What Is Digital Money? Any means of payment that exists purely in electronic form. Digital money is not tangible like a dollar bill or a coin. It is accounted for and transferred using computers. The most successful and widely-used form of digital money is the cryptocurrency Bitcoin. Digital money is exchanged using technologies such as smartphones, credit cards, and online cryptocurrency exchanges. In some cases, it can be transferred into physical cash, for example by withdrawing cash froman ATM.
Another example of digital money is cryptocurrency.
''Crypto" is a kind of digital money that exists within
the blockchain network, a network that some consider more secure than any other since there is no oversight from financial authorities. Cryptocurrency is mined, traded, or bought, and kept in digital "wallets" until the owner is ready to spend or redeem it. Common examples include Bitcoin, Ethereum, Litecoin, and Ripple.
What Is a Cryptocurrency?
A cryptocurrency is a digital or virtual currency. that iss secured by cryptography, which makes it nearly impossible to counterfit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
2008
Invented in 2008, Litecoin, and XRP. Digital currencies are stored in and transacted through designated software, applications, and networks in digital form. Virtual currencies are typically issued by private issuers and used among specific virtualcommunities.
Satoshi Nakamoto
Japanese (claimed)
Inventing bitcoin, implementing the first blockchain deploying the first decentralized digital currency.
Advantages
Digital currencies require lower fees When you start comparing cryptocurrencies to some of the most widely spread payment methods and gateways (like PayPal), what you will notice is that the transfer fees are significantly lower It gets even better, seeing as how the standard cryptocurrency fee of between 0 and 1 percent is also significantly lower than credit card fees. These differences are huge even for the smaller transactions and become more and more substantial as the value of transaction goes.
Disadvantages
The volatility of prices. So far, we've mostly discussed the pros of going with digital money, whereas there are some downsides that need to be explored as well. First of all, the prices are quite volatile, which means that your investment can go both ways.
CONCLUSION :
Is it good to invest in Cryptocurrency ?
The ultimate conclusion I make is that if you are only investing risk capital (money you can afford to lose) then there is no reason not to be investing in cryptocurrencies. This could be the greatest financial opportunity of our lifetimes, and people are avoiding it for mediocre reasons.
Best platforms to invest in crypto currency:
1. Coinbase
Coinbase is an online platform that can be utilized for purchasing, selling, transferring, as well as storing digital currency. It securely stores a wide range of digital assets in offline storage. This platform supports more than 100 countries.
Features:
- You can buy and sell any digital currency and keep track of them in one place.
- It provides app for both iOS and Android devices.
- You can schedule your currency trading on daily, weekly, or monthly bases.
- It stores your funds in a vault for safety purposes.
- It is one of the largest cryptocurrency exchanges
- Get $5 in free Bitcoin for signing up.
2.Coinswitch
⚡ What are the best Cryptocurrency exchanges?
Following are some of the best Cryptocurrency exchanges:
- Coinbase
- Binance
- Cex.io
- Coinmama
- BitFlyer
- Coinsmart
- BitMex
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