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What are Cryptocurrencies?
Cryptocurrencies are among the latest innovations in the financial world, providing a decentralized network where transactions can be carried out without intermediaries! Simply put, transactions can be made without the participation of intermediaries such as central authorities and financial institutions, without the need for regulation.
Due to their virtual nature, cryptocurrencies are not backed by any real-world commodity or central bank, despite being quoted in traditional currencies such as the US dollar.
In fact, cryptocurrencies are based on the law of supply and demand, just like a stock or currency. Therefore, the price of cryptocurrencies fluctuates according to the number of people who want to buy or sell it at any given time.
As the blockchain network unlocks new possibilities every day, cryptocurrencies are growing at an accelerating rate. Enter the world of crypto trading with ENTForex and start CFD trading with some of the biggest names: Bitcoin, Ethereum, Avax, Ripple, Doge, Shiba, Chz, Ftm, and Algo!