In simple words, cryptocurrency is a digital asset. The name originates from the fact that all of its transactions are highly encrypted, making the exchanges highly secure. It is decentralised in nature, unlike traditional currencies, which are managed and controlled by a central authority. A cryptocurrency is finite in number and at times equated to precious metals like gold and silver.
Blockchain and cryptocurrency are revolutionary technologies with the potential to transform various industries. By providing secure, transparent, and decentralized solutions, they offer a new way of managing digital assets and conducting transactions. As these technologies continue to evolve, understanding their basic principles will empower individuals to navigate the exciting world of blockchain and cryptocurrency with confidence.
Cryptocurrencies is capable of transfering funds globally. The transactional cost with the help of cryptocurrency can be minimal or zero. It is negligible as it eliminates the need for third parties like VISA to confirm transactions.
The Decentralization of the blockchain and Cryptocurrencies brings about equality to humanity as it curbs the monopoly of money from the centralized system thereby giving the common man equal assess to wealth as the elite.
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