I don't understand why peoples every time spending their hard-earned money on banks, government and other authorities as a taxes to make their transaction with the merchant possible ? Do you believe that you are living in a world which is evolving day by day ? I don't think so, to call you evolved human-kind if you still don't know about this trend of digital cash system like cryptocurrency. This is spreading like a thunder in the market and you are unaware of it.
it is better to get things done late than never.
A cryptocurrency is a form of digital money which is designed to work as a medium of exchange and uses a cryptography method to keep it secure the transaction.
Cryptocurrency uses the decentralized network. That means you don't need any third party server like bank, government, other authorities to perform any type of transaction with the merchants.
The Central network is the oldest network of the transaction.
This network not only comprises of you and the merchant but also the third party server.
These third party servers act as a middle man and watch over the transaction done between us and the merchant.
The amount of money you spend on these third party server is called as Double Spending.
Double spending expenses on these third party servers is a big burden
for us.
DECENTRALIZED NETWORK removes the obligation of these third party servers.
So, using cryptocurrency method in transaction remove the obligation of getting fraudulence and smuggling.
Pic Source
As the word "Cryptocurrency" suggests itself.
"crypto" means encrypt.
So, this form of digital cash system is encrypted with special type of function called as the method of cryptography.
This is a complex network involved in cryptocurrency make them difficult to breach the security of cryptography.
It uses of CSS that cryptocurrency Security Standard to secure the chain of technology in a way that hackers can not breach security easily.
Yes, it is safe to use.
The behind functional components of any cryptocurrencies is Blockchain technology.
Each cryptocurrency has its own crypto functions to secure the blockchain.
The blockchain is the technology that enables the existence of cryptocurrency. So, this technology is the backbone for all the cryptocurrencies.
Cryptocurrency, being as a decentralized network of the transaction. It is free from the eagle-eye of the third party server like banks, government, and other authority.
As third party servers do not involve in any kind of decentralized transactions. It saves you from double spending which in turn saves you huge extra bucks which you used to pay as taxes, duties etc
This technology completely eradicates the uncertainty of fraudulence, double dealing, embezzlement, and smuggling.
Highly secured.
No documentation/paper work.
Save time.
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Cryptocurrencies are the future and thank goodness that we are part of it..good post
Thanks for continue support yo my work
welcome and feel free to see my post about scams on steemit when you are free
We live in India and I came to know about bitcoin later,
Then I took a training about crypto currency and bitcoin,
Now I also believe that Crypto currency is a futures for money.....
Thank you for sharing your knowledge @lordoftruth
Indeed
We are living in the future of crypto era
my support!
It's amazing. I had a similar conversation with a friend a few nights ago. He couldn't believe that I was wasting my time learning about crypto and how "risky" he said it was. He is one of those traditional guys who goes to school, takes out a huge loan from the government to pay for school and spends his years trying to pay it back. The system has done something to him. I'm glad I have a different mindset
@lordoftruth,
Few days ago I made a bank deposit for my son and had those feeling at that time! Sometimes I feel it was a very stupid idea, but sometimes I feel I did the correct thing! Coz, whatever happen crypto market has fake market pulses and it made this place shit! That's the ugly but the truth that I learnt so far! Anyway this is a great article for every crypto user and crypto initiator!
Cheers~
great explanation @lordoftruth..
I have learnt about Crypto recently and I am loving it. But there are certain things that need to be change in order to work this smoothly. First thing is the buying Cryptos is not easy as some of the transactions are not allowed in my country and i have to use alternative methods to buy it. And that cost more.
Also it is very hard for us to cash Cryptos, due to the same above reason.
Other major issue is the risk involvement.
Hope the issues will settle in time.
But so far I am loving it.
Cheers!
Great post! I believe we are still the 1%, according to the diffusion theory, I think we are safe to say that the "early adopters" phase is still here. Maybe next year when the mainstream media flock into this more, the "early majority" phase will commence :)!
Resteemed, upvoted and followed xD!
Keep up the good works
Thanks for sharing information. I also really like the "Follow, Upvote, and Resteemnya"
Thank for Sharing
thanks for sharing keep it up
This is excellent summary of that post:
img credz: pixabay.com
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I think this decentralised network of transaction will support us and will make our future secure..thanks for sharing ...
Resteemed.
Very well explained post about cryptocurrenices and its explanation.
Its really fantastic post. This post encourage me..I got many information from this post.
Thank you for sharing this great post. Right now if you walk on the street and ask people if they know about Bitcoin I think out of 10, 6 would have heard about it and maybe 2 would know what it is really is.
It is just the beginning and when crypto will hit mass-adoption, we will be very happy (and rich hopefully haha). See you around mate
That's pretty cool to know..
Yea cryptocurrency are changing our life that's really cool.
just imagine crypto in 5-10 years
Crypto currency is our real future. Nobody can freeze your account in the bank and you will not lose money when the bank is liquidated. It happens often. I trust crypto currency (not all of course). You need to properly allocate risks. You need to tell other people about crypto more.
upvoted
Time to be ahead of the league !!
amigo #resteemia at your service
fantastic article about crypto & myths of investments. impressive work done by @lordoftruth
ReSteemia
'UpVoted ReSteemed Commented'
very well explained , I upvoted this and followed you.