What Is Cryptocurrency used for?

Answer 1

Cryptocurrency is virtual money. you cant see and touch its coded full of numbers

cryptocurrency nontrackable and non-hackable so it a big advantage but the same thing will lead to bad guys are misuse the crypto for illegal activities

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Answer 2

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Answer 3

The primary function of most cryptocurrencies is to work as a medium of exchange. The difference to traditional currencies is that they use cryptography to secure financial transactions, control the supply, and verify transactions. This all occurs on the blockchain - a distributed ledger technology that serves as a public ledger. Most cryptocurrencies are decentralised as opposed to centralised currencies which are controlled by governments and central banks.

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Besides, cryptocurrency is convenient to use, it doesn’t require a bulk of steps and documentation to open an account as banks do. You just need a device accessible to the internet to open a wallet and use it whenever you want.

Cost-effectiveness IS another plus point of digital currency. That doesn’t mean you don’t have to pay anything. The digital currencies charge a small amount from you as a transaction fee, unlike other banks. Here you don’t have to pay to any central organization for your transactions.

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Answer 4

Cryp tocurrency is an alternative payment method that was created using encryption algorithms. Cryp tocurrencies can act as a payment and a virtual accounting system due to encryption technologies. If you want to learn more about cryp tocurrencies, check out the Netcoins Cry pto Academy.