Crypto is an online payment platform. It is known for its cryptocurrency. Cryptocurrency is nothing but it is the decentralized digital payment method. I mean imagine if you have a hundred rupees and you want to share with your friend ok? Then you share your money with your friends. Do your thing is this direct transaction between you and your friend. No, it’s not a direct transaction and your money verified by your bank. If your bank verified your transaction, then it will be a centralized one. Your bank is head for your money. I mean all your money monitored by under your bank. Sometimes it will be dangerous. I mean all your data and money centralized with your bank. So It might be hacked and some robbery problems. Then, the cryptocurrency concept comes into the crease. If you want to know about cryptocurrency, then you will browse on this website https://bit-qt.com .
What are the cryptocurrencies?
Cryptocurrencies are virtual currencies. In the last two years, bitcoins are the most debatable topics around the world.
Bitcoins: bitcoins are like a digital gold coin. It is not a normal currency. Bitcoins varies from normal currencies. For example, in India, we are using rupees for commodity exchanges but Americans are using dollars for commodity exchange. Yeah around the world, in each country are using different currency methods. These currencies had different values. For example, a one American dollar is equal to 76.35 Indian rupees. But this rate inflates each day. Yes I 1947, one American dollar was equal to four Indian rupees. But these bitcoins have a single value. I mean around the world, in every country bitcoins values are the same. They had universal values. And they oppose centralized topics.
Centralized vs decentralized:
- In the centralized method, our transaction path monitored by third-party likes banks. But in the decentralized method, ledgers in blockchain monitored our transaction path.
- The transaction cost is a bit low compared to the centralized method. Yeah, the centralized method charges a bit high cost.
- In the decentralized method, there are no intermediates. It is a peer to peer.
- In the centralized method, moderate durable compared to the decentralized method.
- In the case of heavy cash, there is low portability in the centralized method compared to the decentralized method.
- Centralized methods are not anonyms but in a decentralized method, there are anonyms.
- In decentralized methods, there are user controls funds.
- In the centralized method, there are some hacks and server downtime. But in the decentralized method, there are no hacks and server downtime.
- But some countries have banned these cryptocurrencies. Because they thought that these are opposed to our national currency. For example, China is the first country to allow the bitcoins but after some days they know that these coins will downsize our national currencies. But in India, they are neither legalized nor ban too.
What are the countries ban bitcoins?
There are some countries like Canada, Australia, China, Russia, Vietnam, Bolivia, Colombia, Ecuador are the countries likely ban bitcoins. These cryptocurrency investments are neither safe nor dangerous. It respects their willingness. These bitcoins inflates day by day. Now a one bitcoin is equal to 5, 11,977.73 Indian rupees.