What is Cryptocurrency?
A Cryptocurrency is a virtual or digital currency which means there are no coins and no notes. Cryptocurrencies don’t have a central computer or server. Many cryptocurrencies decentralized networks are on Blockchain technology. Cryptocurrency is sent from person to person. No need to use bank accounts, Paypal. They deal with each other directly. If you want to use cryptocurrency you don’t have to give any personal information to own and use them. Countries have their own currencies called fiat currencies. Sending fiat currencies around the world is difficult. So, we use cryptocurrency.
Types of Cryptocurrency
Today, there are thousands of alternate cryptocurrencies with various functions and specifications. But, Bitcoin is the most famous and most valuable crypto as it is the first blockchain-based cryptocurrency.
Bitcoin was launched in 2009 by “SATOSHI NAKAMOTO”.
On the other hand, many altcoins also successful after bitcoin-like Litecoin, Peercoin and as well Ethereum.
Advantages of Cryptocurrency
Transferring of Funds becomes easy as funds transfer between two parties directly. No need for third parties like banks.
New Technologies was built to Improve crypto fund transfer like in modern systems, the user wallet has public keys and the minimum transfer fee is charged.
Disadvantages of Cryptocurrency
Cryptocurrency is semi-anonymous in nature so most of the illegal activities happen like Saving Money from giving taxes.
However, bitcoin is not a good option to do illegal activities as it can be traceable. But Dash, ZCash is hard to trace.
It is not like you can do it with Shovel. It is done with a proper computer system and knowledge. Miners are the one who plays a major role in making a transaction done. So, they will get a reward for this of 12.5 new bitcoins. Every day new crypto mining companies built because of huge profits in it.
Since its new growing industry with huge profits. So, many people misusing this and use this to scam to newbies.
With their Ponzi Schemes, they scam newbies like
Make $100 to $500 in 24 hours. and so on…
So I requested you all to please don’t fall for these high payouts schemes and share this post to everyone and warn them.
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