About CryptoCurrency

  1. Cryptocurrency is a form of payment that can be exchanged online for goods and services.
  2. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides.
  3. Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.

Cryptocurrencies are

There are many kinds of cryptocurrencies, but they all have the same six things in common.
  1. Digital:Cryptocurrency is digital money (or digital currency, it means the same thing). This means that it only exists in computers. Cryptocurrencies don’t have coins with a picture of a Queen’s head on them or paper notes with ‘In God We Trust’ written on them either.
  2. Peer-to-Peer:Cryptocurrencies are passed from person to person online.
  3. Global: There isn’t one cryptocurrency for Spain and another for China (for example). A cryptocurrency is the same in every country. They can be used freely between countries and across borders.
  4. Encrypted: There are no rules about who can use cryptocurrency and what they can use it for. Real names aren’t used for accounts. Each user is given codes instead. This is where we get the crypto part of the cryptocurrency definition. Crypto is Latin for hidden. So, cryptocurrency translates as hidden money.
  5. Decentralized: In the cryptocurrency world, there are no banks. Everyone is in charge of their own money, it isn’t kept in a bank. A bank is a center where lots of people keep money. Cryptocurrencies are not managed by a central server, that’s why we say they are decentralized.
  6. Trustless:The way cryptocurrencies are built means that you don’t have to trust anyone in the system in order for it to work.

Advantages

  1. It’s transparent: This means that everyone using a cryptocurrency blockchain can see every trade that’s ever been made. You don’t need to trust other users.
  2. Personal control: This means that every user is in charge of their own money, no-one but the user can get to it. It’s decentralized, remember? So, it’s different from giving the bank control of your money.
  3. It’s for everyone: Cryptocurrencies are open to every person on the planet. Banks have rules about who can have an account, crypto doesn’t. There are two billion people around the world that don’t have full access to bank accounts!
  4. It’s fast: A Bitcoin trade takes about an hour, although it can take as little as ten minutes. At most banks, an international bank to bank transfer can take 1-5 days.
  5. It’s safe: A cryptocurrency blockchain network is spread over thousands of computers, making them nearly impossible to hack.

Disadvantages

  1. It can be unstable: Cryptocurrencies need to be more popular before everyone starts using them. Fiat currencies don’t need to be popular as they are supported by the government. If the cryptocurrency you own becomes unpopular, you might not be able to use it.
  2. If you lose it, it’s gone forever: If your cryptocurrency goes missing – or you lose your private key – you can’t get it back. You can’t telephone Bitcoin to complain. Remember, it’s not a bank.
  3. Criminals like it: If you’re a criminal then this probably isn’t a bad thing, but for the rest of us — it is! Cryptocurrency accounts are hidden so people can use them for a crime. If people see that criminals and terrorists are using it, they might not want to use it themselves.

What is a faucet?

  1. A Bitcoin faucet is a reward system, in the form of a website or app, that dispenses rewards in the form of a Satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website.

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