Cryptocurrencies are the encrypted method or digital assets which are now distributed to all over the world for different purpose. It works on blockchain which ensures the integrity in every transaction. Before going into the depth of cryptocurrency let’s discuss some advantages of it.

Basically, Cryptocurrencies are like virtual currencies which is supported by cryptographic systems. This is the way of completing transactions without any interference of third party. The word “Crypto” means a combination of various algorithms and cryptographic techniques. One can buy cryptocurrencies from Crypto exchanges and process of buying it is also known as mining. Actually, it is used to makes transactions easy and risk free as now people start using crypto to buy or sell things. But not every company accept this type of payment because market will take time to shift themselves properly on crypto.

In simple terms it is a system of payments in a secure way with the use of virtual tokens. There are so many encrypted algorithms follows to safeguard your transactions such as private key, public key, hashing technique etc.

Few Facts about it

Do you know? First cryptocurrency was “Bitcoin” which was came into an existence in 2009 and launched by a group known as “Satoshi Nakamoto.” As of now, the value of bitcoin went to $1.3 trillion approximately. Now so many bitcoins are available in the market and some of the competing one are – Ethereum, Litecoin, Cardano etc.

Types of Crypto Currency

There is no particular type of crypto actually as there are so many coins in the market which works in the market by some anonymous users. For an example – “Bitcoin” came into an existence in 2009 by some anonymous guys and soon get good response which help them to increase their funds and values. If we see the data closely you observe that there are more than 18 million bitcoins are in circulation whose market value is around $1.3 trillion almost.

After the success of bitcoin there are so many coins launched in the market and known as “Altcoins.” There are so many coins are there un the market which started from the scratch after bitcoin for an example – Solana, Ethereum, Litecoin etc.

Crypto is Legal or not?

Like every Fiat money which is backed by the government for an example US Dollar is backed by Federal Reserve. In case of Crypto currencies there is no backing which means they are not even backed by public or private authorities. It is always in news for its status of being legal or not. In 2021, El Salvador became the first country who legalize the crypto.

Moreover, Japan defined an Act – Japan’s Payment service Act which declares that Bitcoin is a legal property. On the other side, China totally banned the use of cryptocurrency and recently, it is in news that India is formulating a framework for crypto.

Let’s Discuss some advantages first

  • With the introduction of Crypto the centralized intermediaries like – banks and financial institutes will not be necessary to set up to complete a transaction between two parties.
  • It comes with easy transfer of funds and most importantly directly to the party without any interference of third party like financial institute and banks etc.
  • These transactions will be secured by using “Public Keys” and “Private Keys”. As there is no third-party interference between you and the receiver it became the fastest method of transferring money

Few Cons of this market

  • It is pseudonymous because it is still treated as anonymous transaction. Its digital trial can be deciphered by FBI (Federal Bureau of Investigation) which means there is a possibility that government is tracking the transactions.
  • Used for money laundering, illicit purchasing and more nefarious activities. Crypto became famous between hackers for doing illegal activities.
  • Basically, it is meant for decentralizing your money between many parties by using blockchain method.

Forex4money is recently started cryptocurrency as the reason behind our late start is our research. Yes!! Our team was doing research on it and we were finding and knowing it’s market before starting it properly. We are here with wonderful results, if you want to start taking trade in Crypto you can just directly open an account with us and get the full support from our expert team.

Join now for free