To be a full-time investor in cryptocurrency, you have to put in a lot of time and effort. In doing this, you will come across several rules to follow to know what type of cryptocurrencies to invest in.
End User’s Should Be Considered
In the world of cryptocurrency, the end users are incredibly important. The target market of any application whether using blockchain or not – they are the end user. This is because these are the people actually using the cryptocurrency or technology.
This, therefore, means that the developers have to create the application or the ecosystem in a way that will perfectly align with the end users – they should be kept in mind always. For applications to win the war in this crypto world, it will be those that have optimised their end service in a straightforward way for their users and their target market should know what drives the application.
As an investor, you should keep one rule in mind that for them to do any project; they should keep their users in mind. Every user has one thing in mind – to use the application for what it is intended for without knowledge, without stress, and without previous knowledge of using the application. They shouldn’t need to know a ton about how the technology actually works.
Going by this, let’s look at the . Does the user of this know about TCP/IP, VOIP, HTTPS, and a myriad of other back-end technologies on which this is built to use the application? The answer is No! It just performs its function by allowing users to trade using it, which helps the user experience a ton.
Now in the blockchain industry, it is essential to select an application that fit the description mentioned above – they should be perfect for the end users! So, in choosing the best cryptocurrency application for investment, the following are some of the ways that cryptocurrency will help you:
Each form of cryptocurrency is digital and cannot be duplicated or reversed arbitrarily by the sender, as it is done with credit card charge-backs. Therefore, the security is much better on the blockchain and as a result, most than traditional money methods.
The purchase of real property involves typically some third parties such as Notary and Lawyers which delays the payment of fees. Said by Gallippi, cryptocurrency is described as a large property rights database. The Telcoin contracts can be enforced and designed to eliminate approvals from third parties or reference external facts, which means transactions are lightning quick. It also helps to reduce the time required to complete traditional asset transfers and time for a fraction of the expense, which is a big plus.
Usually, there are not any transaction fees for exchanges between cryptocurrencies because the network will compensate the miners. Even though there’s no cryptocurrency transaction fee, many users still make use of some third-party service, such as Coinbase, to create and maintain their bitcoin wallets for them. These forms of service are like PayPal – for cash or credit card users. They provide the online exchange system for the cryptocurrency, and as such, they are likely to charge transaction fees. However, these fees are lower than most, which is nice.
Access to Everyone
Approximately 2.2 billion people have access to the Internet or mobile phones, and don’t have access to traditional exchange currently. These people are those that are primarily primed for the Cryptocurrency market. All you need is a phone or internet connection, and a mobile wallet and then you are set to purchase some cryptocurrency!
A global network of computers makes use of the blockchain technology to manage the cryptocurrency database for transactions jointly. That is, cryptocurrency is not managed by one central authority but by its network. Decentralization means that the network operates on a peer-to-peer or user-to-user basis. So you can rest assured that no company or individual is controlling or regulating the cryptocurrency, it is completely decentralized.
Recognition at universal level
Cryptocurrency is not bound by the transactions charges, interest rates, exchange rates, or other charges of any country; this, therefore, shows that it can be used at the international level without any problems. This, consecutively, saves lots of time and money on any business part which is then spent in transferring money from one country to the other. is meant to operate at the universal level and therefore makes transactions quite easy. A Bitcoin, Telcoin or Ethereum has the same value no matter where you live or what your exchange rates will be.
When your credit card is given to a merchant, the merchant thereby has full access to your full credit line, even for a small amount of transaction. Credit cards make use of the “pull” mechanism, where the merchant initiates the payment and pulls the selected amount of money from your account whereas Cryptocurrency makes use of the “push” mechanism that allows the cryptocurrency user to send precisely what he or she wants to the recipient or merchant with no further information. So there is no risk of any company or individual having any of your private information.
With the use of a PayPal, the company can freeze your account without your presence (without consulting you), and you will have to run around to get it fixed and have access to your fund, but with cryptocurrency, you have the only access to the key that makes up your cryptocurrency address. That can never be taken away from you except you release it. This shows that cryptocurrencies can replace the traditional currencies credit cards as a tool for global commerce, and will hopefully become more popular all over the world.