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.

September 17, 2021

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