#MyFirstFeedPost Hello Binance Square users!
Crypto or Cryptocurrency is simply understood as virtual money, electronic money or digital money. Crypto is built on blockchain technology. It is used as a means of transactions that take place on blockchain platforms.
Unlike the US Dollar, Euro, or other fiat currencies, there is no central authority that manages and maintains the value of cryptocurrencies. The outstanding feature of crypto is that anyone can create this currency.
Bitcoin is the first cryptocurrency created by Satoshi Nakamoto in 2008. It is also the most popular cryptocurrency although there are more than 19,000 different cryptocurrencies in circulation.
1. Advantages
Safety and security:
Customer information is kept securely confidential.
2. Disadvantages
Strong price fluctuations:
Cryptocurrency prices fluctuate widely. Therefore, the currency can fall sharply in value and pose risks to investors
Risk of being stolen:
Cryptocurrency exchanges are vulnerable to cyberattacks that can cause your investment to be lost forever
Not yet recognized:
Cryptocurrencies are still not accepted by law and widely circulated in many countries
Few regulations:
Cryptocurrencies are not controlled by governments and central banks. Therefore, in case cryptocurrency platforms are attacked, there will be no regulatory mechanism to protect investors.
Follow me for more useful information
