Where did cryptocurrency come from and why is it needed

Why cryptocurrencies? After all, digital money, payment systems, electronic wallets have already appeared, which made it possible to pay for goods or services via the Internet, literally without leaving home. But only cryptocurrencies make it possible to transfer money instantly between users, while maintaining complete anonymity. There is no need to pay commission fees to intermediaries; settlements are carried out directly between transaction participants. And the question “what can I buy for bitcoins”, there are more and more answers every day.

Differences of cryptocurrency from familiar money

We are all accustomed coinbase pro to the so-called “fiat” money, in the form of banknotes, coins or funds on bank cards. We traditionally pay in hryvnias or dollars, rubles or euros. We know what inflation is, regulation of currencies by the state, and so on. How is cryptocurrency different from fiat? Why, along with new electronic money, such words as “bitcoin exchanger” or “online cryptocurrency exchanger” came into our lives?cryptocurrencies

Lack of physical expression. When buying any product in the store, we take out a wallet and count out bills and coins. Transferring money through an electronic payment system, we also pay with fiat, familiar money, albeit in a virtual form. Cryptocurrencies exist only in the form of computer codes that cannot be held in your hands. Bitcoin or Ethereum, Lightcoin or other cryptocurrencies simply instantly move from one crypto address to another. For example, if you are exchanging Bitcoin for Privat24, you still will not see the money, just a computer code will be exchanged for a certain amount of bank money.