Buying Bitcoins On The Cc Exchange
When Satoshi Nakamoto released the world’s first Crypto-currency, it was not his intension to invent a new currency. He had noticed that, try as they might; Systems of Digital Money that depended on trusted Third Party concepts were doomed to failure. The main hurdle was that, ever larger Centralized Servers were found essential to keep tabs on the vast number of transactions that were taking place digitally. Otherwise double entry and double payment was a problem that threatened to bring all Virtual transactions to a standstill, and bring the whole edifice crumbling down. Different currencies are created and controlled by the Central Financial Authority of different countries, who guarantee the transaction value of each unit of each currency. International trade is based on the dynamic parity value of these currencies, as agreed through worldwide agreements like Bretton Woods, but each individual currency is Centralized and the value is guaranteed by that country. But Nakamoto proposed a completely Decentralized Digital Currency to replace the Centralized National Currencies in force. This new currency could be purchased, sold and traded through Virtual Cryptocurrency Exchange, and would also help to Buy BITCOINS by the new entrants to Virtual Trading.
A Cryptocurrency Exchange is a Virtual Business location or folder which allows Customers to acquire, sell or trade in Crypto-currencies (which are Decentralized Digital currencies) for other assets, which may be conventional ‘Fiat Money’ such as US dollars or European Euros or other Digital Money.
Volatility in BITCOINS
To Buy BITCOINS with Fiat Money one needs to establish a Wallet first. The Wallet is a folder that holds the deposit. Fiat Currencies are backed by the countries that issued them in the first place. The US dollar is backed by USA. The Euro is backed by Europe. The Yen is backed by Japan. But in Crypto-currency system no single entity is responsible for creating new denominations. Thus, inflation or deflation is not a problem. The total supply of BITCOIN is capped at a final figure, and no BITCOIN may be mined after 2140. The limited supply of BITCOINS is causing volatility in the price of BITCOINS. This must be remembered when acquiring BITCOINS. Peaking in 2017 at a price that was several 100 times more than the original, BITCOINS plunged to less than half that price by the middle of 2019. Dealers in Crypto-currencies should keep sharp eyes focused on the market price of these Crypto-currencies like BITCOINS, Ethereum, Lightcoin, Ripple etc.
BITCOINS and other similar Crypto-currencies are finding gradual acceptance around the world. Many of the largest companies are beginning to accept payment in BITCOINS, such as, Usenet, Mega, Reddit, Coinabel, Amagi Metals, FatProperty and BITCOIN’s own store, BITMIT.