Basic understanding of crypto
Cryptocurrency is the new way of online payments. Crypto is a digital or virtual currency that is secured by cryptography, which make it imposible to counterfeit. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.
The most defining feature, is that they are not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
The Market Cap of the crypto universe has exceeded the 1.5 TRILION EUROS, fact that shows it’s dominant side.
Eliminate the middle man, paperwork, brokerage fee, commission, using a secure network while the transactions would be transparent. In this way, it becomes easier for you to establish the audit trails,
The cryptocurrencies can be used to transfer the ownership of assets on one name to another name by paying the seller through bitcoin using the blockchain ecosystem.
Every transaction you carry out with the recipient would be unique and the information is exchanged based on the push concept. You can only share the information that you want to disclose to the recipient.
Low transaction fee
Every transactions requires paying fees to miners. The data miners would receive their compensation from the cryptocurrency network, so there would be no charge or very less charge on the transaction fee but compare to the traditional financial system is much less
Give access to credit
Internet is allowing people to transfer cryptocurrencies with ease and securely. The cryptocurrency service can be used by anyone who has access to the internet knowing their cryptocurrency network. In this way they carry out transactions and asset transfers.
In cryptocurrency is that you will be the sole owner of private and public encryption keys. and it becomes easier to identity the cryptocurrency network.
When you perform the transaction in cryptocurrency, you cannot reverse it. There will be a reliable encryption technique used throughout the cryptocurrency transaction process to protect from hackers and tampering the information.
The blockchain technology will manage the database that has the bitcoin transaction records. The decentralization would involve only two parties in the transaction, the sender and receiver. There is no third party and no one to monitor your actions.