In today’s modern times, people have gone crazy to know that what is cryptocurrency or digital currency. Even Tesla and SpaceX founder Elon Musk openly speaks positive things for cryptocurrency. Today many online shopping platforms are also giving the option of paying in cryptocurrency to the consumers.
Now everyone want to know what is Cryptocurrency .
Cryptocurrency, like other currencies, is also a form of money but it is not a centralized currency. Where other currency is controlled by the governments of the country. Whereas the crypto currency is controlled by its customers. Ordinary currency is operated by banks whereas crypto currency is operated by block chain system. According to experts, the blockchain system cannot be hacked, while hacking the banking system has become easy in today’s time.
Peer-To-Peer
In this Blockchain technology, Cryptocurrency allows users to make transparent peer-to-peer trading of Cryptocurrency. Users can view these transactions. They are secured through the algorithm within the blockchain. While everyone can see the transaction but only the owner of that Cryptocurrency can access it with a private key which is given to each owner. As you know that cryptocurrency is not a centralized currency, due to which the consumer himself controls the transaction of cryptocurrency, which is not known to the governments of the country. Due to which there will always be a possibility of increase in criminal activities.
Bitcoin
In the year 2009, bitcoin was first launched in the market. Whose founder was Satoshi Nakamoto. In 2007 Satoshi began coding work on bitcoin and registered a domain name bitcoin.org on 18 August 2008 and a website on 31 October. Finally, on January 9, 2009, bitcoin was released, which was worth $0. Finally, on January 9, 2009, bitcoin was released, which was worth $0. In 1010, the price of bitcoin reached $0.40 per bitcoin. In May 2020, the price of bitcoin had reached $9100 per bitcoin. But today it has reduced to $17849.70 per bitcoin. Many reasons are given for this, which we will try to understand in the coming blogs.
What are the advantages of cryptocurrency
There are many advantages of adopting cryptocurrency, such as you have complete freedom to earn and spend in it, there is no limit or restriction. Due to which you get financial freedom. You can send money to any cryptocurrency user in the world without sharing any information with your government. You also do not have to share your personal information with the user party as only your account number has to be given in this. So that the personal information of you and the person in front can be kept confidential. In crypto currency, you get more profit in less time whereas it is difficult to say whether there will be benefit in centralized system or not. Transactions can be done in 10 to 15 minutes. You can sell your digital currency anywhere in the world. No one can do your crypto.
What are the disadvantages of cryptocurrency
After hearing the advantages of cryptocurrency, do not forget that there are two sides of a coin, one is good and the other is bad. Cryptocurrency being a decentralized currency is not a reliable currency. If you accidentally transfer digital currency to the wrong account, you cannot get it back. You cannot contact the recipient of the cryptocurrency if the cryptocurrency has already been transferred. So these are some flaws keeping in mind that you can spread whether you should invest in cryptocurrency or not.
Conclusion
We have tried our best to let you know what is cryptocurrency. Whatever you have been told about the advantages and disadvantages of cryptocurrency, there are more advantages and less disadvantages. If you use cryptocurrency carefully, you can avoid any loss. Thank you from the bottom of my heart to all of you readers, please give us your support.
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