First of all, “What is a cryptocurrency?” Let’s start with the question. Crypto currency; It is a digital, encrypted virtual currency.
It is produced after mathematical verification through computers, a process called ‘mining’. It can be changed and transferred. It can be stored in digital wallets.
So what is a cryptocurrency not? It is not a currency under the control of states. It is not connected to central monetary and banking systems. It is not produced by conventional methods.
Why has interest in cryptocurrencies increased? Because central banks, who wanted to fight the economic slowdown caused by the coronavirus pandemic, increased their spending at high rates at the global level. Many investors, who do not want their money to lose value, have started to see cryptocurrencies as safer against possible losses that may arise from these loose monetary policies.
What is blockchain? Blockchain is the registry where all transactions related to cryptocurrencies are kept. Blockchain is used not only for the production of cryptocurrencies, but also for the storage, management and storage of cryptocurrencies in many different fields.
According to the research by the World Economic Forum, among the 74 largest economies in the world, the countries that use cryptocurrencies the most compared to their population are; Nigeria is the first, Vietnam is the second, the Philippines is the third, Turkey is the fourth and Brazil is the fifth.
Where to Buy Cryptocurrencies? There are many cryptocurrency exchanges in the world. You can open an account and receive cryptocurrencies on any of these exchanges. These are some of the world’s largest cryptocurrency exchanges; Binance, Coinbase, Huobi, FTX and KuCoin.
Advantages of Cryptocurrency, 24/7 Transactionability. No Obligation to Disclose Personal Information. And it is low cost.
The Disadvantages of Cryptocurrency are Limited Intervention by Public Authorities, Transparency Issue and Legal Risks.
How safe is cryptocurrency? Crypto assets are not subject to any regulation and control mechanism. It has no central addressee and guarantor. Market values show extreme volatility. Because they are anonymous, they can be used for illegal activities. Crypto wallets can be stolen and used illegally without their owners’ knowledge. Transactions are irreversible.
If you want to learn more information about Cryptocurrency and Blockchain, click here.
