Crypto currency is basically an exchange medium that is similar to any other currency like dollars, or euros except the part that is available online. You can make use of the cryptography by using various study techniques, codes etc that are available online. All the codes and the lines of code that are created have a monetary value. It is a study of techniques that ensures secure communication between the parties have a unique code value. It is digital money that differs from normal currency. The crypto currecy exists only in the digital platform as there are various ways in which it differs from the regular money. It is not controlled by the government as it is fully decentralized. Thus, you can say that the value of the currency is not dictated or controlled by the government. There’s one more thing whether it is infinite or not. The government institutions can always print more money and also helps in driving the inflation in the process.
How does it work?
It eliminates the need to use the third party for a particular transaction. You can consider online shopping if you use a credit card or the money you spend must go through a bank or the credit card organization before it reaches the merchant. With the help of the cryptocurrency, the funds are transferred to your wallet to the merchant’s wallet and you will never need to go to the financial institution. The near instant currency exchange will help you take the transactions to a few minutes process. There is no need to create merchant accounts or use a financial institution to secure the transactions as there is no third party in between. The fee is also lower as compared to the other financial institutions. It also helps in protecting the transactions from fraud.
