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How does the investment help a common man? | Mao Lal

In simple terms, cryptocurrency is a type of digital or virtual money. It serves as ordinary money, such as dollars, pounds, euros, yen, etc. But it has no physical counterparts u2014 banknotes or coins that can be carried around, that is, the cryptocurrency exists only in electronic form.<br>

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How does the investment help a common man? | Mao Lal

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  1. How does the investment help a common man? Mao lal

  2. Cryptocurrency is formed from two words - “crypto” (data encryption) and “currency” (medium of exchange). Thus, a cryptocurrency is a medium of exchange (like ordinary money) that exists in the digital world and uses encryption that ensures the security of transactions. Cryptocurrency is an alternative form of payment in cash and credit cards. In simple terms, cryptocurrency is a type of digital or virtual money. It serves as ordinary money, such as dollars, pounds, euros, yen, etc. But it has no physical counterparts — banknotes or coins that can be carried around, that is, the cryptocurrency exists only in electronic form.

  3. How is cryptocurrency different from digital currency? Unlike fiat currency (legal means of payment, which includes most paper money), digital currency does not have physical equivalence stored in the form of cash or gold. It consists of arbitrary numbers stored in a user account. Like regular cash, digital currencies are accepted as a means of payment and can be used to purchase goods and services. They can be transferred between accounts, and they can also be exchanged for cash. Cryptocurrencies are a type of digital currency. They have arisen to address the problems of centralization, confidentiality and security problems associated with conventional digital currencies. The principle of decentralization is used in cryptocurrencies. This means that transactions made by cryptocurrency owners are not controlled and not regulated by financial authorities. Because cryptocurrencies use cryptography, they offer a robust security system that is hard to crack.

  4. 1. Decentralization. As in the traditional banking system, most digital currencies are regulated by regulatory agencies, such as the Central Bank and other government agencies. This means that all currency exchange transactions are controlled, and their exchange rate is determined by these regulatory bodies. On the other hand, cryptocurrencies are completely decentralized. This means that no state can control them. The rules are established by the cryptocurrency community. 2. Anonymity. With digital currencies, it’s almost impossible to hide account holder information. To use electronic wallets like PayPal, you need to provide personal information such as your name and address. On the other hand, you do not have to disclose any personal information when you open a wallet for trading cryptocurrency. Coins such as Dash are used to ensure complete anonymity.

  5. Thank you

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