Bitcoin has long been the flagbearer for all Cryptos, and since its 2009-inception it has garnered significant media attention thanks to its unpredictable nature and enormous daily swings. Other Cryptos have swiftly followed in its footsteps, and there are now thousands of Cryptocurrencies that share these similar characteristics that make them so attractive to traders. At GMI, we offer tight spreads and leverage of up to 1:20 on all Crypto markets, so connect to them now and join the thousands of global traders who are already a part of the GMI community.
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Cryptocurrency is a virtual or digital currency that can be used online for purchases, and is secured via cryptography. Cryptocurrencies are deregulated, and use blockchain to process and verify transactions. It started in 2009, when Bitcoin was created. Since then, thousands of other Cryptocurrencies have emerged.
Only certain companies and payment providers have chosen to accept Cryptos as a viable form of payment. Some regions have also banned Cryptocurrencies, Bitcoin in particular being at the centre of much controversy with many authorities wary of its decentralised characteristics.
At GMI, we offer the five main Cryptos, which are BTCUSD (Bitcoin), LTCUSD (Litecoin), ETHUSD (Ethereum) and BTCUSD (Bitcoin Cash).
Mining Cryptos such as Bitcoin involves using powerful computers to solves complex, mathematical equations. When one is solved, a link in the Blockchain network will be completed and the miner will be rewarded with a certain quantity of the Cryptocurrency.
Volume in Cryptos can refer to the amount of currency there is either in (virtual) circulation, or the finite amount of currency that there can ever be. For instance, only 21 million Bitcoin in total can ever be mined. At the time of writing, the total amount of Bitcoin that has been mined is nearing 19 million, so as that total gets closer to the 21 million mark, it becomes harder to mine new Bitcoin and in theory its price will rise as supply rate falls.
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