what is cryptocurrency
A cryptocurrency is a form of digital currency with which you can make a payment that can be exchanged online for goods and services.
Cryptocurrencies work using a technology called a blockchain. Blockchain is a decentralized technology, spread across many computers that manage and records transactions. Part of the appeal of this technology is its security.
cryptocurrency VS FIAT CURRENCY
Fiat currency is “legal tender” backed by a “central government.” It can take the form of physical Rands (for example, paper money, metal coins) or represent electronically, such as with bank credit cards. The government controls the supply and you can pay your taxes with it.
Cryptocurrency is not “legal tender” and it is not backed by a central government or bank (it is decentralized and global). Its form is more like bank credit sans the bank (in that it is represented digitally, but not backed by a bank or government). An algorithm controls the supply and you can’t pay your taxes with it (instead you have to pay taxes on it).
THE ADVANTAGES OF CRYPTOCURRENCY
No central bank or entity
Deflationary – long term store of value
Highly protected from theft
Triple entry accounting system
digital ledger & ease of access globally
THE disadvantages of fiat currency
Centralised (Controlled by banks and government)
The governments have unlimited amounts of money they can print
Value affected by inflation and reporate (Money buys less with time)
Transactions take long time with high fees
Easily corruptable (fraud, counterfeit, heist)
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Mining City is a crowdfunded mining farm that affords you an opportunity to take part in cryptocurrency mining at very minimal costs. The company is committed and dedicated to serve its members with high returns on their mining plans and is very large on transparency. To get started, you select one of the mining plans of the coin of your choice between Bitcoin, Bitcoin Vault and electric cash. You will start mining after a waiting period of 10 Days for all Coins. After the waiting period, you will start earning mining returns daily which in turn will let you accummulate coins
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exchanges and wallets
What Is a cryptocurrency Exchange?
A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins. A bitcoin currency exchange is an online platform that acts as an intermediary between buyers and sellers of the cryptocurrency.
- A bitcoin exchange acts as the intermediary between a seller and a buyer or, to use cryptocurrency language, between a “maker” and a “taker.”
- A bitcoin exchange works like a brokerage, and you can deposit money via bank transfer, wire, and other common means of deposit. However, you will often pay a price for this service.
- If a trader wants to trade between cryptocurrencies, they will pay a currency conversion fee, similar to institutional banks when you trade money from different countries.
- Purchases and sales are based on the same ordering system as existing brokerages, where a buyer (taker) places a limit order which is then sold when a corresponding cryptocurrency is available from the seller (maker).
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