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What is crypto currency?

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We all know about cryptocurrency today. The digital payment system does not rely on banks to verify transactions. Peer-to-peer technology lets anyone to send or receive money from anywhere. The cryptocurrencies that are used to make payments do not have physical coins that can be exchanged or transported. Instead, the transactions are digital records which are saved in a database online. Blockchain systems maintain a record of every bitcoin transaction that involves the transfer of money. Digital wallets are the place where the cryptocurrency is stored.

Bitcoin is the very first cryptocurrency that was developed. It became popular in 2009, and it remains the most well-known to this day. The main interest in cryptocurrency is in trading to earn profits, but speculators can occasionally send prices higher. 

Why do people use crypto currency?

A cryptocurrency is a digital currency that is an additional security measure for transactions.

Users and their digital money are protected as transactions are permanent, irrevocable and generally secure, and controlled by individual.

Cryptocurrency is a currency that can be used on its own

Cryptocurrency has similar functions to the traditional money of the nation, with a few key distinctions. The current “fiat currency” is a currency that is controlled by a government agency. It’s currently used to represent debt. Cryptocurrency is not a symbol of debt. It is purely a representation of itself and the amount that a person will pay for it is what determines its value. In essence, decentralization of cryptocurrency is that its value is able to be identified. A cryptocurrency is not controlled or owned by any person. Its value is not influenced by the policies of a central bank, or the political whims of the nation.

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Cryptocurrency transactions are secure

Conventional currencies issued by governments allow private transactions, as well as the payment in person of services and goods. A central authority, for instance the bank regulators or government agencies, promptly notifies large cash withdrawals of the government and examines them.

The people who transfer cryptocurrency are more secure, despite the ledger or list of transactions being accessible to everyone around the world.

What crypto wallet is the best one to choose?

The phrases “centralized” as well as “decentralized” are likely to come up frequently when you’re in the field of bitcoin or are considering joining the steadily increasing amount of people who use it. Security, cost, monitoring and many other elements differ considerably between decentralized and centralized currencies. Before making a decision, you should think about all possibilities.

There are many open-source wallets. I love Exodus because of its simplicity and user-friendly interface. You can connect your wallet with both desktop and mobile. Additionally, they are always providing new and useful options. It’s not too late to mention the most famous Binance too!

Recently, they have made it possible to purchase cryptocurrency directly through their platform. It is possible to connect it to your FTX exchange account to simplify transactions. There are other wallets available, such as Blockstream.com and BRD.

What’s next? There is a need for a crypto exchange platform that allows us to exchange crypto for fiat (government issued money) or vice versa, at an affordable rate.

There are a variety of crypto exchange giants like Binance, Coinbase, Crypto.com,  E_toro,  FXD. It is safe to trade your crypto or real money using these platforms. Certain platforms might not be ideal based on the place you live. Be sure to research the country before you decide on an exchange.

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Make sure to consider trading fees and withdrawal fees on your bank account, debit, or electronic-wallet.

FTX is a good choice in my opinion. It has lower fees than other popular exchanges.

Gambling with crypto-currency

Cryptocurrency is now sought-after by gamblers and also. Many gamblers are starting to pick Bitcoin as well as other cryptocurrency. The people have more choices. They can withdraw money and deposits without considering laws that exist in certain countries. Globally, crypto casino is increasing in importance. The sports betting and slot machines are limited or even restricted in certain nations. There is another method that players have found. A majority of the time players don’t have to pass the KYC (Know your customer) verification, and the source of transactions is hidden. Moreover, crypto transfers are quick, and make gamblers feel more relaxed.

Final Thoughts on Cryptocurrency

Utilizing Western Union or other international money transfer businesses can be slow, tedious, and bureaucratic. Once people are accustomed to the process, doing similar things with bitcoin is simple and quick.

Another element that is contributing to the worth of cryptocurrency is their unidirectional nature and peer-to–peer networking technology. This eliminates the requirement for intermediaries and drastically reduces transaction costs.