Too many buggy news,
with lots of speculation, Now what!
You have probably came across too many blog posts and articles about cryptocurrencies, bitcoin and other altcoins and you keep wondering what these things are, you ask yours friends what is cryptocurrency and probably didn’t get all the answers you needed.
Well you are not alone, alot of people like you are also thinking about it just like i used to. We’ve got you covered.
- What is Cryptocurrency?
- What is the benefit of having it?
- Who sets the value of a Cryptocurrency?
- Do i need it?
What is cryptocurrency?
Cryptocurrency is a decentralized digital currency. If that is confusing then here’s a better deal. its is a currency just like every other currency out there that you know. like the US Dollar,British Pounds etc. The only different is that its in a digital form which means you can not touch it physically like you do with fiat currencies.
In other words you can only spend it digitally or maybe i should say online.
It is also in a decentralized form, which means it has no central bank, no federal reserve and not controlled by any tax agency.
What is the benefit of having it?
Invisible: It cannot be freeze by any government, and of course it is not linked to any government user’s data collection mechanism, of course you know what i mean, its not connected to SSN so governments won’t be able to know how much you have on your cryptocurreny portfolio.
Cutting out the middle men: usually if i want to buy a house or some other kind of assets, i will have to pass through a few middle men to achieve my goals.With the rise of cryptocurrency i can always bypass some of the middle men like banks to avoid the charges which will be a great discount on my path.
Kills Fraud: Imagine a world where counterfeit is actually dead and buried so you cannot be cheated with fake notes.
OR what about skipping charge-backs? does that sounds awesome.
Low/No fees: I personally love this and i know you will too. have you ever try sending $100,000 to someone and you found out that your bank will charge you 5-10% for doing that transfer. Am no mathematician but that sound like $5000-$10,000 in fees. what if you will be charge $1 for that transaction will that make a little sense?
Theft My Identity: Am not quite sure that’s how its called, Oh i remembered its identity theft. Do you know that if your credit card gets on bad hands they can cost lost of damages to you? Sure you do, maybe you don’t. but i do. If a site gets hacked or you use your card on a wrong POS machine then the attacker might not even leave coffee penny for you and that’s where Cryptocurrency bounce in.
Internalization: You don’t need a Dollar account, AED account,Euro account or a Swiss account to use cryptocurrencies. Do you know what that means? it means you now have a bank account in just about every country in the world. i think that sounds interesting.
Time Freedom: In most of the countries around the world banks opens by 8am and closes by 4-5pm limiting people from making further transaction until the next working day. If you have monetary issues you need to solve and you probably are not interested in internet banking or you have exceed your daily transfer limit then you only have two options.Either you remain stranded or get involved in cryptocurrencies, Since there is no limit to how much you can transfer any time,anyhow, anywhere.
Who sets the value of a cryptocurrency?
Of course you do! and that’s one of the fun parts. The price is valued base on economical supply and demand. first of all it has to do with you accepting it as money. and by that i mean you are willing to let go of your belonging if you will be paid with a cryptocurrency and you are also willing to buy someone’s else belonging if they are willing to accept it as a means payment .
Cryptocurreny is valued base on what me and you are trading on an exchange as the amount we are willing to accept as its value.
Do i need it?
We’ve said a lot about cryptocurrencies on the post, and based on what you’ve read you are the only one that knows what is right and wrong for you.
Do You like What you read? leave your comment below.