You live in a financial system where it is impossible to track the currency or money you earn and spend, and you have an individual. Imagine living in a procedure where all your financial transactions can be followed anytime, anywhere, and by anyone, but you still don’t see the money!
It is the magic of Cryptocurrency!
Its current “Federal Reserve System” has regulatory bodies such as central councils or governments that, based on specific rules and regulations, enable the production of currency or money and force it to circulate in their ecosystem. The states’ economies are governed by cash, but new units cannot be printed without the permission of these authorities.
Cryptocurrency is not controlled by anyone and is decentralized; digital assets are created to work as a source of exchange using cryptography. As a result, transactions are recorded in a time machine or system and control the creation of new units. The entire Cryptocurrency news and its security, registry, and integrity are under the control of several. It is all done by mutual consent, and anyone can become a miner; only he/she using their computers has to back up and seal transactions and add them to the registry. The addition is done according to a systematic timestamp scheme. Once the miner confirms the transaction, a trader receives a unit, and this also generates a new unit.
The problem with the whole system is that they are designed in such a way that they can reduce the production of units over a certain period. Consequently, the number of units in circulation is limited, and when the demand arises, the value of each unit increases. When there are many of them, investing in cryptocurrencies is considered reasonable, and this is the “second magic” of cryptocurrencies.
The identity or any address of a transaction or person cannot be tracked in the system. In addition, although it is possible to trace the chain of transactions using thirty available symbols, which are ordered randomly, but not for the user in real life, in the real world. The ongoing transactions are perfectly connected to the global computer network and are completed in a split second. Confirmation takes only a few minutes, with no geographic restrictions. Each transaction in the cryptocurrency system is performed using a private key that contains large numbers. Only the owner of the key can hack the scheme. So you are completely safe!
You do not need approval, consent, or permission from any authority to start using it. Each type of Cryptocurrency has been limited in terms of its generation or supply. Thus, one can predict the exact amount of a coin at any particular time in the future. It is not debt, as in the Federal Reserve System, but real money. These are not just numbers; they are pure gold coins.
Summary
It is clear that with all of the above properties in place, your identity is hidden, your transaction cannot be changed, and you do not need anyone’s permission to start using them. Also, since they are limited in number, they are not controlled by any bank or government for the same reason.