Crypto Currency

Hi friends, today I would like to discuss with you all about digital currency. Is anyone who wants to know about bitcoin, Steemit, Ethereum, Cardano (ADA), Binance Coin (BNB), Tether, Solana, XRP, Dogecoin, Polkadot (DOT), USD (USDC),etc...

These are some of the famous names of digital currency now available in the world. These are created by different companies and dumped into the world for transactions.

Now I will come to the question what is cryptocurrency? if anyone is having the same question in their mind, here is the answer:

It is an Asset available in your bank account. But you can not withdraw this as our currency. We all are dealing with physical currency, such as $, RS, Pounds, etc... Whenever you need money you will go to your bank or ATM and withdraw money for your need. for example, if you want to buy a house and it cost $5000, then this amount can be easily transfered to your seller account as a digital currency. Now the seller can use this as a digital currency to other persons to whom he wants to do the transactions.

So no one will handle any physical currency for doing any transaction. First, this is called digital Currency.

Now my second question is why should we need digital currency?

We all are happy now by handling currencies. For a salaried person will be happy on 1st of every month because he is going to have money in this hand as a salary. With this, he spends all his needs, such as house rent, medical, education, provision, entertainment expo, etc... after spending all his money and his income will be exhausted become tiny at the end of the month. This is how we are enjoying money. Most people started using debit cards, credit cards, net banking, etc. because we trust our banking sector's operations.

But in case if the bank has become insolvent and could not return any money to their depositors what will happen to our money with the bank? Anyone is having an answer for this. only one answer ie we have to lose our money. that's all.

So how to solve this issue? These scenarios were faced by the world during the war. For example, during the 1990's Kuwait / Iraq war Kuwait lost its entire country's currency. This is the main drawback of physical currency even though it is the weapon of the world. To safeguard our currency if entries thing is changed to digital no physical currency available, so we don't need to worry about our currency. This is the exact idea of digital currency.

Hope I have given a small idea about digital currency and their need.

Those who are impressed with this topic please vote for me.

In my next topic, I will give some basic ideas about the blockchain.