Crypto Academy / Season 4 / Task 5 / Beginners : What is Cryptocurrencies
Hello fellows. How are you all?
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Cryptocurrency is a digital currency and the first successful digital currency was Bitcoin and which was founded by Satoshi Nakamoto in 2009. He was the founder of Bitcoin and he created the first block of the bitcoin blockchain (Genesis Block). As all we know if we want to do any big transaction we need to request any authority and this is a very time taking process. But if we talk about cryptocurrency we don’t need to take any permission from any authority we can do our transaction just in seconds with a very low fee.
We just need a computer or a mobile phone to do this. It’s a very simple and time-saving process and it has many other benefits. Here is a reason why people like cryptocurrencies, it doesn’t control by any third party. It’s a decentralized system and that is why we don’t need to take any permission from any third person to do any transaction. It is linked with blockchain technology and this is why no one can trace it.
Cryptocurrencies have decentralized wallets where you keep your coins and tokens. It is very secure because only the holder has access to his private keys and by just these keys you can withdraw or buy your currencies but in case you lost your keys, it can held problems because without keys you are also not able to do anything.
How You Would Like To See Cryptocurrency In The Future?
A few years ago when cryptocurrencies came into the market no one wanted to trust this can they use it as a currency this is how this topic was made very controversial. But after some time many people start taking profit from the trade of cryptocurrencies and now most persons want to invest their money in cryptocurrencies. Here are some reasons why they want to invest in crypto.
A very low transaction fee.
Not any third party is involved because it’s based on a decentralized system.
Time-saving process because you don’t need to take any permission from any authority.
A very secure method to do any transaction.
Simple, secure, time-saving, low fee, and fast method.
Famous company Tesla is receiving payments in Bitcoin.
In the future, We can see many other companies will receive payments in cryptocurrencies and it will be very common because it’s a very secure and simple method. You don’t need to take permission from any third party this is how it’s a very time-saving process with no restrictions and with no limits.
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