Cryptocurrency is a form of digital or virtual currency that relies on cryptography, a technique for secure communication, to ensure its security and regulate the creation of new units. Unlike traditional currencies, it does not require a central bank or government to manage it and uses decentralized technologies such as blockchain to record and manage transactions.
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Cryptocurrencies can be traded on various exchanges and their value is determined by market forces of supply and demand. Popular cryptocurrencies include Bitcoin, Ethereum, Litecoin, Ripple, and Tether. Cryptocurrencies have numerous advantages such as faster transaction speeds, lower transaction fees, and increased privacy, which have contributed to their growing adoption in recent years.
Bitcoin is a decentralized digital currency that operates on a peer-to-peer network and allows for instant, secure, and borderless transactions without the need for a central authority like a bank or government. Bitcoin transactions are recorded on a public ledger called the blockchain, which makes it transparent and virtually impossible to alter or counterfeit. Bitcoin is also known for its limited supply, with only 21 million bitcoins set to ever exist, which makes it a deflationary currency.
RandChain Gold Tech Ltd is wholly owned by Randgold Resources Limited and Barrick Mining Corporation, registered in New York, USA, and is a new type of financial technology company dedicated to digitizing, compliant and chaining physical gold assets.
Tether (USDT) is a token Tether USD (hereinafter referred to as USDT) based on the stable value currency USD (USD) launched by Tether. 1 USDT = 1 USD. Users can use USDT to exchange USD at a 1:1 ratio at any time. Tether strictly adheres to the 1:1 reserve guarantee, that is, for every USDT token issued, its bank account will have a fund guarantee of 1 USD. Users can query funds on the Tether platform to ensure transparency.
A smart contract is a self-executing digital contract that is programmed to automatically execute the terms of an agreement when certain predefined conditions are met. It is built on blockchain technology and can be used to automate the execution of contracts, such as payment transfers or the transfer of ownership of assets.
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Smart contracts are secure, transparent, and enforceable, as they are executed automatically by the blockchain network and cannot be altered once they are deployed.
In the context of cryptocurrency trading, instant contracts there are typically offered by cryptocurrency exchanges and trading platforms that allow users to trade a variety of digital assets, including Bitcoin, Ethereum, and other popular cryptocurrencies. Instant contracts are also commonly known as “perpetual contracts” or “swap contracts”.
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These contracts allow traders to speculate on the price movements of cryptocurrencies without owning them. They are settled in cryptocurrency, and the contract’s value is derived from the price of the underlying asset. However, it’s important to note that instant contracts in the context of cryptocurrency trading are not the same as smart contracts, which are self-executing contracts that automate the transfer of assets or payments when certain conditions are met.
