Most of us have a basic understanding of what crypo currency is and most of it characteristics, well here we are. I'll be focusing on the Power of Crypto-Currency.
First of all, it's very important to have a knowledge of what crypo currency is, however, I'll be as simple as possible.
Crypo-Currency is just like any like currency, it is a kind of money a person can use to buy anything buyable, but the major difference here between crypo currency and our local currency is that, you cannot seen it... You cannot see a crypo currency.
You may wonder, but I've been seeing the photos of different crypto-currencies, maybe this author is ment... Funny enough, you can only see these photos from different source but you still can't touch them, you can only hear of it, see the figures and feel the value.
The Power of Crypto-Currency and it similarities with the Local Currency.
Now, I mentioned crypo currencies... We don't have only one crypo currency, I told you earlier that this particular kind of currency is just like our local currency and one of the features that really makes it "outstandingly" similar to the local currency is that we have different crypto-currencies just like we have different local currencies.
The different local currencies we have include, Pounds, Dollar, Naira, Kobo, Cedis, Euros and may others. Meanwhile, in crypto-currencies we have the likes of Bitcoin, Bitcoin cash, Etherum, Tron and many others.
Most of the times these crypo currencies tend to possess more value and strength than the local currency.
Another aspect I want us to understand here is "savings and investments". We all go the bank to save our money or investment it. In simply terms, where you keep your local money is different from where you keep your crypo money (currency is money). Just as you keep your local money in the bank, you keep your crypo money in a wallet (online block chain wallet). It's so simple that these wallet come in form of mobile apps, some desktop apps. You can simply download one, create a wallet and start using it.
As I noted earlier that you can buy whatever you want with a crypo money, you may be wondering how possible it will be considering the fact that it is not saved in bank as we all know. You may also feel that this sounds like a video game of which you play to earn points but you never cash out.. so sad.
But here the simplest answer to your question is exchange. Just like you can exchange the local currency or should I say convert, for example, exchanging or converting dollar to pound, etc depending on the value and market. You can also do the same on crypo currencies, bitcoin - etherum, etc.
In our local currency, you perform such transactions in the bank most times, but when dealing with crypo currency, you use your wallet.
Now let's get back to cashing out.
In the world of crypo currency, we have different kinds of wallets, just as we have different kinds of banks. Most of these wallets have a feature that allows you to link your bank account to it (your wallet), thereby making it easier for you to convert your crypo currency to your local currency then you transfer it to your local account, move straight to the ATM or POS and you cash out in your local currency, use the money to buy coffee or whatever, but remember to buy me a cup of coffee. I hope it sounds easy.
Unfortunately, some wallets are too serious that they do not include the feature that links your bank account to your crypo wallet, but don't worry. Since you can have more than one bank account, then nothing can stop you from having more than one crypo wallet. You can transfer your crypo currency for Wallet A to Wallet B that has the link to your bank account then perform the transaction.
Furthermore, in narrowing down to the power of crypo currency, just as our local currency is powerful, crypo currency is more powerful, in fact, anything that is money is powerful. Crypo currency is very powerful in the sense that it most times have much more value than the local currency. Imagine now that 1 bitcoin(crypo currency) is equal to over $30,000(local currency) hope you've seen the strength, no one does that, only crypo currency. 1 bitcoin swallowing over $30,000! That's amazing.
You may wonder how you can have this crypo currency or currencies, well, you can acquire them through mining, earning or buying it with your local currency. Unfortunately, that's not the topic for today, we'll discuss it later.
The obvious advantage these crypo currencies has over our local currencies is that you can mine it, but you can not mine the local currency. Though in crypo currency mining, it's not very easy, it requires special devices.
However, from what you've seen so far you can point out some advantages and disadvantages of crypo currency over our local currency even without me highlighting them.
However, it is very important to note that the evolution of crypo currency is growing very fast, but sincerely, it's not yet for everyone especially when it comes to trading, it requires a specialist...but don't be scared it's for you.
I said it is not for everyone because of it fluctuative nature... These crypo currencies are not as stable as our common local currencies, it may rise today and drop tomorrow, then maybe after two days it's rises higher. If you can suffer heart break easily and perhaps, you have high blood pressure, these crypo currency can shock you. They are also capable of turning the money you could use to buy coffee to a money you can use in buying a car. Patience and knowledge is one of it core virtue required.
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In conclusion;
We have noted what crypo currency is basically all about. The advantages and disadvantages. And also the difference and similarities between crypo currency and our local currency. I will also advise that if you intend to venture into crypo currency, especially the trading aspect, do your research well and be careful.
If you're careful with the knowledge you acquire and venture into it with a good amount of money, you may become rich in the next three months, but if you're careless, you'll be ruined. Invest wisely, crypo currency is still one of the best business. After all, the current richest man on earth tapped into crypo currency. So you can!
If you have questions regarding this topic, drop it... I'll try as much as possible to answer them.