31.2 C
Accra, Ghana
March 21, 2023
Image default
Blockchain Helpful Reads

What is Cryptocurrency??

A cryptocurrency is a virtual or digital currency designed with cryptographic security, to work as a medium of exchange or for financial transactions.

In almost all cases, Cryptocurrencies are decentralized and works on a Blockchain to help verify and store every single transaction that will be made. All data and transactions involving the amount sent or received including transactions charge are verified and stored on the Blockchain. Most popular cryptocurrencies include Bitcoin, Ethereum, XRP, EOS, Litecoin, Bitcoin Cash, and many more. We have over thousands of cryptocurrencies currently being traded. The first Cryptocurrency to be released was Bitcoin in 2009 by an anonymous entity/entities called Satoshi Nakamoto and later on, other alternative Cryptocurrencies were released as well.

The most popular Cryptocurrency is Bitcoin as at now, it is accepted as a medium of exchange for goods and services. We have Bitcoin ATMs in a lot of countries like Hong Kong where people having Bitcoin can withdraw their funds into fiat currency. Unlike banks that act as middlemen when it comes to transacting money, cryptocurrencies are completely decentralized and help facilitate in our socio-economic lives to avoid human mistrust as well as give you full control over your funds as to where and when to spend it. Usually, cryptocurrencies are stored on wallets where transactions can take place. The wallet holds the keys to your Cryptocurrency funds and gives you access to the funds whenever and wherever. You can use your wallet to receive or send Cryptocurrency/Cryptocurrencies. In a case of receiving you will have to send your Cryptocurrency address to the sender to be able to receive and vice versa, when sending, you will need to get the address of the receiver to be able to send. As compared to fiat currency cryptocurrencies are way better than fiat currency or the current paper money that we have in almost every aspect of it. It gives the best of convenience, full accessibility, complete decentralization with no middlemen needed during a transaction. It requires only the parties involved in the transaction. Transactions are secured by Blockchain, charges are lower as compared to banks, full ownership of your funds is ensured, there is no limitation in the amount you can transact within a particular time, and the currency is not time-bound as to when you can spend it. Cryptocurrency can be spent everywhere and are way too faster than fiat transactions. These and many other amazing features as well.

I Am Crypto Ras

Featured Photo by Thought Catalog on Unsplash

Related posts

HTC Launches its First Blockchain Android Smart Phone

I Am CryptoRas

The DeFi Revolution(Decentralized Finance).

I Am CryptoRas

What is Ethereum 2.0 Casper??

I Am CryptoRas


Leave a Comment