Cryptocurrency is a digital currency. And these currencies are traded digitally. Crypto-currencies are usually traded electronically. There are many popular coins in crypto-currencies, but we know Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, Solana, Bitcoin Silver, Cardano, BNB, XRP, Polka Dot, Uniswap, Chainlink. But in the crypto world there are thousands of more coins or tokens.
Crypto currency is an alternative to cash and credit, debit cards. Crypto currency is used worldwide. Many countries around the world have legalized crypto-currencies. However, many countries have not legalized crypto-currencies, but the people of those countries are not behind in the use of crypto-currencies. As the price and demand for crypto-currencies have increased, so have many hackers in the crypto world. So you have to be careful to keep crypto currency safe from hackers in the crypto world. Crypto-currencies are usually stored in private wallets.
The benefits are:
* Easy Transactions: When you transact with a representative in business or office court, you have to pay a certain amount of fee to make many transactions. The more you have to buy paperwork, the more you have to pay the broker and the more you have to pay commission for other things. And it costs you extra money. And as a result of dealing with someone, everyone can know that and as a result you will face various problems. It will be easier to deal with crypto-currencies to overcome these problems. Transactions with crypto-currencies do not require any means, and transactions can be done quickly. Only the sender and the recipient will know the result of the transaction. Transactions with crypto-currencies will be transparent and you will know who you are paying to. So it is very easy to choose crypto currency for easy transactions.
* Asset Transfer: If you want to give your assets to someone else, you can do so very easily. You can buy products by paying the seller through Bitcoin. We all know that the world's largest market Amazon accepts payments with Bitcoin. And you can do whatever you want to transfer your assets to. Such an ecosystem can be done in blockchain. Transactions with crypto-currencies will help you perform securely. The crypto currency will be designed to add third parties to asset transactions and can be completed in the future. So transferring assets with cryptocurrency will reduce both cost and time.
* Confidential Transactions: If we transact with cash or credit cards then everything is recorded. How much money you withdraw from the bank and deposit is all recorded in the bank. And as a result, third party people can know everything. This can lead to many problems for you. You may be attacked for money. And when you go to the bank to deposit more money than your income, the bank employees will confuse you by asking various questions. And the advantage of using cryptocurrency is that each transaction will be unique to the recipient. You can contract with cryptocurrency. Transactions with crypto-currencies result in considerable privacy. No one will ever know your money and identity when you trade with crypto-currencies.
* Low transaction fees: When you transact with cash, you must use a bank or credit and debit card. And the more money you save in a bank or credit card, the higher your charge and the higher the withdrawal fee charge. And if you trade with crypto-currencies, your fees are much lower. We can think of banks and exchange sites as the same. But when we withdraw money, the fee will be deducted from whichever is higher. However, monthly charges are deducted from the bank but some fees are deducted only when withdrawing from the exchange site. However, if you calculate, you will see that the transaction fee with cryptocurrency is much lower.
* Strong security: You can use cryptocurrency to provide much stronger protection. Suppose you put a crypto currency in your wallet and add all the other securities including 2fa and then hacking crypto currency from there will be very difficult. However, cryptocurrency transactions are of the opposite type. Because if you forget someone and send the crypto currency, it will never be returned. However, reliable security systems have been used in all wallets to protect crypto-currencies from hackers.
* Decentralization: Cryptocurrency is a decentralized currency. And no one can control this currency, no one can control the price of this currency. The price of a crypto currency depends on the user. And there are blockchains for recording decentralized transactions with crypto-currencies. As a result of decentralized transactions, no third party can know that these transactions are very safe and secure. As a result of this transaction, no one but the sender and the recipient will know. No one will easily know where you are transacting with cryptocurrency. So decentralized transactions with crypto-currencies are much safer.
After reading all the information, how much interest did you have in using cryptocurrency?
Please comment.
It is true that cryptocurrency has many benefit. It makes easy currency transection. But cryptocurrency is not totally safe. There is a big chance for lost money. If you look at the poly network, you will see they lost a lot of currency by hacking. No currency is comparable with fait currency.