Cryptocurrency in simple words

Cryptocurrency is a type of digital money based on data encryption technology. Cryptocurrency exists only in electronic form.

The main advantages of cryptocurrency: anonymity, decentralization and security. Cryptocurrency can be exchanged for fiat. You can also buy and sell goods or services with cryptocurrency. Cryptocurrencies are also can be invested to. It rises in price, which means that it can be considered as a way of earning.

Cryptocurrency systems are based on the blockchain technology- chain of blocks that store information formed according to certain rules in a certain sequence. Copies of chains of blocks are independently stored on many different computers.

Cryptocurrency exchange rate is not dependent on oil or gold. The only factor affecting the exchange rate is the limited emission and the increase or decrease in demand.

Advantages of cryptocurrency:

-decentralization

-anonymity

-secure transactions

- Low fees, independent of transactions, price and location of the counterparty.

-fast transactions

-no  breaks, holidays or weekends

-no counterfeiting

- a dynamic development that does not depend on power regimes.

-no intermediaries or banks needed.

 How to use cryptocurrency

To use cryptocurrency you need to create a cryptowallet

We have already shown how to do it. So, watch again  if needed. J

xo-Ox

 

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