Fantom is a solution to the problem of cryptocurrency mining centralization, as more people start to mine, it becomes more difficult to solve each block, more specifically, the number of required computations for each block increases as the number of miners rises.
This means that only those with high-powered computers can take part in the process of solving these blocks and receiving new coins, the rest of us are left behind with our low-powered devices and unable to do anything about it.
It solves this problem by distributing the workload across a network of computers rather than just one or two powerful machines, this means that everyone can contribute something when they use it, not just those with expensive hardware.
Read on to find out more about how it works at a technical level and what sets it apart from other cryptocurrencies.
It is a cryptocurrency that works as a medium of exchange and it also has two other functions:
Fantom is a store of value, this means that it can be exchanged for goods, services, or other currencies
Fantom is also a form of digital currency which enables users to send and receive payments without needing to go through the financial system.
All transactions are maintained on the blockchain as well as where to invest crypto / is fantom crypto good, which is a technological innovation in order to maintain a record of all transactions ever made.
There are different types of wallets used to store and manage your Fantoms, and they’re listed below:
- Mobile wallet – this allows you to make transactions from your mobile device whilst out and about
- Online wallet – this provides you with access to your holdings anywhere with an internet connection, they come with online security measures in place.
- Hardware wallet – these provide you with offline storage for your cryptocurrency
How to Buy Fantom
The first question you might have, of course, is how to purchase this cryptocurrency, you can buy Fantom on the following exchanges: Bittrex and Cryptopia, to do so, you need Bitcoin or Ether and then use that to buy Fantom.
Buyers should expect a high price as Fantom trades at about $0.005985 USD at the time of writing this article on December 26th and that’s because it’s a relatively new coin.
As with any investment, there are risks involved with purchasing Fantom, if a cryptocurrency has a very high trading volume, it means the currency is stable and less likely to be affected by spikes in price. With Fantom, however, its trading volume is at a rather low $1,824 per day which could cause your investment to suffer if there are any sudden changes in price or demand for this currency.
Is Fantom A Good Investment?
Fantom is a relatively new cryptocurrency that was launched in April, it’s not quite as popular or widely used as Bitcoin, but it has already made an impact.
it is designed to be a much more scalable currency than Bitcoin and other cryptocurrencies on the market, this means that bitcoin was built with a sequence of blocks that are mined at regular intervals, while Fantom is built around blocks that are created faster and do not need to be mined.
This makes it easier for users to send transactions using the currency and means that it can handle more transactions than other digital currencies like bitcoin, which could make it the perfect investment for those who want to get involved in cryptocurrency trading without putting in endless hours of research.