Today, many have heard the word cryptocurrency. But actually, there are just very few who understand it and how to use it in transactions.
So what is cryptocurrency? Or otherwise termed as kripto para birimleri.
If you are someone who pays your monthly bill digitally, then you sure are using cryptocurrency. This is a type of digital currency that is being considered as money to pay or transact. Today’s most popular cryptocurrencies are BitCoin and Ethereum.
If you are fond of online shopping or paying online through digital money then you can definitely send out a payment using these digital moneys.
That is how easy transactions are done in today’s advancement and modernized era, everything is made possible and easy in just one click.
Where Is Cryptocurrency Stored?
Definitely not in a bank account, or not inside your mobile chip pocket. Cryptocurrencies are the innovative mobile moneys. These moneys are stored in digital wallets that exist on the blockchain.
These wallets can be accessed from anywhere in the world as long as you have an internet connection but that does not mean that the internet holds them.
How Does it Work?
Now, you might be wondering how legit it is to use digital money or digital coins. Or store money right at your mobile phones. Basically, here’s what happens…
Step one- In a BitCoin scenario, the user goes to an online exchange to convert his money for bitcoins and store them to its bitcoin wallet. They can also go with E-money, wherein the user go to an automated machine or a store that exchanges money for an equal amount of e-value stored. If you cash in 5000$, then you will also received the same amount of e-value to coin to your digital wallet.
Step two. Sending payments through cryptocurrencies is just simple. For Bitcoin users, there will be a request sent to the Bitcoin network in order to make a purchase. Luckily, there are a lot of online stores who accepts Bitcoin as payment that is why you will no longer have to worry if you can really use it or not since a lot of retailers are also using it.
Whereas in E-money, the money or payment will be transferred or sent through the recipient’s phone number. The phone number will be consider as the user’s account number.
Step three. Verifying payments through cryptocurrency transaction. In Bitcoin, data is broadcast to all users and the ledger on the blockchain is updated. In E-money, receipts will be sent through text message.
That’s it! For more information about kripto para birimleri 1 or simply cryptocurrencies, you can simply go to https://www.piyasacilar.com.
