Cryptocurrency has simply taken the whole net like a flood and each day increasingly more people are adopting it to make transactions or maybe make exquisite profits. But the question is What actually cryptocurrency is? To answer this and all of the questions which can be popping into your mind. Let’s talk about What cryptocurrency is for beginners.
What is cryptocurrency?
Cryptocurrency is also referred to as the digital currency or decentralized form of currency that may be used for both payments or investments. What digital currency means is it is the form of money that you can’t see or touch instead it’s a type of encoded digital form whose record is saved in millions of computer systems everywhere in the world. Coming to decentralization what it means is that cryptocurrency isn't controlled or back up in any authority banks or authorities. There isn't a single authority that controls the fee hikes and trends on cryptocurrency. So, in simple words, the customers everywhere in the world themselves set the fee and trends in cryptocurrency.
But why was cryptocurrency created? And who created it?
Let's talk about the tale behind its creation. The first-ever cryptocurrency, bitcoin was created and released in 2009 through a developer named Satoshi Nakamoto. Who attempted to improvise a way that would allow the person to send and receive transactions in seconds without relying on anybody the reason behind the creation was to permit all of the users to simply be impartial to transact money to anybody they want? They need to simply pick up their phone. Select the address and send the assets in seconds. Without counting on banks and the authorities. You can consider cryptocurrency as a unique code that is stored in your smartphone and it will be easily sent. Now the question that arises in your mind is.
How can we use cryptocurrency for ourselves?
There are limitless methods in which you can use your cryptocurrencies you can use them to make transactions with a bullet speed with the lowest transaction costs it allows you to send payment without demanding access to the banks do. You don’t have to rely on banks to transfer your payments. other than this you may hold cryptocurrencies for a while whether their price may grow and then sell them at that point to make a profit.
What are the advantages of Cryptocurrency?
There are several advantages you may get in case you pick cryptocurrencies instead of fiat currency. Fiat currency is any currency aside from digital currency. The physical currency and dollar bills are also considered fiat currency all of us realize that those are managed by the authorities that sets their price. You get decentralized alternatives wherein you may set the value of the digital currency. More and greater manufacturers around the world are converting payment techniques so you can use crypto to pay them. You can never send fiat currency with that pace like cryptocurrency it set. And the transaction charges you pay whilst sending cash to the bank also are reduced to a minimum in the case of cryptocurrency. In short, cryptocurrency lets you be the boss to send money to anyone.