Trading With Cryptoscience
Cryptocurrency has taken off recently, with its growing popularity due to the many advantages it offers over traditional means of purchasing goods and services. These advantages include a higher level of security (due to the distributed nature of its operations), more reliable transactions and faster transaction times, as well as the ability to transact between individuals across different countries, regions and industries. In short, Cryptocurrency is an online digital asset devised for use as a means of exchange, that use cryptospace technology cryptography to facilitate transactions, secure transfers and confirm the exchange of other units.
Cryptoscience was founded by Vitalik Buterin, who is an associate professor at Columbia University, specializing in economics and computer science. He is also the creator of the world famous E-gold, a virtual gold market which was banned by several countries around the globe including Japan and Sweden. The success of E-gold was attributed to the fact that it was the first alternative method of transacting in a digital environment.
Cryptoscience’s aim is to build a worldwide marketplace for business and finance, in order to foster a better relationship between all companies that provide services or products on the internet, and those that require financial services in order to operate properly. It is a “decentralised” form of business-to-business financial interaction and, as such, offers a number of unique advantages. Here are some of these advantages:
There is a wide range of companies from which to choose, as they can be based in any part of the world and can offer a wide variety of goods and services. There is no geographical or economic barrier in terms of being able to trade, since the currencies traded are global and do not depend on one country’s economy, as traditional markets do.
Marketplaces are also provided that allow users to buy and sell items. This means that buyers and sellers can connect to each other without having to physically leave their homes and interact, and that buyers and sellers can use any form of electronic communication to transact with each other, as long as it provides strong encryption technology. Also, there are marketplaces for trading currencies that ensure that involve multiple participants in the transaction process at once.
There are also marketplaces designed to allow users to “trade” for certain periods of time, such as in the case of a Forex or options trading. This allows the buyer to hedge their position with a “cushion”, which would give them a chance to buy another currency if the current one falls in value.
The concept of trading is similar to that of online stock trading, with each trader buying or selling a particular currency pair or “pair” and holding onto it in hopes that it will rise in value. The trader may hold on to these pairs until they are ready to “sell” them. Because this trading takes place electronically, there is no need to physically hold a piece of money, but rather the trader simply transfers funds directly to their account, usually through an online payment gateway like PayPal or wire transfer, making their purchase and then withdrawing it from their account in the currency of their choosing. When this transaction is complete, the buyer sends the money back to the seller, and the seller receives a withdrawal from the payment gateway, effectively transferring the money from one party’s account to the other party’s account.
The reason why this online trading works is that Cryptospace Technology, the underlying technology, is based on mathematical algorithms that run by an encryption algorithm called Cryptography. The encryption prevents anyone who does not have access to this information from being able to see the code that runs through the algorithm. Because of this, all transfers can be guaranteed to be secure and private, and therefore, are considered to be the most secure and private way of trading currencies.