#ما is crypto
✨ Crypto is a digital payment platform that eliminates the need to carry physical money. It exists only in digital form, and although people primarily use crypto currencies for online transactions, it is also accepted for some physical purchases. Unlike traditional money issued only by governments, digital currencies can be obtained from various companies in the crypto market.
Digital currencies are generally referred to as crypto because it uses encryption, making it tamper-proof or preventing double spending. This keeps cryptocurrencies away from manipulation or government intervention. Digital currencies are fungible, meaning the value of the digital currency remains the same when bought, sold, or traded.
Owning cryptocurrency does not involve any physical or tangible elements. While you can hold traditional money in a bank or financial institution, you store digital currencies in a digital wallet. Investors have the freedom to use it as they wish, or store it, or transfer it to another digital wallet without relying on a third party as in the traditional banking system. However, while banks secure funds held in bank accounts against loss, cryptocurrency exchanges do not provide the same level of loss protection.
Bitcoin, the first widely recognized cryptocurrency in the world, has gained tremendous popularity. At one point, the name Bitcoin was synonymous with cryptocurrencies in general as a name. However, investors must realize that the cost of holding Bitcoin has risen significantly. In 2021, the price of a single Bitcoin reached $68,000, but as of mid-2023, it was trading at around $30,000. But the good news is that you do not always have to invest in a digital currency in full; you can buy or trade small parts of it.
