Money plays a critical part in our lives and it is becoming increasingly connected with every bit of affairs that we do on a daily basis. The traditional currency has created a huge gap in our monetary transactions. To meet up with human demand there is a need for diversification hence the new computer-based technology called cryptocurrency that addresses all this was born.
“A Cryptocurrency is a type of digital asset that can be used to exchange value between parties. It uses cryptography to secure how it’s transferred and to control the creation of new units of that currency”
A wallet is required before you can use the cryptocurrency because it serves not only as a currency but also as a virtual accounting system.
There are 10 well-known types of cryptocurrency:
Apart from the monetary value of cryptocurrency, it serves many other needs with huge benefits that money presently cannot be able to solve.
•Counterfeit is impossible - there is no such thing as a fake currency because it is not physical cash and cannot be copied. Any payment made through cryptocurrency is real money.
• Quick settlement without reversal – that means when you get paid in cryptocurrency and you confirmed the payment it makes for easy access to your fund as you will be credited within minutes. Unlike when you are issued a cheque which the bank has to first of all confirm and if there is no money in the issuer’s account, you have to wait for him to fund his account before you are paid.
• Impossible currency manipulation by the government – Cryptocurrency is decentralized and its value cannot be changed. It does not answer to any government to take decisions. The government has a way of changing the supply of currency and can even change the denomination and print new notes at their will without consulting the populace. This move has always resulted in the devaluation of money.
• More than 2.5 billion people worldwide without access to the bank have been helped - no matter where you are in the world, you can participate in cryptocurrency with your smartphone, laptop, or computer.
• Billions of dollars in cryptocurrency exchange hands daily worldwide – you can buy or sell and pay your bills with cryptocurrency no matter where you live.
There are still many more juicy aspects of cryptocurrency which I will talk about in my next article. Am glad you were able to read and follow along to this end, my appreciation to you.
