If you’re thinking about investing in cryptocurrency, there’s no better time than now. Values of cryptocurrencies such as Bitcoin and Ethereum are currently surging, and the entire market is on the rise. Take advantage of this and get started on cryptocurrency today. Before you do, though, you need to know what cryptocurrency is all about.
The basics of cryptocurrency
The first thing you need to do at the beginning of your cryptocurrency journey is to know what you are getting into. Make it your mission to learn as much as possible about how the world of cryptocurrency works.
Start by knowing what cryptocurrency is. Cryptocurrency is a digital asset used as a medium of exchange. It is software-based currency that is designed to replace traditional or physical forms of currency such as the US Dollar.
Created in 2009, Bitcoin was the world’s first cryptocurrency. It is also the number one cryptocurrency platform in terms of market capitalization, which stands around $179,792,000,000. As of November 29, Bitcoin has a price of more than $10,300, making it the highest priced cryptocurrency available today.
The security of Bitcoin and other cryptocurrencies.
Cryptocurrency is stored using blockchain technology, which was invented specifically for Bitcoin. In simple terms, blockchain is a database that acts as a public ledger for cryptocurrency transactions. It utilizes high level cryptography to safeguard transactions and prevent attacks on the system.
The design of blockchain makes it resistant to even the slightest modification of data. Instead of being in a single computer or a single location, a blockchain database can be backed up using computers all over the world. In addition to that, all files on a blockchain is encrypted and broken down into several components. In the event that one server is attacked and one component of a file is successfully hacked, it is useless because the other components remain intact.
However, even with the level of security that blockchain technology offers, it is not 100% foolproof. This is evidenced by 2017’s string of high-profile cryptocurrency attacks that resulted in criminals stealing millions of dollars worth of cryptocurrency from various platforms. It is for this reason that you must prioritize the safety of your cryptocurrency even before you start investing.
Add a deeper level of encryption to your cryptocurrency transactions with a high-quality security program like a Virtual Private Network Software (VPN), which is an essential tool for cryptocurrency trading. A VPN encrypts your data traffic so that anyone who might be lurking on the network cannot see your activity, thereby rendering you invisible. This means your valuable cryptocurrency has little to no chance of being stolen by cybercriminals.
Hotspot Shield VPN – Your partner in cryptocurrency security
Ensure the security of your cryptocurrency transactions by protecting your devices with Hotspot Shield VPN. Hotspot Shield is a high-quality VPN that encrypts your data and prevents your information from being accessed by cybercriminals. With Hotspot Shield, you can rest assured that hackers will not be able to steal your valuable cryptocurrency.