CRYPTO VS CURRENCY DATA CURRENCY
Crypto currency is a digital currency that has been created through cryptography and the main attraction of the use of crypto currency is anonymity and lower cost. Digital currency is the currency that represents the fiat currency used to
transfer between banks, but in general, the digital currency has a high cost from the bank and can be traced completely.
TRANSFER OF MONEY
When money is transferred using normal banking procedures, money transfers require not only a few days but are usually charged a high fee. This is governed by banks and in addition there are different exchange rates that change daily. For the amount of personal money, most countries will have a daily limit and if the amount requires more than one transaction to pay for a certain item, it will charge at any time.
With a crypto currency, all of the above does not apply except the cost but the costs associated with crypto currency transfers are much lower than the cost of the bank. In addition, there is no limit on the amount of money you can transfer, there is no difference in exchange and the amount is almost the same.
ANONYMANITY
If you make payments from credit cards, debit cards or wire transfers via the internet, all the details of the sender and receiver are disclosed.
With cryptocurrency, it will not happen because the transaction can not be traced to the sender or recipient where this is the main attraction for people to use crypto currency. This crypto currency usage feature provides privacy, unlike digital transfers where individual sender and recipient details must be reported.
NO LIMITS
The crypto currency is not restricted to any country unlike credit card use where some countries do not accept transactions from certain countries and the same applies to banks. Most countries in the world allow cryptocurrency exchange platforms, therefore one can make transactions globally without worrying about government regulations.
VALUE
The value of crypto is not regulated at all by the bank but is governed by supply and demand. The crypto currency has a limited amount to be made such as Bitcoin which will be limited to 21 million and its estimated value will increase in the future.
The digital currency is governed by the government and deals with the value of a country's Fiat currency. The value of this currency is regulated by the central bank and the amount of circulation. Therefore the value depends on how well the central bank controls inflation and the amount of money in circulation.
FULL CONTROL
With a crypto currency, someone earns it through an online or mining exchange and then puts it in a digital wallet. This wallet is available to users as long as they have internet connection and can be used to pay for goods wherever they live. Basically, the person is a banker for themselves and has full control over their money and how to use it.
Digital currency does not allow everyone to do this because it is governed by the government and the bank.
Hopefully this guide and tutorial can help traders especially those who are new in Cryptocurrency world.
