What’s a cryptocurrency?
A cryptocurrency is just like a digital form of cash. The major difference between cryptocurrency and traditional online payment gateways is that you have to do your transactions through an organisation while using traditional online payment gateways whereas, in cryptocurrencies, there is no central organisation. The person acts as its own bank.
What is the main reason for the immense attraction that cryptocurrency has created over the past few years?
Consider all your wealth in an invisible form, nobody can see it, no fear of getting it stolen. Although being invisible it can be used in all types of daily transactions. You call it a magic currency or a magical power. Cryptocurrency is like your own money saved in your own bank which can be used with your own will.
Benefits of cryptocurrency
- Accessibility: No one can stop you from using cryptocurrency. Centralised payment services, on the other hand, can freeze accounts or prevent transactions from being made.
- Safe: Because of the way the network is designed, it’s virtually impossible for hackers or other attackers to shut it down.
- A cheap and fast payment method: When you make a transaction with someone on the other side of the world, your money can be with them within seconds — at a fraction of the cost of an international wire transfer.
Trend or Necessity
We all know that cryptocurrency is a trending topic among this generation. Like every other exponentially increasing agenda, cryptocurrency also gained some praise along with some defaming.
We need to understand that cryptocurrency could be more than just a trend instead it can be termed as a revolution. It can never be predicted correctly what is going to be a successful thing in the near future so this generation continues to believe that it is going to be a profitable project for the upcoming years. This is not just a belief but also a statement established due to the immeasurable success of the crypto in the past few years so it is better to be on a safe side with some crypto holdings rather on being on the cliff with no knowledge of crypto at all.
Is crypto always good?
Judging it in the terms of good and bad might not be the best idea, instead it can be differentiated by the willingness of a person to take risk. Like every other investment cryptocurrencies can also be a bad investment, but considering that it is totally dependent on the knowledge and previous researches of the investor, it depends from person to person. It is always recommended to do your own research before putting money into anything!
