfer.
3. Start Trading Maybe you want to know how to buy XLM in Canada. You can Buy and sell as little as $10, or up to $10 million with no slippage due to the deep liquidity. SOURCE CREDIT: https://vancouvercryptoexchange.wordpress.com/2 022/03/07/what-is-cryptocurrency-how-to-begin-y our-investment-with-cryptocurrency-exchange-cana da/
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