Written by Rajab
Crypto is short for CryptoCurrency and is a digital currency in which transactions and records are verified and maintained by a decentralized system using cryptography rather than a centralized authority. This allows for anonymous transactions that can be hard to track.>
Crypto Currencies such as Bitcoin very typically have a limit to the amount of coins that can be mined as the Bitcoin mined per block is halved every 4 years until 2140 where all Bitcoin will be fully mined
Crypto Currencies are an effective method of sending money internationally at little to no cost while still being faster than banks. International transfers with crypto can take minutes at most while banks can take a few days
Crypto Currencies being decentralized prevents the government from setting a price to them thus allowing them to be freely controlled by the market as it is completely out of their control. This decentralization keeps transactions private and secure as there is no third party in the transaction and transactions are hard to track or link to a person espescially because your wallet does not need any personal information linked to you, unlike having an account with a bank
The price of crypto currencies are decided purely on the market forces and is very susceptible to speculation. Furthermore, crypto currency is not backed by anything making it's value tied to what we think it is worth, it is another form fiat currency
While lack of regulation does entice many it is a double edged sword. Having no regulations allows for more scams and black market deals to be done with crypto currency than any other currency, as even when it does happen it is extremely hard to track if done right.
Written by Rajab