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Cryptocurrency

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What is cryptocurrency?

Cryptocurrency is a type of digital currency, meaning it does not exist in physical form like regular paper currency. Crypto normally works under a decentralized control mechanism called blockchain, it is a publicly distributed record of transactions in digital format where each block contains transaction information and is connected to the previous block thus forming a chain.

The reason they are called 'cryptocurrencies' is that they are created using a set of cryptographic functions, including public-private keys, which protect the currency from third-party intervention and identification. This means that cryptocurrencies cannot be traced by authorities and their users can remain anonymous if they wish.

What are the benefits of cryptocurrency?

Decentralized: A major benefit of cryptocurrencies is that they are mostly decentralized, which means that financial activities with cryptocurrencies are carried out without the involvement of an intermediary such as a bank, government or other financial institution.

Avoid intermediaries (easy transactions): Cryptographic transactions can be done easily, at low cost and more privately than most other transactions. Using a simple smartphone app, hardware wallet or exchange wallet, anyone can send and receive a variety of cryptocurrencies. Some types of cryptocurrencies, including Bitcoin, Litecoin and Ethereum, can be purchased with cash at a Bitcoin ATM. A bank account is not always required to use encryption. Someone can buy bitcoin at an ATM using cash and send those coins to the phone. For people who do not have access to the traditional financial system, this can be one of the biggest professionals in cryptocurrency. self-governed and managed

The governance and maintenance of any currency is an important factor in its development. Cryptocurrency transactions are stored by developers/miners on their hardware and they receive the transaction fee as a reward for doing so. As miners are getting paid for it, they keep the transaction records accurate and up-to-date, maintaining cryptocurrency integrity and decentralized records.

Inflation protection: Inflation has caused many coins to decrease in value over time. Almost all cryptocurrencies, at the time of their launch, are released with a fixed amount. The source code specifies the amount of any currency; like, there are only 21 million Bitcoins released in the world. Thus, as demand increases, its value will increase, which will follow the market and, in the long run, avoid inflation.

Secure and Private: Privacy and security have always been a major concern for cryptocurrencies. The blockchain ledger is based on different math puzzles, which are difficult to decode. This makes a cryptocurrency more secure than common electronic transactions. Cryptocurrencies, for added security and privacy, use pseudonyms that are unlinked from any user, account, or stored data that may be linked to a profile.

Currency trading can be done easily: cryptocurrency can be purchased using many currencies such as US Dollar, European Euro, British Pound, Indian Rupee or Japanese Yen. With the help of different cryptocurrency exchanges and wallets, one currency can be converted into another by trading in cryptocurrency, in different wallets and with minimal transaction fees.