Crypto the Future's money.

 What is crypto currency?

Hi, Ayaan here and I hope this blog will remove all your doubts about crypto.

Crypto is a digital currency designed to work as medium of exchange through computer network that is not reliant on any central authority such as government or bank to uphold or maintain it. It is decentralized system for verifying that parties to transactions that have money claim to have eliminating need for traditional intermediaries such as banks when funds are being transferred between two entities.

Advantages of crypto as currency:

* Cheaper, faster money transfer that decentralized systems that do not collapse at single point of failure.

* Diversification of investment portfolio.

*Transparency of transaction and supply. Yes, the transactions can easily be traces and recovered through crypto. All receiving and sending of money will  be in legal way.

How does it work?

Cryptocurrencies run on distributed public platform called blockchain a record of all transactions held by currency holders. Units of cryptocurrency are created through mining, which uses computer power to solve complex mathematical problems that generate bitcoin. Users can also buy currency from brokers then store them and spend them on stores and this by use of cryptographic wallets.


Disadvantages of Crypto:

*Constant price fluctuations and crashes that make crypto unpredictable and risky.

*Scams and criminal activities that exploit the anonymity and lack of regulations of crypto transactions.

*Cannot always be used in case of emergency as many stores, shops and even government do not have legalized it.

Hope you all have enjoyed the above content finding it useful, thanks for reading.

Comments

  1. Arlog thinksJuly 21, 2023 at 8:54 PM

    Read , read and read as it will make you a good sailor in the sea of knowledge,sailing your life journey.

    ReplyDelete

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