What is CryptoCurrency?

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1 WHAT IS CRYPTOCURRENCY?

Cryptocurrency is a blockchain technology-based digital currency, which is independent of rules and laws of any country/government.

In the present time, there are numbers of cryptocurrencies are available that are gaining a big fraction of economic growth of the online world.

2 RELIABILITY OF CRYPTOCURRENCIES?

In recent years we found that many countries governments are looking for launch their own cryptocurrency, so here we should have no doubt over the reliability of blockchain technology-based digital currencies.

According to many experts, crypto is better than fiat currency, that why many banking sector authorities are looking to implement the blockchain technology in their banking system.

3 ADVANTAGE OF CRYPTOCURRENCY OVER FIAT

Crypto is much better then fiat currency, here lots of reasons are available to prove the fact that crypto is better.

  • There is no limit is fiat to send/receive/store
  • No limitation of your locality
  • There is no Need to provide KYC documents
  • No need to go with the third party for a transaction
  • No need to give a high tax/fee to send country to country
  • Can store in the offline wallet as well as in Online wallet
  • Only require an internet connection to operate and no paperwork needed
  • You can have lots of privacy as much as you want
  • Transactions will remain public for everyone
  • We can do trade easily with a small fee, instead to take tension in fiat to trade your money with another fiat

4 CRYPTOCURRENCY LEGAL OR NOT?

There are three types of countries in this world to have Cryptocurrency use.

In the first type, those countries are included which legalized Cryptocurrency officially, the best example is Japan.

In the second type, those countries are included which banned Cryptocurrency use officially, the best example is Bangladesh.

And In the third type of the country, there are those who have no rule. At one side they want tax from the Cryptocurrency user and at another side, they have no rule for Crypto use. And also they give warning to people to not to use Crypto, the best example for such type of countries is INDIA.

5 WHAT IS THE FUTURE OF CRYPTOCURRENCY?

Future of Cryptocurrency is very bright in the world because they are not only a way of payment but these are better from the point of view of earning money by trade ( buy/sell) with fiat.

In the present time, there are few countries who have banned Crypto and few have no rule yet, but still, these countries are doing research whether they should make it legal or not because all other developed countries regulated it with better regulation rules so that people can use Cryptocurrency very well.

6 ADVANTAGES OF CRYPTOCURRENCIES FOR A COUNTRY/GOVERNMENT

All the countries which legalised Cryptocurrency are making huge earnings from Crypto users .

People who are doing trade are paying tax to government.

Government allows even a local to local shops to accept cryptocurrency , so customers are also going with the use of Crypto more and more and paying huge tax to government .

Many big big services like 5 star hotels , airlines are also accepting cryptocurrency , so we can understand how much it is better for public to use their own money and help their nation by pay tax in crypto .

By legalization of Crypto, people can spread their business in the whole world easily, in this way the whole world can be integrated easily to grow with better economic development.

Also Read: What Is Blockchain? How Does Blockchain Work?