concept of Cryptocurrency explained simply

If you will withdraw a big amount more than 50 k government will keep eye on you and easily trace your activity. Assuming this as a problem a man, woman or a group created first digital currency called Bitcoin. Name of that man, women or group is Satoshi Nakamoto. Satoshi Nakamoto is an unknown person and still a quiz for all countries. We do not have any record of this person whether he is man woman or a group. Even though this person is known as the father of cryptocurrency. 

The first thing you should know that cryptocurrency is not a secure currency instead it is a volatile currency. There are several cryptocurrencies in the market such as Libra cryptocurrency of facebook, petro cryptocurrency of Venezuela and bitcoin of Satoshi Nakamoto. Among several cryptocurrencies Bitcoin is the most famous and promising cryptocurrency attracting due to extremely higher price in only 12-13 years. 

Explore 5 BEST CRYPTO EXCHANGES IN USA

If a person will send money more than Rs 10 lakh to other person then both of them are closely watched by Income Tax Department and they will immedietly get some text message regarding big amount exchange. This is called centralised currency which can be controlled and government can always keep eye on the transactions. Swiss code and IFSC codes are required for the transaction between western countries to Asian countries. For example, Susan from America is sending money to Bhawani Singh in India, while transaction swis code and IFSC code both are needed. With the help of these codes governments can seize the huge money and keep eye on the regular transaction. 

blockchain

Mining in cryptocurrency

There are several computers installed in different countries for mining purpose. If 1 Cryptocurrency is sent from Australia to England then the information will not only saved and Australia and England computers,  it will also get saved in the computers of New Zealand Francisco or any other nation that has installed computers for mining purposes. One thing you need to understand here the information will be saved in the form of codes meaning 1 cryptocurrency is equal to a particular code people can only identify that some codes were exchanged between two countries they will not identify which cryptocurrency or how much cryptocurrencies are exchanged between them.

cryptocurrency Pros and cons

Pros

  • One can easily send even more than $60664 to any person, organisation or country.
  • Sending a big amount will help people in the easy the transaction process.
  • No need to go to the bank to send a big amount to somebody.
  • One can expect higher returns in less time.

Cons

  • If by mistake you will forget your crypto wallet password then nobody can return your money.
  • Sending a big amount to suspicious account is also not traceable which might increase the crime.
  • While expecting higher returns it may drop to the lowest point and you might loose your all money in no time.

faq

Who is the father of cryptocurrency?

Satoshi Nakamoto is called father of cryptocurrency.

Is Satoshi Nakamoto male or female?

From the launch of Bitcoin cryptocurrency way back in 2009 to till now nobody knows whether Satoshi Nakamoto is male female group or an organization.

Is cryptocurrency successful?

This is just the beginning of cryptocurrency. Let’s wait and watch whether it keeps going or face some more troubles.

How much money can I make investing in cryptocurrency?

There is no limit to making money as well as losing money in cryptocurrencies because it is one of the most volatile sectors which is unpredictable. So make sure to invest the extra amount in cryptocurrencies.

How much money should I invest in cryptocurrency?

You should invest the only money which you are utilizing for your bad habits like eating burger, cold drinks and other addicted chemical food.

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