Update #52: writing expedition ✍️ Wednesday: crypto/technology

Good day to all steemians on this platform. I hope everyone is doing great. I am currently participating in the writing expedition contest. So today I am going to give you information concerning crpto.

Now to begin, what is crypto?

Crypto is a digital currency, often used as an alternative payment procedure and used in theoretical investment. These currencies make use of cryptographic techniques that regulate the way spend them without the need for a central bank. The make use of encryption technologies known as Blockchain.

Types of crypto currencies
1.Payment cryptocurrency :
This type of cryptocurrency is used as an intermediate of exchange and can also allow individuals to buy and sell digital resources directly with one another electronically. This type of cryptocurrency is meant to be a general-purpose currency. Examples include: bitcoin, Monero, litecoin.

2.Utility tokens:
This type of cryptocurrency uses tokens. These currencies are created more and more so it's value is expected to fall. this type of cryptocurrency is meant to be a specific-purpose currency. Examples are: Ethereum.

3. Stable coins;
These coins are made to provide a store of value to a particular currency. Although these currencies are built on a Blockchain, the can be exchanged for one or many fiat currencies example in includes : Tether USDT

4. Central Bank Digital Currencies (CBDC):
These currencies are often issued by central banks of different countries. These currencies are often issued in token form or with an electronic record that is related to currency of that country. Examples include:
The sand dollar by the central bank of Bahamas and the digital ruble by the bank of Russia.

Advantages of cryptocurrency
1. It is decentralised meaning that it is not owned by any financial or government institution.
2. It makes money transfers cheaper and faster.
3. It creates accessibilities to financial services.
4. Cryptocurrency networks are secured by cryptography hence it is safe and has security benefits.
5. It serves as protection against inflations

In conclusion
I hope you have been able to a lot of useful information concerning crypto from this post. Have a wonderful day.