Cryptocurrency is a distributed digital currency similar to digital cash. It is designed to be virtually purchased, exchanged, and utilized for a variety of services. Although it is an entirely intangible form of currency with no physical representation, it is run on and across thousands of computers, their primary objective to make financial transactions transparent and accessible to everyone.
But what makes this digital currency special, is how it implements cryptography and decentralization. By removing the need for a central authority, it validates transactions in a distributed fashion and displays them openly on a pubic ledger. This distributed network also allows for direct and speedy transactions between parties which can be processed in a matter of minutes.
Cryptocurrency is often referred to as a coin or tokenized asset and is stored on digital wallets used to manage payments. Each wallet is protected by a private key — a special encrypted password — that only the creator knows. You can send or receive funds just by submitting transactions straight from your wallet. Like cash, you can spend the money however you want, but digitally.
Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. It’s completely decentralized with no server or central authority.
— Satoshi Nakamoto, Creator of Bitcoin, the first “Peer-to-Peer Electronic Cash System.” 09 January 2009
A vital part of Cryptocurrency is the Blockchain, which contains blocks, complex mathematical problems based on cryptographic technology for computers to solve. Once the problem is solved, the block is completed. Most importantly, if anyone tampers with the information inside — like transaction data — it becomes invalid. The only way to fix this is by replacing incorrect data with the correct, original, data. Using Blockchain, once enough blocks are added to the chain, the transaction is considered valid and secure. This gives Cryptocurrency an extra layer of trust and security that beats traditional payment methods.
What can you do with Crypto?
Cryptocurrency can achieve everything cash can — more efficiently.
Trade for other Cryptocurrency
Many people today use Cryptocurrency solely to trade for other Cryptocurrency. Most of the markets today do not have USD or other fiat pairs to trade for these digital currencies. Instead, users use base pairs, like Bitcoin/Ethereum, to trade for other coins. These investments can explode in value, with some coins yielding tens of thousands in percent returns within a matter of years.
Make purchases
Before 2015, it was difficult to find websites and vendors willing to use and accept Cryptocurrency. Today this is far from the case, with thousands of online merchants accepting Cryptocurrency as a valid form of payment. This applies not only to massive retailers, but also smaller independent businesses. Nowadays, Cryptocurrency can be used to pay for hotels, flights, jewelry, applications, computer parts, and pretty much everything else you can imagine.
How does Caratz fit into the big picture?
All of this is made easy through the Caratz platform. Caratz’s biggest selling point is its ease of accessibility, offering users direct access to wallets and transactions conducted through their social media applications. These include: Telegram, Facebook Messenger, Whatsapp, Wechat, Discord and Twitch.
Making integration and use easy, it boasts full escrow functionalities and support for over 20 languages; users can even trade for other cryptocurrencies through the integrated decentralized exchange. Additional features include community-driven voting for future platform development, online marketplace creation, and crowdsourced whitelist registries.
Caratz empowers users to do more by consolidating core features and offering a clean user interface that is simple, powerful and efficient.
To learn more about the Caratz tokens and ecosystem, join our official Telegram groupor visit our website. Once you have read up, feel free to email us for further inquiries through public@caratz.io
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