Learn Everything About Cryptocurrency and Start Trading ZuluTrade
What is Cryptocurrency?
Cryptocurrency is a digital or virtual currency that is based on blockchain technology, it is traded peer-to-peer and is independent of centralised authorities. Many cryptocurrencies are decentralized networks based on a distributed ledger enforced by a disparate network of computers. Cryptocurrency can take the form of tokens or “coins.” While some cryptocurrencies have ventured into the physical world with credit cards or other projects, the large majority remain entirely non-physical. Here, we’ll be looking at lots of advantages to cryptos such as reliability, security, and fast money transfers.
The Benefits of Cryptocurrency
Popularity
Having emerged as a digital alternative to more traditional methods of exchange like cash or credit cards, Cryptocurrencies have become increasingly popular over the past several years. Here we’ll be digging into why it’s become so popular and the benefits of it.
Decentralized
Blockchain technology will manage the database that has the bitcoin transaction records. The decentralization would involve only two parties in the transaction, i.e., the sender and receiver. You no more have to deal with any third party. There is no one to monitor what you are doing.
Low Transaction Fee
The traditional financial system requires ‘middlemen’ to carry out transactions that require a fee or commission. Cryptocurrencies on the other hand do not use middlemen, transactions are usually easier, faster and require less or no additional transaction fees.
Good Security
When you use cryptocurrency, it removes the need for transaction fees or commissions. A transaction would take place one to one on the secure network. The transactions would be transparent, and it becomes easier for you to establish the audit trails.
Greater Access to Credit
When you use cryptocurrency, it removes the need for transaction fees or commissions. A transaction would take place one to one on the secure network. The transactions would be transparent, and it becomes easier for you to establish the audit trails.
Individual Ownership
Unless you’ve delegated management of your crypto wallet over to a third-party service, you are the sole owner of the corresponding private and public encryption keys that make up your cryptocurrency network identity or address.
Cryptocurrency vs Fiat Currency
Much like investing in a stock or commodity, it does not pay dividends or interest. To the degree that cryptocurrency will be a good investment solely on that it represents a more efficient means of commerce, particularly on the web. So here are a few reasons it just might be.
Acceptance
Many companies and even Wall Street have begun to recognize cryptocurrency as a viable way of payment. You can now find more large companies with digital coins. That being said, the cryptocurrency market is still very young, caution is advised when investing in promising cryptocurrency.
No Inflation
The maximum amount of almost all cryptocurrencies is limited (i.g. Bitcoin, Ethereum and Cardano). The value of traditional currencies (e.g. Euro and Dollar) is strongly based on a central bank’s decisions. In the long run, a central bank’s monetary policy will lead to inflation.
A Better Alternative
Cryptocurrencies are completely immune to the monetary policy of central banks. Because of that, cryptocurrencies offer a good alternative to the current monetary system. Cryptocurrencies can have a lot of different use cases. Since the first cryptocurrency, Bitcoin, thousands of different cryptocurrencies have appeared on the cryptocurrency market.
Variety
Each cryptocurrency has its strengths and weaknesses. When buying cryptocurrencies, it is always worthwhile to find out the purpose of that currency and other background information to make sure it is reliable and functional.
| Topics | Cryptocurrency | Fiat Currency |
|---|---|---|
Creation | Created by decentralised distributed computing | Created and issued by a Government |
Control | Governed by network consensus and not any entity | Governed by a central bank |
Transactions | Transactions only involve two parties | Transactions require a third party to process |
Time | Local and international transactions can take minutes depending on the internet connection | Local and international transactions can take days |
Fees | Little to no chargeback is required after a transaction has been made | A chargeback is possible after a transaction has been made |
Value | Value determined by supply & demand | Value determined mostly by markets & regulations |
Supply | In most cryptos, there is only a limited supply = No inflation | Governments can print an unlimited amount = Inflation |
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Frequently Asked Questions (FAQs)
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