Cryptocurrency is a digital currency that does not rely on any real substance and makes use of cryptography, eg. Bitcoin, litcoin, BitShares, etc. It is a digital currency that is created, distributed, and maintained based on cryptography and validation technology. The characteristics of cryptocurrency are its application of P2P technology and the fact that everyone issues it. Crpytocurrency is also an online payment system that supports anonymous transactions. Bitcoin is the top cryptocurrency, and is recognised by the laws in many countries.

Why using crpytocurrency? 

Due to several reasons, crytocurrency is the most popular and widely used digital currency. In contrast to traditional transfer, We transfers never require several hours of waiting, and are not affected by the transfer amount or the region of the user. The fee is also much lower, and is usually a few cents. Refund will not happen to crpytocurrency, and no cheating is possible. No bank, government agency, or individual could manipulate cryptocurrency. In contrast to traditional currency, cryptocurrency transactions are anonymous, and there is no threat of confiscation.

How does cryptocurrency transaction work? 

Cryptocurrency transactions are actually very simple. Basically it is to send cryptocurrency from an online wallet to another. The first step in the whole process is that the payer sends a private key (a generated sequence to the payee, after randomly a transaction will go of numbers) through O to 5 validations. An ordinary transaction will go through 1 validation, but if the amount is very large, it is better to perform multiple validations. It takes about network. minutes for a single validation on the blockchain After validation, anyone on the blockchain can check this transaction but could not see any sensitive information.

How to purchase cryptocurrency? 

Cryptocurrency can be purchased at the following places: Market exchange: If the buyer does not care much about privacy, then an online market exchange is the best option to buy cryptocurrency because market exchanges usully require the buyers to provide identification. Buyers purchase cryptocurrency from a market exchange and store it there. Over the counter: This means two people perform a cryptocurrency transaction face-to-face. Usually cryptocurrency transactions are carried out anonymously between the two parties. Although the face-to-face it is still very popular. approach does not enjoy this benefit, Sellers and buyers contact each other through many websites. Cryptocurrency ATM: These ATM are no different from normal ATM apart from that the buyer gets a receipt with a certain code instead of cash. By scanning the code, the bitcoin will be transferred to the buyer's wallet.

Is cryptocurrency legal? 

Simply put, the legal status of cryptocurrency is getting better. In the past few months, Japan announced to recognise bitcoin as a legal currency, and Russia also declared its plan to recognise bitcoin as a financial tool. This is a . major change of stance for Russia, since bitcoin was originally banned in Russia. While cryptocurrency gradually becomes a strong and important global currency, this kind of change will also increase. The regulation on, use of, and taxation on cryptocurrency still vary across countries. On the other hand, new laws and rules are published all the time. If you wish to know in details about your government's stance on cryptocurrency and potential changes in the future, please contact a legal consultant.

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