Questions people ask about Cryptocurrency

 There’s still a lot that the general public doesn’t know about Cryptocurrency. Digital currencies are going to have an enormous impact on our lives in the upcoming decade.

You don’t want to be left in the dust when change comes, do you?
Thus here at Money Trade Coin,  we take this opportunity to spread the awareness on the subject.

Today, we’ll offer a quick overview of the significant aspects of cryptocurrency that you ought to be aware of. With this, you’ll get a better understanding of it - and perhaps even be convinced to take interest in it.

1. What is Cryptocurrency?

In its most basic form, cryptocurrency is nothing other than digital currency. It is purely electronic information, made permanent and unchangeable, which leads to advantages such as being immune to fraud and anonymity (which we’ll discuss in a bit).

2. Why is everyone talking about it?

Unlike currencies like rupees and dollars, which are printed by governments and under one central authority, Bitcoins, Money Trade Coin, and Litecoins have no central authority. No one power can decide what the value of a particular currency should be, it takes a consensus from all the those in the blockchain network to the decide the value of the currency (which is done through algorithms and mathematical formulae).

3. Do the currencies work the same way as it does with dollars and rupees?

To a certain degree, Yes. There are a few things to point out here.

First, they are only similar to the extent that “1 BTC” (short for bitcoin) is equal to “x” amount of Litecoin (the abbreviation is LTC).

Unlike paper money, they are practically immune to inflation. They are also earned differently and as we mentioned, have no central authority.

4. What are some benefits?

You can conduct business anonymously, be protected from fraud through its encryption algorithms and make transactions faster, and for lower fees or at zero cost.

5. How is Cryptocurrency earned?

You earn cryptocurrency through mining. This is a term of the trade - it means you devote computing resources to discover the next “block” of the blockchain. What’s cool about this is that you as an individual, and everyone else, plays a part in growing the economy. It’s a collective effort.

6. Is it legal?

It is a highly debatable question. Well, the answer is Yes in some countries like Japan and China see widespread usage of digital currency and No in few countries.

7. Can you buy and sell with cryptocurrency?

Yes and much more than you think. You can also purchase and sell cryptocurrency for fractional amounts, such as for 0.0001 BTC. This allows for greater flexibility in transactions.

8. Is cryptocurrency worth investing in?

If you’d spent 100 rupees to invest in 33 BTC in 2010, you’d have 1 crore right now. That should say enough, but to add to this, digital currency continues to grow.

9. What’s the future of cryptocurrency?

You’ll see an increasing number of cryptocurrencies and services accepting payments in terms of cryptocurrency, perhaps even entire countries begin to accept widespread use of digital currency.

10. Finally, here are some examples of the things you can do with cryptocurrencies.

You can enroll in a university.
You can book air tickets.
You can invest in an online market.
You can go to a pub.
You can book a hotel.


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