About cryptocurrency in simple language

Published: 6 февраля 2023
1 min

What is cryptocurrency?

Is cryptocurrency money in your account, as in a bank application, or is it securities, like stocks and bonds? No, cryptocurrencies have nothing to do with the banking system.

Cryptocurrency is digital money created using encryption technology and existing thanks to the Blockchain algorithm.

Blockchain is a large database in which all transactions of a single network are recorded. The records are visible to all users in the form of an anonymous sender and recipient address.

Cryptocurrency is translated as follows: The sender creates a transaction and passes the recipient a password from his key, which he can use.

Advantages of cryptocurrency:

  • lack of physical appearance;
  • no commission for transfers;
  • lack of regulation by central banks;
  • complete anonymity;
  • the possibility of currency mining.

Disadvantages of cryptocurrencies:

  • Official non-recognition by many countries;
  • Payment is only possible online on the Internet;
  • You need to pay for transactions to be made faster.
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