What Is Crypto Currency . What Is Use Of crypto currency . How It's worrk
What Is Crypto Currency. How it's work . Use of crypto currency .
--- A cryptocurrency is a digital or virtual currency that is designed to make online transactions extremely secure. This currency is secured by mathematical algorithms and not people (like in a bank).
About a month ago, I was catching up with an old buddy at a coffee shop. In midst of our conversation, the word ‘Bitcoin’ entered the fray. This was at the time when one was likely to read the word ‘cryptocurrency’ more often than news about a celebrity scandal. It was very difficult to ignore. My friend started bragging about how he was a proud owner of half a bitcoin and was looking at investment avenues. This was when I realized that the only thing I knew about Bitcoins was that it was retailing at $13000 apiece and this figure was only getting steeper. I had no understanding about cryptocurrency or bitcoin, which was when I realized, ‘Half knowledge is dangerous, but no knowledge is worthless!’.
Awesome Use Of Crypto Currency. Digital currency
1 - Low - Cost money Transfer-
The most well-known benefit of cryptocurrencies is their ability to send and receive payments at a low cost and at a high speed. For example, a recent $99 million litecoin (LTC) transaction took only two and a half minutes to process and cost the sender only $0.40 in transaction fees. If this money transfer had gone through a financial intermediary the fees would have been much, much higher and the transfer would have taken several days, or longer if this was a cross-border transaction.
2- Send non-cash remittances
Another powerful use case for cryptocurrencies is non-cash remittances. Nigerian blockchain startup SureRemit, for example, enables its users to send non-cash remittances from anywhere in the world to selected African nations.
Diaspora Africans can purchase SureRemit’s native RMT tokens, which are then used within the SureRemit app to make non-cash remittances such as mobile data top-ups or utility bill payments for their relatives in Africa.
SureRemit raised $7 million during its initial coin offering in December 2017 and plans on using this money to improve its platform and expand into new markets.
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