What Is Cryptocurrency?

 In Technology

cryptocurrency is a term used for digital currency. This means there is no physical money like coins or notes which we used in our daily life to buy something, everything online.

we can use it online for goods and services. Many people nowadays use cryptocurrency to buy online or as an investment, expecting to values go high. In cryptocurrency independent, cryptocurrency ownership records are stored ledger in a form of a computerized database using strong transaction records.

Nowadays there many cryptocurrencies available in the market but Bitcoin is the first decentralized cryptocurrency found in the year 2009. Other cryptocurrencies are Ethereum, LiteCoin, XRP, Bitcoin Cash, Tether, Chainlink

cryptocurrencies

How does it work?

Cryptocurrency is a decentralized, sense, unlike credit and debit cards. Cryptocurrency is controlled by the user and computer algorithm. You can get these digital coins online for dollars, by an exchange of service and goods, or by trading.

The transaction of cryptocurrency sent using the software name as cryptocurrency wallets. The person who generates a transaction uses it to send balances from one public address to another address.

Each and every transaction will lead back to a unique set of keystrokes, and whoever holds the password will own the amount of all cryptocurrencies associated with the account. These all transaction and balances are note down on a digital public ledger which is called the blockchain

How To buy a cryptocurrency?

You can buy a cryptocurrency using your credit card or using the process called “mining”. Nowadays this process of buying and selling made much simple. Before buying cryptocurrency you must need to think about a few factors.

Type of Cryptocurrency – First, you have to find the website on which cryptocurrencies are available that you want to buy.

Cost of Fees – Each website has different terms and conditions and different fees. Some are costly, some are cheap. Make sure that you know the fee cost charge by the website before setting an account on it.

Is it safe to buy or do a transaction using cryptocurrency?

You can buy the goods or any service and also do a transaction using cryptocurrency but the risk is that there is no legal protection provided when you pay.

When you pay using your credit or debit card and you pay it to the wrong person and you need to dispute your transaction or purchase your credit car company will help you with it, But this is not the case in the cryptocurrency payments made are not reversible. Once you pay using cryptocurrency there is the only way to get back your money is to convince the seller.

So for that, check the seller’s reputation, where he is located, and how to reach him if anything goes wrong.

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