Cryptocurrency is called virtual money exchanged in the Internet space; thus, cryptocurrencies exist solely in the form of data, without a physical form: you cannot touch bitcoin or ether or put it in a safe. Possession of bitcoin means the existence of some collective agreement confirming that a given amount of bitcoin was created by a legitimate miner and currently belongs to you. LioTrade is a leading broker providing some of the best trading conditions, including the lowest cryptocurrency spread.
Cryptocurrencies function in the same way as regular money, but they must be mined ("mine") like gold. In fact, mining is a process of verifying a cryptocurrency transaction. In the world, operations are constantly carried out to transfer digital currencies from one wallet to another, and miners are engaged in verifying these operations using computer resources.
When a cryptocurrency is launched, its developers announce how many “coins” can be obtained, and upon reaching this quota, new currency units are no longer produced. The world's first cryptocurrency was Bitcoin, which is still a reference point for all other virtual currencies. At the moment, we offer the opportunity to trade with the most popular cryptocurrencies such as Ethereum, Ripple, Litecoin and EOS, as well as forks (branches) of Bitcoin Cash and Bitcoin Gold.
Unlike ordinary currency transactions, cryptocurrency transactions are not regulated by banks or other financial organizations, but are recorded in a special electronic journal called blockchain.
Blockchain is a list of data on operations (blocks) connected and encrypted. Blockchain is constantly growing and completely open to everyone. Each block in the blockchain contains the following data:
After creating a new block, it is sent to all network users who verify it before adding it to the blockchain.
The most serious blockchain problem is that it is heavily dependent on miners. In contrast to this problem, the IOTA cryptocurrency (the Internet of Thigs Application) appeared in 2016, which is also aimed at combating high fees and insufficient network scalability. The blockchain of the IOTA system is called Tangle, and there are no blocks or chains in it. Users independently verify operations, so confirmation of miners is not required. That is why operations are performed much faster and without unnecessary overpayments.
A cryptocurrency wallet is a hardware or software solution with which you can store cryptocurrency and exchange it. Each wallet is unique and encrypted. When sending funds from one wallet to another, an encrypted message is actually transferred, which can only be decrypted by the recipient's wallet. It is believed that a hardware wallet is better than a software wallet for the following reasons:
The cost of cryptocurrencies depends mainly on supply and demand, and therefore they are an excellent way to diversify an asset portfolio; At the same time, cryptocurrencies weakly correlate with the real economy and the political situation. Immediately after the price of bitcoin exceeded the price of gold (in 2017), two appeared on the US market for bitcoin, as a result of which more and more institutional funds are invested in cryptocurrency. In the same 2017, Indian Prime Minister Narendra Modi announced a gradual transition from paper money to electronic money, and in 2018 a decision was made on the Marshall Islands to create a cryptocurrency to replace the American dollar. Many central banks are already considering the introduction of blockchain technologies. In general, cryptocurrencies are likely to stay with us for a long time, and an increasing number of investors around the world are already discovering their main advantages, which we will list below.
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