In simple words, Cryptocurrency is a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority i.e. banks.
Cryptocurrency does not exist in physical form (like paper money). It is a tradable digital asset or digital form of money, built on blockchain technology that only exists online. Cryptocurrencies use encryption to authenticate and protect transactions, hence their name.
Individual coin ownership records are stored in a digital ledger, which is a computerized database using strong cryptography to secure transaction records, control the creation of extra coins, and verify the transfer of coin licenses.
Is it the future of money?
Well, according to the current condition, online payments are taking over physical payments. But, people usually don’t spend cryptocurrencies as they buy it as a for-profit or because they’ve heard it’s the future. However, at the current period, we can’t say that cryptocurrency is gonna take the place of paper money (cash).
Is it profitable to invest in cryptocurrency?
The simple answer for this is YES, it is very likely to gain profit in cryptocurrency. However, it is risky too as any kind of investment has risk in it. But, investing with research and understanding everything is surely a profit thing unlike investing just because someone just told you to do it or you just a good post on social media about it.
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