What is Crypto Currency
This currency is not in physical form. Rather it is in digital form. This currency is not regulated by any Central Bank. The exchange of this currency takes place over the Internet.
This is recorded in the distributor database. Like we have talked about earlier, it does not have any physical form. That is, it is not a printed currency.
Digital currency transactions take place over the Internet. So there is no cost in distribution and printing of the note. It is not regulated by any government body or any government bank?
There is no border in the transaction of digital currency. If one person is in UK and the other is sitting in Japan. So he can pay it. Provided both are on the same network. Crypto Currency however comes in the form of digital currency.
Cryptocurrencies use decentralized systems to record transactions and issues a new unit. Cryptocurrencies do not depend on banks to verify transactions. It is a peer-to-peer system, with the help of which any person can receive and send money from anywhere.
Transactions in Crypto Currency are recorded in the public ledger. Crypto Currency is stored in a digital wallet. Cryptocurrencies are decentralized and are secured by cryptography.