Now a days everybody wants to earn more and more money and for earn money fast crypto currenty is also one of the best option. Today in this post I will tell you what is crypto currency and How it works.
What is Crypto Currency.
In simple words Crypto currency is nothing but digital form of cash..
How it works. (example)
example here we have deepak is in india and there is one more person John who is from America
now if Deepak wants to send dollars to John in America can that person directly send dollars NO
he or she will have to first go to a bank then bank, is a third party who will actually convert the rupees into dollars will verify who is the sender and who is the receiver, we’ll match certain things we’ll charge some money and then transfer the funds to John account.
so this transaction was possible only with the help of an intermediary which was the bank.
But through Crypto Currency Deepak from India directly can send money into John account in America without any Intermediary like Bank etc. there was something like a digital form of currency which knows no barrier it is a digital form of cash
What is benefits of Cryptocurrency.
- no intermediary required
- no geographical barrier
- charges are very less
- it’s very fast
Note:- different Crypto Currencies will have different timings but it ranges as low as four seconds to as as high for popular coins like 10 minutes. these are the advantages.
What are the disadvantage of Crypto Currency
Wrongly Transferred Amount Cannot be refund because the senders and the receivers identity is not unveiled unfortunately it is used for a lot of illegal activities through internet which is many times a part of internet which is known as dark web.
Whether Crypto Currency is Legal or illegal in India?
one is it legal why on 6th april 2018 RBI imposed a banking ban on Indian banks to have a relationship with crypto companies but the same banking ban was lifted in 2018 by a supreme court decision and because of which the Indian banks were allowed to have business relationships and banking services with an exchange so what’s the conclusion trading in cryptocurrencies as on date is absolutely legal.
What is bitcoin?
Bitcoin is nothing but a type of crypto currency bitcoin was founded in 2008 and it was launched in 2009 by Mr Satoshi Nakamoto no one knows who is Mr Satoshi Nakamoto.
if something happens to the promoter of the company then what will happen to the share prices of that company they want to go down drastically similarly if something happens To Mr Satoshi then what but we don’t know whether he’s alive or not also so that danger is anyways away right today bitcoin is one of the most popular coins among the crypto currency spaces all over the world.