Over and over again, we must have come across the term Cryptocurrency, with little understanding or no understanding of it at all. Sayles, this article will help the layman understand the importance of cryptocurrency.
Cryptocurrencies are digital or virtual currencies/assets that are stored by cryptography. The fact that these digital assets are stored by cryptography makes them nearly impossible to hack or counterfeit. The majority of cryptocurrencies are built on decentralized networks backed up by blockchain technology. It's safe to say cryptocurrencies are the next currency that will replace FIAT.
Having said this, it's important to note why cryptocurrencies are special/important:
They're mostly anonymous - Naturally, cryptocurrencies are designed in a way that no one can see who you are or what you're spending your crypto on at any given time. This also boost-straps privacy and security.
They have no middle-man or controlled by the government - Unlike our traditional financial institutions where order comes from the government or higher authorities on how the masses funds are controlled. It's the opposite in cryptocurrency as users get 100% control over their funds.
They have no boundary - Since cryptocurrencies operate on the internet, it's very safe to say there's absolutely nowhere cryptocurrencies can't go.
They're safe and secure - The fact they are secured by cryptography (also known as "Blockchain" in the crypto world), they are very difficult or nearly impossible to hack/counterfeit.
They can be used for contracts - Cryptocurrencies go beyond just a form of money or value, crypto's can also be used to create contracts between people, or projects.
If you find this interesting and useful please feel free to upvote and reblog ;)
Disclaimer: Trading cryptocurrencies carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading, and seek advice from an independent financial advisor. ICO's, IEO's, STO's and any other form of the offering will not guarantee a return on your investment.