Blockgeek defines cryptocurrency as a digital currency built with cryptographic protocols that make transactions secure and difficult to fake. Cryptocurrencies are decentralized, meaning they are not subject to government control or regulations.  Thus, transfers can be made with low processing fees through the use of public and private keys for security purposes. Users are able to avoid the usual fees charged by banks and other financial institutions.

On the flip side, due to lack of regulation and any form of control, criminal elements and terrorists can maintain anonymity when transferring funds for terror funding and money laundering. In addition, cryptocurrencies are subject to unpredictable fluctuations and instability.

Facebook is currently in the process of launching a new form of cryptocurrency in its WhatApp messaging platform known as stablecoin. This type of cryptocurrency is pegged to international currencies and is subject to a higher level of control and stability.

Image courtesy of freepik


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