Today in my this article I am going to describe about cryptocurrency.I would like to share my knowledge as much as I could about cryptocurrency that what is it and how does it works.

Define cryptocurrency:

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

This is what I studied about cryptocurrency.

According to me cryptocurrency is an asset which belongs to you only belongs to you, you are the real owner of these assets rather than banks.

Here the word described banks means as you have your assets in your bank accounts generally you are the owners of that assets but in actual banks are the owners at the same time of that assets. You need a permission of banks to withdraw your money or assets from the bank and you have to pay a high amount to transact your assets to the other person. In other words if you have these assets as a cryptocurrency it means you are the real owner of that assets you can withdraw anytime anywhere you want with very less deduction of fee.

Consumption of time:

Here I am going to compare our assets in banks or if we have these assets in our hands as a cryptocurrency.

If you have your assets in your bank accounts it means you need a time to go to a bank for any kind of transactions you need a time there to transact your assets to any other person

In other hand if you have your money or your assets in the shape of cryptocurrency then it'll be in your hands all the time. You can handle it anywhere anytime, you can transact our assets anywhere any corner of the world with a single click on your device(mobile,tab,laptop etc.).

What does Cryptocurrency means exactly?

Cryptocurrency is a sort of digital currency that exists solely on the internet. Unless you utilize a service that allows you to exchange cryptocurrencies for a physical token, there is no actual coin or bill.

Is cryptocurrency beneficial or harmful?

Investing in cryptocurrency assets is hazardous, but it can pay out handsomely. If you want direct exposure to the demand for digital money, cryptocurrency is an excellent investment, while stocks of firms with cryptocurrency exposure are a safer but perhaps less rewarding alternative.

Examples of cryptocurrency:

• Bitcoin(BTC)

• Ethereum(ETH)

• Bitcoin Cash(BCH)

• Tron(TRX)

etc....

Can we change cryptocurrency into current currency?

Yes, you can change your crypto assets into your current currency anytime you want and you can withdraw it.

You can change your assets into bitcoin or other stable coins and then after you can sell it on many platforms.

It is very simple to convert your assets into your currents currency and can withdraw it.

Advantages of cryptocurrency:

There are many advantages of cryptocurrency, here some of them described below;

• Peer-to-Peer Focus.

• Banking Fees are eliminated.

• International Payments have very low transaction fees.

• Discretion.

• Mobile Payments are available.

Disadvantage of cryptocurrency

As we know if something has benefits then it is obvious that there should be drawbacks of that one, so here I am going to describe some disadvantages of crypto assets;

• Volatility. The price of bitcoin is always fluctuating.

• There are currently no substantial regulations governing the bitcoin market.

• Online hacking is a threat.

• A bitcoin investor faces a significant risk of hacking due to the lack of regulation.

• Limited usability.

• Wallets are often misplaced.

That's all for cryptocurrency in my this article. Further i'll explain more about cryptocurrency in my very next article.