Buying property with Crypto Currency, North Cyprus
Crypto currency across the globe has been gathering popularity at an alarmingly fast pace. But why is it so popular? And what is Cyrpto currency?
It is one form of digital currency. Digital currency (virtual money) is moved around by computer systems especially through the internet and does not have a central bank. Digital currency includes Crypto currency and virtual currency through various forms. So now that we’ve established that Crypto currency is a form of digital currency what makes it different to anything else?
Digital currencies are essentially e-cash that doesn’t need any special indigenous methods to encrypt them. Cryptocurrencies, on the other hand, are stored on a blockchain and the coins themselves are stored in ‘wallets’ that offer a much higher degree of cyber security. A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralised record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party. A blockchain is a decentralised ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority.
The 10 Most Common Types of Cryptocurrency
- Bitcoin (BTC). Bitcoin was the first cryptocurrency to be created and it is by far the most invested and trusted crypto currency.
- Cardano (ADA) …
- Binance Coin (BNB) …
- USD Coin (USDC)
- Terra (LUNA)
- Avalanche (AVAX)
Which countries have legalised the use of Bitcoin and similar crypto currencies? And why it continues to grow?
- United States.
- The European Union. …
- Canada. …
- Australia. …
- El Salvador.
- United Kingdom
- The Turkish Republic of Northern Cyprus
Turkey has banned the use of use of Crypto Currency to pay for goods and services but it permits the trading of them.
What are the advantages of Bitcoin?
Payment freedom – It is possible to send and receive bitcoins anywhere in the world at any time. No bank holidays. No borders. No bureaucracy. Bitcoin allows its users to be in full control of their money.
- Choose your own fees – There is no fee to receive bitcoins, and many wallets let you control how large a fee to pay when spending. Higher fees can encourage faster confirmation of your transactions. Fees are unrelated to the amount transferred, so it’s possible to send 100,000 bitcoins for the same fee it costs to send 1 bitcoin. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currency and depositing funds directly into merchants’ bank accounts daily. As these services are based on Bitcoin, they can be offered for much lower fees than with PayPal or credit card networks.
- Fewer risks for merchants – Bitcoin transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks, and there is no need for PCI compliance. Merchants can easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets, and fewer administrative costs.
- Security and control – Bitcoin users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods. Bitcoin payments can be made without personal information tied to the transaction. This offers strong protection against identity theft. Bitcoin users can also protect their money with backup and encryption.
- Transparent and neutral – All information concerning the Bitcoin money supply itself is readily available on the block chain for anybody to verify and use in real-time. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. This allows the core of Bitcoin to be trusted for being completely neutral, transparent and predictable. (Source Bitcoin.org)