Ban on cryptocurrency

What is cryptocurrency 

A cryptocurrency or crypto is a virtual currency that is designed to work as a medium of exchange. It is secured by cryptography for secure transactions, to control the addition of new coins, and to verify the transfer of cash. Cryptocurrency is a decentralized currency means no one has control over it. It is a computerized currency and is not issued by the government like the physical currency we use in our daily lives. It uses blockchain technology that serves as a public financial transaction database, making it impossible for the government to identify the sender or the receiver. There are many cryptocurrencies globally, but the most famous one is Bitcoin. Its value is increasing day by day, like the population of India and China.

Why cryptocurrency should be banned 

The most famous bitcoin and other cryptocurrencies are considered illegal in some countries as the government and financial companies are not able to regulate crypto; therefore, it scares the experts. Also, it had become a trend in the dark web. It is also a safe mode and the most famous way to do fraud with the new people in this market. It is also a threat to our traditional banking system.

why cryptocurrency should not be banned 

Banning cryptocurrency would hurt the world more than it would help because it is a brand new technology. Because it helps in the increasing of country economy. Banning cryptocurrency does not stop its trading or mining for others. Other countries welcomed this new technology(blockchain) which might be the future of the internet and turn out to be a new invention in technology.

 Facts about cryptocurrency 

1. Digital currencies are very volatile. The very first thing you notice that the value of these currencies is extremely unpredicted. Sometimes it goes very high and vice versa. So the exact or accurate value cant be predicted.

2.. Blockchain is the key to cryptocurrencies. Without blockchain technology, these digital cryptocurrencies are not very useful because the blockchain keeps the identities secret.

3.Miners play a very cal role Miners are those who check all the transaction which is happening in the world and are also responsible for the increasing the number of cryptocurrencies by mining them.

4.The barrier to entry is relatively low All the transaction that happens in the world is based on blockchain technology and is not tracked by anyone, so the wall or stoppage is relatively low.

5. Decentralization is key to cryptocurrency, which protects the users from any criminal attacks and remains safe from cyber attacks.

6.There are more than 1400 cryptocurrencies, and they are continuously increasing in number.

7.China is the biggest cryptocurrency mine.

8.The most popular and the most valuable cryptocurrency is bitcoin.

9.cryptocurrency is taxable.

10. who created bitcoin is still a mystery. People said that Satoshi Nakamoto created the famous cryptocurrency bitcoin in 2009, but there is no proof that the bitcoin is created by satoshi or not.

 Conclusion

In conclusion, I like to say that cryptocurrency should not be banned but should be regulated.