- Cryptocurrency also known as Digital-Currency is a Web-based or internet -based of exchange which uses cryptographically system to make a financial transactions. Cryptocurrency used blockchain technology to gain decentralization, fast and unchangeable.
- Any central authority is not handling cryptocurrency or digital-currency. Decentralized nature of the blockchain makes digital-currency unavoidable, and different from government controlled system.
- Value of money and assets can be send directly between two parties via using keys knows as private and public. These sending and receiving process can do with minimal processing fees, so that user can avoid high fees charged by old financial institutions.
Important
“Please be aware that our discussion here is only for educational purpose. We don’t provide investment advice, and this article shouldn’t consider as trading and investment advice. Every time makes your research of any personal investment is good for you, your risk tolerance, and financial means, before jump into a transaction. If you have a doubt, please consult with a financial advisor.”
Dive into Cryptocurrency (Digital-Currency)
It’s been almost 11 years, Birth of the Bitcoin(BTC) give a very big electric shock to big company, government, banking institutions, software company and education institutions. Interestingly, Even people are generating some handsome passive income from cryptocurrency. ( See Four ways to generate Cryptocurrency).
But, there are still lacking education about about it? Let’s walk through it !!
Understanding Cryptocurrency(Digital – Currencies)
- What is Cryptocurrency(Digtial – Currency)?
- What is the benefit of learning Cryptocurrency?
- Essential points to learn about Cryptocurrency?
What is Cryptocurrency (Digital – Currency)?
Cryptocurrency is the digital currency(Internet or web -based) that is secured by cryptography, to do a financial transactions. Digital currency used blockchain technology to gain decentralization, fast and unchangeable. In addition, it is not managed by any central authority; that’s why digital currency is unavoidable, and different from government controlled system. Furthermore, both party sender and receiver can do transaction with minimal processing fess and process is faster than old financial institutions. The first cryptocurrency was created by Satoshi Nakamoto and cryptocurrency name is Bitcoin(BTC) ticker BTC. The main goal of Satoshi Nakamoto can be found on the white paper of Bitcoin. According to Satoshi Nakamoto:
“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institutions.”
Taken from Bitcoin(BTC) white paper.
What is the Benefit of learning Cryptocurrency?
“I describe Bitcoin as “a digital version of gold” eGold.” quotes by Aerif Kalwar.
Over the last few year’s, the digital-currency has been rapidly gaining the public eye and attention. Now a days our world becomes a more and more unsafe regarding to the economic condition. Cryptocurrency has lots of benefits over fiat currency including:
- Decentralize nature
- Lowest fees compare to other old financial institutions
- Faster Settlement
- Access to Everyone
Decentralize nature: As we’ve already talk about, Cryptocurrency has a very big advantage and challenge to old finance institutions. Decentralize nature and nobody controls it. (Neither government and nor other big institutions).
Lowest Fees Compare to other old financial institutions: Internet money has another big advantages which is low fees to transfer the value and money across each other this can be very low.
Faster Settlement: It will do faster transaction between two parties. Sending and receiving cryptocurrency will take only few second, sometimes even less than in seconds.
Access to Everyone: Now a days more than 50% people are using internet using their mobile devices. There are more than 2 billion people with gaining information to the internet or mobile phone who don’t currently have access to old exchange system.
Essential points to learn about Cryptocurrency?
Fact that many people still unaware of Cryptocurrency (Digital currency and its benefit over traditional financial system). No question, it will take time but when after they understand of benefit of Digital Currency and its underlying technology, adoption can increase gradually. Essential benefits like Decentralize nature, Lowest Fees Compare to Other old financial institutions, Faster Settlement and access to everyone are the main benefits people need to acknowledge.
Invest on Cryptocurrency
People also can invest on digital currency if cryptocurrency successfully survive in markets, which is more likely to happen some of them can go away. Yes, yes there are lots of risk involve but return can be from hundreds to thousands of percentages. See how Bitcoin(BTC) investor would have accumulate $26 Million from only $4,700. In addition, there are some other successful project can be found in Cryptocurrency sphere such as Fast, Secure and Private Browser(Brave) and Ethereum(ETH). However, it’s really essential to understand Investment Versus Speculation because people are speculating on their money when they think they are investing to invest in any kinds of assets. Again, if you’ve are interested in investing you can have a look our article Two Easy Ways to Earn Passive Income where we’ve talked about Dividend income.
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