“Digital” and “Eco-Friendly” are the new trendsetters now! How? From ‘talking’ getting a digital encounter with shopping, education, classes, entertainment, games, and cash, we have to ask our phone to get us food, and it will deliver in no time! Amazing right? We can now see the world turning over to these two words.
A digital payment that is considered the most reliable, accelerated, and precise method of payment, now it has a new involvement in it. Though people have heard about Cryptocurrency, they are still unaware of it, the facts related to it, and most importantly, why and how to buy Cryptocurrency. The mass thinks about what else this kind of digital payment can do other than that of traditional paying methods. This thinking is rather unfortunate because Cryptocurrency has a wide range of use cases that extend beyond the standard currencies. In a more straightforward form, Cryptocurrency is a digital currency. It has “Crypto” as a prefix because this uses Cryptography for security. The thing to note is that the government has no control or authority over it, so once you buy Cryptocurrency, it’s yours.
How does this system work? Hopefully, this question will answer all your doubts, and then you will surely know why we should consider this option as a mode of currency.
- Cryptocurrencies work on the Peer to peer principle. Now, what does this mean? Peer to Peer frantically implies that there is no third-party system in between of a transaction. There are no feudal banks, centralized government, no reserves, and no credit card fees. For making an online purchase, we require to put our trust and faith in a third party to facilitate the exchange. The government controls the Third-party. They can be pushed down to an extent for the prevention of some cases, or they can be put down due to technical or cyber problems. Cryptocurrencies eliminate the need for this third party, you can directly transact between person A to B, wherever and whenever.
- By omitting the third party reliance, cryptocurrencies make a secure system of exchange. Here, you are the owner of your finances. While making a transaction, only the owner of the private key can send cryptocurrencies. If we have to make a digital transaction, we have to detail our personal information to the third party, whether it be the bank, some private corporation, or the government. However, when you buy Cryptocurrency or send it, there is no one to ask you about your details, just a private key, and you are good to go!
Cryptocurrencies are not just sovereign money; they are a lot more than this. There is no need to travel and transact for the cash; you can be real cashless and still negotiate for your services. Yes, we can do this via a digital Payment app, but none will provide you with this secure transaction. You can now download and install software, and you’re good to receive and buy cryptocurrencies.