What are Cryptocurrencies and How Do I Benefit?
Cryptocurrency was created by a group of activists, known as Cypherpunks, that decided the world needed digitally native money. Cryptocurrency would allow for global remittance without the hassle of navigating through traditional intermediaries. Shortly after the economic collapse in 2008, people began to lose confidence in the current financial system and clamored for an alternative.
It was at this pivotal juncture that an unknown person or group of people known as Satoshi Nakamoto published a now-famous paper that outlined a new financial system that would allow people to exchange money without a traditional gatekeeper. This paper had all the details surrounding Bitcoin. Although there have been hurdles since its creation, Bitcoin is now joined by many other coins, known as Altcoins, designed with a variety of purposes such as increased privacy, micro-payments, and more.
In 2015, Ethereum was created. Ethereum made it easy for developers to create new decentralized applications which led to a cryptocurrency boom. Decentralized applications are programs that exist and operate on a network of computers rather than just being on a single computer and having only one single authority managing them. Cryptocurrency has continued to grow and become accepted across the world but what are its possible applications?
Purchase products and services
In its early days, it was a challenge to find businesses willing to accept cryptocurrencies as payment and the barrier looms even higher for newer altcoins. However, in 2020, you can pay for a range of services and products using Bitcoin and other leading coins such as hotels, flights, NFTs, teslas, real estate, clothes, pizza, luxury cars and jets, a VPN — the list goes on.
Cryptocurrencies have seen accelerated acceptance by big business this year with the BTC treasury holdings inciting disbelief. We are only scratching the surface.
Invest in cryptocurrency
Many people believe that cryptocurrencies offer some of the most lucrative investment opportunities in recent years. With Bitcoin being valued at just $800 in 2016, and now boasting a $52,000 price tag, money is there to be made!
As the central crypto custodian, cryptocurrency exchanges are often viewed in a negative light due to security breaches and financial scandals. This negative media attention has made potential investors wary of investing in cryptocurrency.
ProBit Exchange was created to make the process of interacting with cryptocurrencies as easy and secure as possible. If you decide not to use an exchange to trade or purchase cryptocurrencies, you may have to settle for time-consuming face-to-face transactions or using a Bitcoin ATM.
At ProBit Exchange 95% of digital assets are stored in cold wallets (offline storage less vulnerable to security breaches) and reinforced with additional two-factor authentication measures. Having the majority of user wallets stored offline dissuades potential hackers from attempting to break into our system as evidenced by the fact that we are one of the few exchanges to have never been hacked.
Our recent ISMS Certification approval further illuminates our commitment to securing YOUR assets and innovating our security infrastructure. ProBit Exchange remains one of a select few to successfully achieve this globally recognized standard. Why is this significant to YOU? Read more about ISMS here.
It’s important to point out that even though your cryptocurrencies are stored in cold wallets, you can still trade, stake, and enjoy all the benefits of being a part of the ProBit community.
Stake and Earn Passive Income
Staking is the process of buying and holding a certain amount of cryptocurrency in a staking wallet. The more you hold, the more benefits and passive rewards you will receive.
PROB tokens are ProBit’s very own cryptocurrency and have consistently ranked among the top exchange tokens in terms of YTD performance. Staking is a great way to generate passive rewards as staking PROB token provides 4% per annum rewards which will simply accumulate in your wallet.
The amount of PROB tokens you stake determines your VIP status at ProBit and will give you lower trading fees, up to 100% mining reward rates, 4% per annum rewards, and increased referral bonuses.
Once PROB is staked in the staking wallet, the tokens will be locked up for 180 days during which they cannot be unstaked or used in any transactions. PROB can also be leveraged to participate in ProBit Exclusives which have historically returned traders with disproportionately high gains.
For the competitive members of the ProBit community, we host frequent trading competitions where cryptocurrency enthusiasts can try to capitalize on the volatility of digital assets.
How do I buy cryptocurrencies?
There are numerous options when it comes to buying leading cryptocurrencies including ATMs, gift cards, cryptocurrency exchanges, face-to-face trading, investment trusts, and ETFs. The number of options you have to buy cryptocurrencies depends on which cryptocurrencies you want to trade, how popular they are, and where you are located. Newer and less popular cryptocurrencies typically don’t have as many options for prospective investors so exchanges are usually the easiest avenue to start trading.
If you are interested check out this step-by-step guide on getting started at ProBit and you’ll be well on your way to trading over 500 tokens featured on our platform.
Be sure to stay tuned for more tips and insights from ProBit Exchange on the evolution of cryptocurrency.
