Hey there everybody thank you joining me. My name is Mike Roberts. This is a live session here with BinaryOnline and the subject of today’s session is Cryptocurrency Trading. The agenda today, cryptocurrency. Everybody knows about cryptocurrency. It’s the hottest market in the financial market today. There is no market even close to this. We are going to talk about:
Cryptocurrencies are digital currencies that use cryptography for security. These currencies are not regulated or issued by a central authority. The market has been through a very tough ride in the past 10 years since 2008 when the crisis began in America, government control their own currencies. But the cryptocurrency is controlled by an algorithm and not by the government. While still not understood by most people, banks, government and many companies are aware of their importance.
Examples of famous cryptocurrencies:
Here are the 4 big one. Bitcoin is the first digital currency ever in this market and is the most commonly traded cryptocurrency to date. Developed in 2009 the capitalization right now believe it or not is $45 billion for July. We have Ethereum another digital currency, Ripple, Litecoin, we got around a 100 of these. If you take only the 4 big one right now we got a market value towards $200 billion.
$200 billion pretty much right now is the size of the crypto market. To put in perspective we are talking about the size of VISA. The company VISA is worth around $200 billion.
How does a blockchain work:
Now behind bitcoin there is something that is called the blockchain.[…] To make things very simple this is very similar to gold miners. Think about gold and bitcoin at least in the process they are similar to each other. Meaning that you got miners who find gold and once they find gold there is new gold in the market. But they need to prove that this is genuine gold. Think about bitcoin in the same way but instead of physical gold we are talking about a 16 digits number. The proof that it’s bitcoin or any other currency is an algorithm that verify that this is a true 16 digits digital currency. […]
The transaction of bitcoin once they are out on the market, the process is going to be much cheaper compared to other payment system. For example in the near future you are going to be able to buy on Amazon, Alibaba or Ebay using cryptocurrency. Instead of having to process a Visa transaction or a paypal transaction they are going to process a cryptocurrency transaction which is more secure and cheaper.
How to trade them?
[…] The biggest exchange market in America accepted Bitcoin as an asset. Bitcoin market is new and the way to trade bitcoin is to wait for news that it is becoming more and more regulated and that it is becoming part of the financial market. […]
Feeling ready to trade the markets?