What is a cryptocurrency?
Cryptocurrency is a digital currency. We all know fiat currency – paper currency like USD, AUD, INR, GBP, EUR etc. The problem with fiat currencies is that each country has got their own currency and it is controlled by the central bank of each country.
Main advantage of cryptocurrency is that –
- It is a global currency which means you can use it any country without worrying about currency conversion
- Payment mode is digital, cheap and fast. Transferring money from one country to another using traditional methods are very time consuming and expensive.
- There is no intermediary bank or organization.