Importance Of Cryptocurrency As A Medium Of Financial Transaction
Cryptocurrency is a digital currency, which uses encryption techniques to verify the transfer of funds and regulate the generation of units of currency, making it difficult to counterfeit. It is faster, secure, and cheaper than regular currencies. This is why cryptocurrencies are better than regular currencies. Cryptocurrencies have global acceptance. Because of this, conducting transactions becomes easier with these digital currencies. Transactions are simplified with private and public keys for privacy and security purposes. These currencies are used to make payments for online trading. Here are the advantages of cryptocurrency for financial transactions: • Identify Theft All transactions between digital wallets are stored in the public ledger and it can calculate a precise balance. The transactions are checked to make sure that the current buyer owns the coins used. The public ledger can be used as a transaction Blockchain. The Blockchain technology ensures safe digital transac...