The word "crypto" should not sound strange to members of this blogging blockchain. That is why we are here and the basic activities within this ecosystem is woven around crypto. Cryptocurrency is a form of electronic or digital currency. Cryptocurrencies are a type of digital asset that are built on a network that is dispersed across many computers. Due to their decentralized structure, they are free from governmental and other central authorities' control.
What do I like about cryptocurrency?
Let us look at what I like about cryptocurrency. The first is the cheaper and faster money transfers. Transfer of money is cheaper and faster when done with crypto. It operates on the peer-to-peer system and that enables anybody, anywhere to make and receive payments. Money is transferred with the speed of light to anywhere and at any time in the world.
Again, cryptocurrencies run on decentralized systems that do not collapse at a single point of failure. Again, With cryptocurrency, transactions are verified digitally without the use of banks.
What do I not like about crypto?
Price volatility: the value of cryptocurrencies fluctuates, it is not static. This makes it a high-risk investment. One is therefore advised to invest only what he or she can bear the loss when things go awry.
High energy consumption for mining activities: Cryptocurrency mining is a very energy-intensive process that calls for a lot of processing power and electricity.
Usee in criminal activities: It is difficult for the authorities to track down any user by their wallet address or keep an eye on their data because cryptocurrency transactions are highly private and secure.
Again, some people have also utilized it to convert their illegally obtained money into legitimate money through a trustworthy middleman in order to conceal the source.
This is my participation in the QC Community Contest. You can join the contest via this link:
@queercoin/qc-community-weekly-contest-33