It is no doubt that the internet is a whole other world of its own. And this fact can be backed up with the very presence of crypto-currency that guides the transactions there.
If you are unsure as to what exactly this thing is; here’s a small definition-
Cryptocurrency is a digital asset that is used as a currency that has value to it. Therefore, when doing any financial transaction, you can use cryptocurrency as the form of the exchange medium.
What makes cryptocurrency a big deal?
The reason why this type of currency is taking the market by storm is that this currency is not control by any kind of central body. This makes them immune to any taxation policies of the government.
Another thing is that the exchange of cryptocurrency can be done via any public or private link between two parties. This means that there is no third person with minimal to no transfer fees like charged by those traditional financial institutions.
How cryptocurrency is created and handled?
For this, you need to know the term ‘cryptocurrency mining’. People who practice this are called miners.
Cryptocurrency mining refers to a code that allows miners to get their hands on cryptos at a regular interval.
And the first-ever cryptocurrency is the ‘bitcoin’. You can learn more about the entire process and maybe take part in it by going to some of the bitcoin server hosting.
Properties of cryptocurrency
- It is not controlled by a centralized body
The entire cryptocurrency and blockchain technology does not have any governing body to look into the issuance. The entire process is controlled by codes, hence there are no chances of fraud and cheating.
- Irreversible
One of the points which many people debate is that bitcoins and cryptos are irreversible. This means that once you approve a transaction, it cannot be changed. Therefore, if you send some bitcoin to someone who is a scammer or fraud, then you cannot retrieve the money.
- Global
Unlike the global currency, the exchange rate differs. But in the case of cryptocurrency, it is global, hence the value of it is the same in which part of the world you go. Hence, making payments with bitcoins is much easier across the world, because the value of this currency is equal and same everywhere.