They are tokens that can be used as a form of payment in exchange for online goods and services. However, they are often criticised for the possibility of misuse in illegal activities, exchange rate volatility and the vulnerability of the infrastructure underlying them.Ĭryptocurrencies work using a technology called blockchain.
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Plus, the digital structure facilitates free portability across geographical borders, divisibility and transparency. Because cryptocurrencies do not have an underlying economic base, they are inflation-proof. Such currencies, theoretically, are immune to government interference or any kind of manipulation. They are built on the blockchain network technology, which ensures transparency and helps track every transaction. Cryptocurrencies are decentralised, meaning that no authority regulates them.
They have their own store values, and are designed to use as a medium of exchange for buying goods or services.
Cryptocurrency is a digital or virtual coin secured by cryptography, which makes it next to impossible to counterfeit. The big difference is, here there is no owner-issuer and it would, at least in theory, be accepted globally. SafeMoon price as on Jun 12, 2023, 11:55 AM was Rs 0.013493.Įver received a paper token from your next-door paan shop in lieu of a small change, which he would accept the next time you visit him? Imagine that token digitally, and that's your cryptocurrency.
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