Cryptocurrency is a new terminology of the millennium. Cryptocurrency is a virtual currency and it is in digital form of money totally. It is invented in the first decade of the millennium. When any person wants to make a monetary transaction with the cryptocurrency then he will make a transaction with another person. It means that it is a person to person transaction. There is no bank and government between you and your contractor
Cryptocurrency or Bitcoin depends on the technology system which is known as blockchain. Blockchain does not believe in the centralization. Actually, it arranges the transaction between the individual to individual. The banks and governmental organs are very far from you and your contractor. It means that these two institutions cannot interfere in your transaction. So, there is no influence of the governments and traditional compulsions of the banks.
If you want to make a transaction through the cryptocurrency then you should open an account for having the cryptocurrency. But you should keep in mind thing that you can purchase the digital currency via tangible currency. Moreover, this tangible currency should be of good value. It means that visible and touchable currency must be respected in the world. There is another thing which is important to know that cryptocurrency is not in the touchable from and even you cannot see it. It is virtual exchange which is possible after involving the real money. 聽
Moreover, you can change the virtual currency with the virtual currency. But there is a huge difference between the Bitcoin and other currencies. The blockchain system makes the financial system faster and cheaper. There is no decentralization while making the transaction of cryptocurrency. 聽It means that there are no traditional sanctions while replacing the cryptocurrency with the money. If you make a contract for cryptocurrency then you do not have to pay the money. Moreover, you do not have to fulfill the traditional banking limitations while making the monetary transaction.
