What is cryptocurrency? In this blog I'm going to tell you what cryptocurrency is. The main basis of it is that cryptocurrency is a currency that is not money. With cryptocurrency it is all digital so you can’t hold it. Cryptocurrency can not be reached by any government official because cryptocurrency is a digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.
What is good
What is good about cryptocurrency? Most people think of it as a bad thing because only in June 2021 it became legal in the United States of America, and still in some places like Japan it's illegal. But what's good about cryptocurrency, the number one thing that people are living off of cryptocurrency for is the money they can earn. When people invest into a business and it succeeds that means that they can get a lot of money.Currencies are encrypted and provide utmost security where no one can breach it, as it's distributed. Also Crypto currencies uses block chain as underlying technology. So many people around the world have earned money from cryptocurrency, and some people think it can be the future's next currency. Another good thing is The advantages of cryptocurrencies include cheaper and faster money transfers and decentralized systems that do not collapse at a single point of failure. 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.
What is bad
What's bad about crypto? Cryptocurrencies aren't backed by a government or central bank. Unlike most traditional currencies, such as the U.S. dollar, the value of a cryptocurrency is not tied to promises by a government or a central bank. If you store your cryptocurrency online, you don't have the same protections as a bank account. Also some of the disadvantages of cryptocurrencies include their price volatility, high energy consumption for mining activities, and use in criminal activities. Also some experts believe blockchain and related technologies will disrupt many industries, including finance and law. There are several risks associated with investing in cryptocurrency: loss of capital, government regulations, fraud and hacks. Loss of capital. Mark Hastings, partner at Quillon Law, warns that investors must tread carefully in crypto's unique financial environment or risk significant losses. As long as you choose a trusted exchange, your crypto will be safe. However, if you go this route, make sure to set a very strong password for your exchange account. If someone gains access to your account, they can transfer out all your crypto assets.
My conclusion:When people use crypto it may be scary because it's not very safe, like when you make your money into crypto it's a big risk. Crypto may not be able to be used in many places. Crypto is also not the safest thing because it's not government regulated so it will be scary..So that's why i wrote this.