Cryptocurrency.The short explanation: Digital Money. Its just like real physical money, except has different benefits. You know how our government “just creates” and prints money? Well a computer network maintains transactions and “just creates” the digital currency, through a process called mining.
When your computer mines for the bitcoins, you get paid, they go in your digital wallet and you can use them just like regular money. Just the same as if you went to work and solved math problems all day then you got a paycheck at the end of the week. Same thing here. Your computer is putting in the work for you and then you get the rewards after the work is done.You know how, just like how in the real world, we are able to transfer person to person without a bank?
I can physically give you $1000 out of my pocket and didn’t have to wait for a bank to approve a funds transfers, etc. You can do that with digital currency too. Its one the major benefits of using currencies like bitcoin, litecoin, and others. Which means fees are lower, you can use your digital currency all over the world and accounts can never be put on payment processing holds or freezes.Digital currencies like bitcoin for example are not linked to direct laws, rules or regulations of any government, bank or corporation. You will not pay interest rates, fees or surcharges to use cryptocurrency.Also when you make a purchase with your credit card, all of your personal information is attached to that transaction. Your name, physical address and other data. In contrast, cryptocurrency is completely anonymous and carry no personal info when you transact.
For Businesses, there are no fees involved in payment processing. You simply need a cryptocurrency wallet to accept payment and you are ready to go!
Hope that helps!Cheers!#AskAdella#CoinCutieTV
Owner of The Best Bitcoin Marketing & Consulting | Cryptocurrency
