What is Cryptocurrency?
Cryptocurrency is a digital or virtual currency but the difference between it and the US dollar, cryptocurrency is decentralized but the US dollar is centralized, which means there is no central authority that manages and maintains the value of a cryptocurrency.
Cryptocurrency is secured by Cryptography which makes it impossible to counterfeit.
As we said earlier Cryptocurrency is decentralized with an amazing technology called BlockChain.
What is BlockChain?
Blockchain is essentially a set of connected blocks or an online ledger, All the transactions are recorded in the block and it's open to the public and no one can control it, so it's like an open book for everybody and everyone has his one section.
What are the benefits of Cryptocurrency?
- it's has been represented as a new technology with a new decentralized paradigm for money.
- it promises to make it easier to transfer funds directly between two parties.
- it transfers money faster and with no commission.
- it can generate profit or loss so you have to be careful with them.
To sum up these points, Cryptocurrency it's usually referred to as Crypto is a digital currency, and its value goes up and down and it's secured with blockchain technology.