What is the purpose of cryptocurrency?

Cryptocurrency got its name based on the fact that encryption is used to verify the transactions in which it is involved. This means that for the storage and transfer of cryptocurrency data between wallets, advanced coding is used. The purpose of encryption is security.

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Encryption protects the cryptocurrency owner: if you follow the basic safety rules, no one will take this money from you. The cryptocurrency belongs to you, and only you know about it. No government can prohibit cryptocurrencies because they are stored in a distributed ledger, meaning they are decentralized. This means that cryptos are not managed from any central authority.

💭 For what was cryptocurrency created?

Even though bitcoin inventor Satoshi Nakamoto himself was not a libertarian, it was precisely such political and philosophical views that the first followers of bitcoin held. Their ideals were political freedom and autonomy, freedom of choice, confidentiality, and security when sending and receiving information.

The cryptocurrency was created to enable anonymous wire transfers. Additionally, now it is a powerful investment tool; that is, it can be used to make money. Like regular money, cryptocurrency is a universal product that can serve as a measure of value when buying and selling other goods.

💭 Will cryptocurrency replace fiat money?

In December 2019, the Imagine 2030 report from Deutsche Bank analysts was actively discussed in the media. In the report, Germany’s largest financial conglomerate researchers tried to imagine the society of the future. Among other points, the report highlights the statement that cryptocurrencies will replace fiat money by 2030. According to the bank experts, over time, the human community will show an increasing demand for anonymous means of payment.

Will cryptocurrencies be able to replace fiat money? Perhaps, but a lot of time should pass before this moment. For cryptocurrencies to take fiat out of circulation, it is necessary to eliminate current shortcomings and prepare a legal framework for them. And most importantly, for cryptocurrencies to displace fiat, it is necessary to use them more widely in real life.

💭 What is the easiest way to buy cryptocurrencies?

Broxus Bot offers the easiest way to buy cryptocurrencies. To use it, you just need to install the Telegram messenger on your device and launch the bot. The purchase is carried out by using a bank card and takes place in the form of a dialogue with the bot. It takes seconds and is completely safe. Just give it a try!