Confused about Crypto? All FAQs answered

Cryptocurrency is probably the hottest topic on earth right now. One can go on the internet and find whatever they want to learn about them. But here is a catch! Not everything that’s on the internet is true! There are even people who claim to know every aspect of it. But like any financial fact, it’s better if it’s validated from a genuine source.

Worry not, here are some FAQs around cryptocurrencies and the factual answers to them shared by WYZth.

1. What is cryptocurrency and how does it work?

Cryptocurrencies are a form of tender used for payments that can be transacted online for various purposes. There are several companies that have made their own currencies that are usually known as tokens which can be specifically traded to avail the goods and services that the particular company offers.

Cryptocurrencies work based on the technology called blockchain. Blockchain is a digital ledger that is connected to innumerable computers around the world.

2. What is the main purpose of cryptocurrency?

The primary purpose of cryptocurrency is to overcome the issues with the fiat currencies by decentralizing the finances and putting the power solely in the hands of the currency holders. By doing that the powers that are held by the governments and the financial institutions will be nulled that can solve problems like inflation and agency charges. All of the cryptocurrencies adhere to the 5 properties and 3 functions of money. They each also attempt to solve one or more real-world problems.

3. Is it good to invest in cryptocurrency?

Investing in crypto assets comes with a number of risks but can also prove to be extremely profitable compared to the other investment options. As lucrative as it may sound, one needs to have thorough research before betting their money on the digital currencies. In the long run, investments in cryptocurrencies promise excellent results. In fact, currencies like WYZth are here to make it better!

4. What is the disadvantage of cryptocurrency?

There are some disadvantages from the business perspective that come with the use of cryptocurrency. One cannot discard the possibility of losing their virtual wallet and all the money in it. This is usually the case with non-genuine exchanges. There have also been thefts from websites that allow storing of remote storing of cryptocurrency.

5. Is cryptocurrency the future?

Cryptocurrencies like Ethereum, Wink, WYZth etc. clearly have the potential to be majorly used in the near future. It can also replace the traditional currencies in the long run. In spite of the volatility and the fluctuation in the prices that come along with it, these digital assets can well become a primary mode of payment with a few technological advancements. Especially with the advantages of decentralized finance and the number of possibilities that it offers, cryptocurrency sure can become people’s favorite in the coming times.

And in this world, WYZth is initiating revolutionary changes in the cryptocurrency community too.

Remember-

Things around cryptocurrency, like any technology, keeps changing and developing with time. One needs to stay updated with things and adapt with time to keep up with the pace. Cryptocurrencies are here to stay, and it’s never too late to indulge yourself in anything new.

WYZth is committed to developing TRON-based DeFi protocols and aims to provide all-in-one financial solutions to its community. Know about it here and start your journey.

Happy Trading!