A cryptocurrency, often known as crypto-currency or crypto, is a collection of binary data used as a medium of exchange. Individual coin ownership records are kept in a ledger, which is a digital database that uses strong cryptography to secure transaction records, control coin creation, and verify ownership transfers.Because cryptocurrency is neither backed by nor convertible into a commodity, it is classified as a fiat currency.
Bitcoin is the first decentralised cryptocurrency, having been released as open-source software in 2009. Many other cryptocurrencies have emerged after the launch of bitcoin. In order to conduct a Bitcoin payment, Bitcoins are moved from a digital wallet, which you get when you buy the currency from a crypto exchange to someone else's via an app or website and the person's unique Bitcoin address.
- High-returning potential
- Fraudulent Payment Protection
- International Transactions - Immediate Settlement
- Greater Liquidity and Diversification
- Volatility is high, and there is a risk of big losses.
- Activity on the black market.
- Unrestricted and unsupported, hacking on the internet.
- There will be no reimbursement.