Soooooo…. Starting off you’ll see that we support NDAX here at Mel B Digital. So, totally, we haven’t had any luck with others as of yet, if you want to be a human talking to humans and you are representing a crypto exchange, like call me, I’ll give you an honest try. But for the moment, I’ve been happy with NDAX.
See the link under Deals to get the link to get ten bucks from NDAX, also, realize I’m totally open about that affiliate stuff.
A cryptocurrency, crypto currency or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems. When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
According to Jan Lansky, a cryptocurrency is a system that meets six conditions:
- The system does not require a central authority; its state is maintained through distributed consensus.
- The system keeps an overview of cryptocurrency units and their ownership.
- The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units.
- Ownership of cryptocurrency units can be proved exclusively cryptographically.
- The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units.
- If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.
And from NDAX
Why should you invest in Bitcoin?
An ideal currency in a digital age like ours should have three main characteristics:
- 1. It shouldn’t be under the control of authority so that it isn’t manipulated and printed at will.
- 2. The currency should be borderless so that it can be exchanged throughout the globe without the help of a middleman.
- 3. It should be apolitical and not in favour of a specific group of people.
Everyone alive today is born into the existing system of government-issued money (also known as Fiat currency) which is why most people accept that the gradual rise in prices for everything from bread to college tuition is a natural phenomenon. It’s not.
The problem Bitcoin solves
Bitcoin solves the problem of Inflation. With its limited supply and decentralized nature, Bitcoin makes for one of the best store-of-value assets similar to Gold. Here’s a very interesting and detailed report by Grayscale Investments LLC on ‘Valuing Bitcoin.’
Inflation and geopolitical instability are big drivers in the recent trend of companies adding bitcoin to their balance sheet. In 2020, the US companies MicroStrategy and Square have invested $425 Million and $50 Million respectively in Bitcoin.
The current pandemic that has hit the world, strengthens the case for Bitcoin even further because central banks all over the world are printing and pushing more and more money into the economy to keep businesses running and people employed.
Essentially, what we promote here is that people can experiment cheaply and safely with a currency, in both holding it and perhaps trading it to some profit. There are many reasons why being able to purchase items in these currencies makes sense especially in a digital setting.
To get yourself set up, we will offer advise on how to safely evaluate a website to make sure it has good privacy, we will offer our personal opinions on the support structures and protections. Purchasing decisions are all yours, as is the responsibility. We can scan in documnts for your verification, stuff like that, but we are not going to be responsible for you choosing a crypto only to have it de-listed. And while we can offer advise on wallets, we are not going to save you from losing your password, passwords are all up to you. If you can’t keep your passwords safe, might not be a good idea to play with digital currency.
Mel Bryce has lived and worked in the Kootenays for over a decade. She takes her coffee black, and still supports Nvidia graphics cards.