What is Cryptocurrency?
In accessible language, you can say Cryptocurrency is an electronic currency online currency which does not exist in physical form like the cash we carry in our purse to spend somewhere freely, crypto is stored in crypto wallets such as Binance, WazirX, Coinbase, MetaMask, etc… from where you can transfer currency to someone or trade (Buy & Sell) and can multiply your cryptocurrencies through trading.
However, Crypto is not legal in the majority of countries like INDIA, the US, CHINA, CANADA, etc.. where you can not buy goods through crypto in exchange for crypto
But El Salvador was the first country which officially legalizes the use of Crypto on 9 June 2021.
What is Decentralization in Crypto?
Decentralization is the best concept you get in crypto; decentralization means that there is no role for the government in crypto. therefore, there is no chance to manipulate or control crypto.
Besides this, there are many advantages if you use crypto such as: –
- Fast & Transparent Transactions: – Transactions are Quick in crypto as it doesn’t take even a minute and all the transactions done in crypto are stored on the blockchain, which is a public ledger.
- Full Safe and Efficiency: – The crypto transactions are too quick and at too low cost and all the transactions are verified by the wide network of computers.
However, above are the advantages of having and using cryptocurrency but as you know where there are advantages there are disadvantages also. So, let’s discuss some disadvantages which will make you aware and safe if you use crypto or whether you are going to use crypto.
- In most cases, crypto is used in illegal ways such as people do money laundering, people buy illegal kinds of stuff through the black market using crypto which makes crypto a risky thing to deal with as government may take any actions regarding crypto which may lead to the drop of the value of crypto
- The second thing is that crypto is a very volatile market even in some cases fake news can change the position of the crypto market easily it can easily go up or can come down through fake news also. This makes crypto a risky investment to do.
However Crypto is a growing industry and new technology and as you know technology can never be banned so today or tomorrow crypto will be adopted by all the countries like stocks market there will be a crypto market in the future where you can learn and then earn money by analyzing market and graphs.
There are countless things in the crypto market you don’t know like What are Stable Coins, like what are Airdrops in crypto, Utility Tokens, etc… you will get all the information here just visit tradingraj.com and go through all the content related to cryptocurrency to make all your concepts clear.
The above article is the full basis of What is Cryptocurrency? and the things you should keep in mind before entering into the crypto market. If you have any queries regarding cryptocurrency, feel free to comment, our team will surely go through your queries and will reply to your queries.