Cryptocurrency is also said to be a cyber currency or digital currency or virtual currency. A cryptocurrency is a decentralized, digital, encoded, and autonomous medium of trade. Unlike the Euro or US dollar, there is no central control or authority that manages and sustains the value of a virtual currency.
Total No. of Cryptocurrency and its Worth
According to Coin Market Cap, a market analysis website, over 17,000 distinct cryptocurrencies are traded regularly. Cyber currencies are still on the rise. Today the total worth of all cryptocurrencies was over 1.7 trillion dollars, down from an all-time high of almost 2.9 trillion dollars at the end of 2021.
How do I invest in Cyber Currency?
- Decide Platform: First of all, you will need a wallet for exchange. Create an account on exchanges like Coinbase, or Binance, and a broker for beginners like Robinhood, which can help you to invest in Cyber Currency.
- Think about how to store this currency: Then create a wallet (hot wallet or cold wallet).
- Purchase: Decide how much money you want to invest in cryptocurrency.
- Take care of your money: Make a long-term strategy for this asset.
Digital Currency Advantages
- In cryptocurrency investment, there can be no manipulation, fraud, or scam. It’s both safe and digital.
- There are no charges, no stressful situations, and no documentation required for ownership transfer.
- There isn’t a possibility that your personal details and information will be leaked.
- The financial system is largely based on transaction processing by third-party intermediates. Cryptocurrencies and the blockchain provide an alternative solution. They can be viewed by any person, anytime, anywhere, allowing you to trade in global markets and make trades without the use of any intermediaries.
- Another benefit that cryptocurrencies, unlike traditional banking, is that the crypto markets are constantly open. Cryptocurrency is being traded 24 hours a day, 7 days a week.
Cyber Currency Cons
- Typically, illegal transactions and actions may be carried out through the net using digital currency. However, because no one has control over it, no government can restrict it.
- The market of Cyber currency is extremely unpredictable and highly volatile.
- Because no firm controls this currency, you are unable to claim it. Unfortunately, if you have a problem or lose crypto, you will not be able to report it to anybody. So, anytime you’re picking a wallet, make sure it has a strong reputation and can be trusted.