FAQ’s

Cryptocurrencies are digital or virtual currencies that are able to operate as a medium of exchange at a peer-to-peer level, enabling direct payments between individuals. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. They operate on decentralized platforms which means it is not controlled by any central authority: the decentralized nature of the blockchain makes cryptocurrencies theoretically immune to the old ways of government control and interference.

Blockchain is a distributed ledger, which simply means that a ledger is spread across the network among all peers in the network, and each peer holds a copy of the complete ledger. A block in a blockchain is a collection of data. The data is added to the block in a blockchain, by connecting it with other blocks in chronological others creating a chain of blocks linked together.

Cryptocurrencies are known for their extreme security and anonymity to the highest level. Transactions made by this system cannot be reversed nor faked. In cryptocurrency the fees are to the lowest level, making it reliable than the conventional currency in the marketplace. Its decentralized nature means they can be available to everyone, in which banks can only be available to those they permitted to open accounts. They are growing, empowering, and provide an alternate asset class to investors to gain profits.

The price of Cryptocurrency is not determined by a central authority like a bank or any international authority. The fundamental demand and supply price quoted by the participants of the network determined the price of the cryptocurrency. This means users must reach a consensus about cryptocurrency’s value and use it as an exchange medium.

You can store your cryptocurrencies in a wallet. A cryptocurrency wallet is a digital place for your cryptocurrencies to be stored. Each cryptocurrency has a certain wallet provider. That could be official GUI-wallets, web wallets, cold and offline wallets, and other applications. Once you have bought your preferred cryptocurrency, check for a stable compatible wallet. As a rule, each cryptocurrency has its official wallet client.

The wallet address represents a randomly generated combination of digits and letters. Each wallet has its unique address or a tag with a private key that is required to restore your wallet if you lose it. To keep your digital currency secure do not share the details with anyone. If your private keys are stolen, your wallet and all your coins will be lost forever. We at FreedomEx will never ask for your private keys.