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WHAT IS CRYPTOCURRENCY

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Cheptoo


created at: 2020-10-24 18:57:41


Cryptocurrency is a digital or virtual currency that is secured by cryptography which basically is a method of protecting information or information through codes .In simple terms cryptocurrency is a type of currency which uses digital files or money and makes it impossible to counterfeit or double spend. Cryptocurrency are decentralized networks based on block chain technology which is typically a digital cryptocurrency that uses decentralized technology to let users make secure payments and store money without use of banks which would be otherwise more convenient.It runs in a distributed public ledger called block chain.Many may wonder whether cryptocurrency can be converted into cash and yes it can.There are several ways to convert Bitcoin to cash and ultimately move it into a bank account . Cryptocurrency has many uses which include low cost money transfer, earning of Bitcoin and other cryptocurrencies with yield farming ,a censorship- alternative storage for wealth ,invest in innovative early stage start up transactions, sending of non cash remittance ,get paid to post content and rent out your spare hard drive space to the cloud.It is very advantageous as it enhances autonomy , discretion ,peer to peer focus, elimination of banking fees , mobile payments , very low transaction fee and even for international fees. Although almost all investments are always risky but experts say cryptocurrency is one of the riskier investment choices out there according to consumer reports . How cryptocurrency makes money is a wonder to many as with stalking investors are lending coins to the network to maintain it's security and verification. Another option to earn with crypto to lend coins to investors and generate interest on the loan .Some cons however which are involved are increased volatility , potential network stall , potential shortage of resources and potential mismanagement.

 

Article by;

VENESSA KITUR.