Cryptocurrency also known as crypto is a digital currency run online used to buy and sell good, services and commodities. Examples of crypto includes Bitcoin, Ethereum, Tether, Binance coin, Polkadot, Litecoin, Bitcoin cash, Chainlink, Cardano, XRP etc. Each crypto has its own policy and mode of transacting as they are own by different organization.
Cryptos are said to be very reliable as billions are investing in it and find it easy and fast to access. Each crypto agency creates its own sites and probably app where all interested individual register and create their wallet account where all transaction takes place.
There is no face to face transaction in crypto and does not involve cash as all transactions are performed online on the site created by the agency.
Registered members buy crypto with the currency accepted by the agency for example, bitcoin is transacted with US currency (dollar) and may choose to keep it in their wallet till it rises then resell coz crypto has the chance of rising or falling. When it rise, you make a profit, when it fall, you make a loss.
Cryptocurrency will make the buying and selling of goods and services from one country to another easier. Since the transfer of money from one country to another through banks is found difficult because of the distance and server problem.
But through crypto like bitcoin, litecoin, etc. One can easily transfer any amount of his or her choice through their wallet to anybody they wish to buy goods or services from in any country and get their goods or services delivered to him or her.
In addition, crypto increases and boost the rate of international market and also promotes international relation in the sense that, people have the chance to import goods more from another country since their is a fast and reliable medium if payment which Is cryptocurrency, it therefore tends to boost each country economy and enhance the rate of international relation.
Cryptocurrency will also reduce the rate of poverty in almost all country and at the same time increases the rate of employment. Crypto is seen as a fluctuation business that tends to rise and fall at any period of time. It reduces the rate of poverty in the sense that, people buys crypto like bitcoin, litecoin etc. with the US currency (dollar) ahead waiting for it to rise then resell when the crypto increases.
The crypto most especially bitcoin have a great chance of rising than falling, so people forecast and study the fluctuation rate and time before investing in them. Taking Nigeria as an example, almost all Nigerians are investing in crypto and in one way or the other, making huge profit.
It also increases the rate of employment in the sense that some set of people stands as agent for each crypto agency in which they buy and sell crypto for people and also exchange their crypto for them in respect of the currency the customers wish to collect.
Crypto will also reduce the criminal rate in the area of banks and transfer fraudulent in almost all country. Since the criminal rate is extremely high in almost all country and diversion of bank transfers, bank robbery and Internet scams are the major criminal act in the world.
And crypto does not involve physical transaction and cash, every transactions are perform online, there will be no means any fraudster can tamper with ones account except the login details are disclose and there is no money to rob since there is no cash involved.
Crypto will enhance and boost the technology of countries. It has almost made all countries to run a cashless policy meaning not carrying cash around but instead exchange their crypto in respect to the goods or commodity they need. In the early 90's no one believe they can transact without using cash but crypto like Chainlink, Cardano, XRP etc. made it possible which makes transaction more convenient and reliable for everyone around the world.
Thus, it boost the technology because it reduces stress and time.
Fast and quick response is one of the major positive impact of crypto to the world. When transacting that is, sending or receiving through crypto agencies, the speed and rate at which it delivers is not comparable as far as the network connection is very strong unlike banks that at times, disappoint in the aspect of transaction delay.
Most banks uses 50 percent of technology and 50 percent of man power, as a result of this, their technology is not advance in the area of steadiness and fastness which causes delay at times while transacting with them.
But crypto operates 100 percent technology which causes the quick response and their steadiness.
Crypto successful transaction can never be reversed unlike banks which reverse money anytime a complain is reported because it us accepted by credit card companies. Fraudsters uses that opportunity to fraud people of their wealth and even banks.
For this reason, all cryptocurrencies can not reverse successful transaction because they believe for you to write the receiver's wallet, confirm it then input your secret code, you are sure of the transaction except for criminal case or scam.
Crypto can be used to safe money for future use. People actually use money as in, country currencies to buy crypto and safe it in their wallet till the time they will need it and sell it to any available vendor and get back their money. If lucky, they get extra money if the crypto should rise within or during the time the crypto is saved.
Some also use crypto whenever the are traveling to another country in the world. They buy crypto of any amount with the currency they are spending in his or her present country and then sell it back in the currency they are spending in his or her destination.
For instance, one can buy crypto here in Nigeria with Naira and then sell it back in the United State to collect their currency which is dollar.
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