The very first ever decentralized Cryptocurrency ever made was the Bitcoin, which was created in the year 2009. Other various cryptocurrencies have surfaced ever since.
Cryptocurrencies are also often called by a series of other names such as virtual currencies, digital currencies, virtual currencies and Altcoin or alternative coin.
It is a form of an encrypted digital asset wherein encryption methods such as cryptography are used in order to regulate the units of the currency and secure transfer of funds.
Digital currencies operates separately from central banking systems making them decentralized, the total opposite of centralized electronic money.
Unlike common currencies wherein newly made currencies can be circulated in the money supply through Quantitative Easing, cryptocurrency prices mainly rely on supply and demand.
A block chain is utilized in the decentralized control of every cryptocurrency. A block chain is a publicly available transaction database which also functions as an online ledger of the overall transactions that has ever been done using cryptocurrency.
Numerous timestamping methods are used in cryptocurrency to eliminate the need of a trusted third party in order to timestamp transactions that are included in the block chain ledger.
One key feature of alternative coins is the easy transactions of transfer funds. The transfers are usually done with use of both secured public and private keys. Fund transfers done with cryptocurrency also boasts lower processing fees, this can allow users to avoid high fees that are charged by most financial institutions and banks for wire transfers.
Acquiring cryptocurrency is not as common as with other currencies such as going to the bank and withdrawing money. Cryptocurrency must be mined in digital coin networks.
Although cryptocurrencies can bring many benefits to the table, it is not completely immune to the danger of hacking. In the short span that alternative coins have existed, there are numerous theft cases that were recorded which includes an incident that caused a loss of over $1 million in value.
Nevertheless, many observers still see digital coins with high hopes that a currency can finally preserve its value, facilitate trading, is easier to transport than hard metals, and is out of the jurisdiction of governments and central banks.
RImarkets offers digital coin assets and services such as Bitcoin investments and other well-known alternative coins. Traders can enjoy free, real time data of multiple altcoin exchanges where cryptocurrency prices are, in default, represented in dollars.
Similar to precious metals, cryptocurrencies are created with specified controlled limit and most of them have amount limitations on their units, like precious metals that have finite minable sources.
Cryptocurrency are usually displayed along with their key metrics like the closing price, total and the available amount of coins, price percentage and traded size.
Cryptocurrency is not the only asset that is available at RImarkets. Other financial assets are also available at RImarkets such as FTSE futures and DAX futures, along with a plethora of other choices, giving traders a large selection of options that can suit their respective trading styles.