Crypto eradicating traditional currency

 







What is crypto currency?

What is cryptocurrency? A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet. 

Crypto's disadvantages 


Crypto assets are alternatives to traditional banking that require no intermediary. They are not under the control of a centralized authority like a bank, government, or agency. In fact, the coin’s trust is in the blockchain code and its distributed nature. 

Much like cash, it’s no surprise that some (cyber) criminals use cryptocurrency. Interestingly enough, with the growth of legitimate cryptocurrency usage far outpacing the growth of criminal usage, illicit activity’s share of cryptocurrency transaction volume is very low, as transactions involving illicit addresses represented just 0.15% of cryptocurrency transaction volume in 2021. 

It is most like for people to stop using banks and use crypto instead and banks are under a threat. Crypto makes it easy for people to grow their money but it is also a way of criminals and scammers to make money of people.

Comments

  1. AnonymousMarch 24, 2023 at 8:27 AM

    Lolu ngicabanga ukuthi ulwazi olungasisiza 🙂 Syabonga Snenhlanhla!

    ReplyDelete

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