Cryptocurrency, also called virtual currency or cryptocurrency, is digital money. That means that there are no physical coins or banknotes. The most popular cryptocurrencies are Bitcoin and Ether, but is cryptocurrency real money?
Cryptocurrencies are not issued by any monetary authority, so they do not follow any regulation, nor do they base their value on assets or reserves in banks. Their value varies according to people’s credibility and acceptance.
Their price is affected by supply and demand and by the quantity of each coin issued.
Is cryptocurrency real money?
Of course, if it is real money, today, with cryptocurrencies you can pay for services, withdraw cash and buy hundreds of products, you can do it in several ways:
1. Through an exchange
An exchange is a virtual cryptocurrency trading platform, which allows customers (traders) to buy/sell cryptocurrencies and exchange one type of cryptocurrency for another or for fiat money. Exchanges can be compared to exchange houses.
2. Person to person
Some people engage in buying and selling cryptocurrencies informally is a bit risky, but it is very common in this type of exchange.
It is already very common to find ATMs in cities around the world. The number of bitcoin and other cryptocurrency ATMs in the world increased quite a lot in the last year, their exchange rate is a bit higher than that of other means of exchange.
4. Exchange Platforms
How much does it cost to exchange cryptocurrencies to cash?
Each form of exchange to cash has a commission cost established directly by each entity, it is not generalized and therefore some are higher and others favor users a little more.
Can I pay directly with cryptocurrencies?
Many businesses have opened to accept cryptocurrencies as a means of payment in their establishments, also some pages can be purchased all kinds of items, as of cryptocurrencies accepted, there are some that have remained firm and stable.
Cryptocurrencies generate great curiosity due to their characteristics, which makes them attractive to the world’s economy.
People may use cryptocurrencies to make quick payments and to avoid transaction fees. As with any other investment, before investing in a cryptocurrency, know what the risks are and learn how to spot a scam.
Speed is what differentiates cryptocurrencies from traditional banking, while a bank transfer can sometimes take up to 3 days, a cryptocurrency transaction is settled in a few minutes. This confirms that a cryptocurrency is real money and may become the money of the future.
It is the only technology that allows you to send money from one part of the world to another without an intermediary to carry out the transaction, you have total control of your money. All you need is a computer or a cell phone and can make transactions with whomever you want whenever you want.
The views and opinions expressed herein are solely those of the author and not necessarily those of Bixxus. Your cryptocurrency investments involve risks, and you should do your own research.