What is cryptocurrency and how it works?

What is Crypto Currency in Simple Words

Cryptocurrency is also called virtual currency or cryptocurrency, is digital asset. That means there are no physical coins or innovoice everything is online. You can transfer a cryptocurrency to someone on the internet without a third-party , such as a bank. The best known cryptocurrencies are Bitcoin and Ethereum, but new crypto-currencies continue to be created. 

People could use cryptocurrencies to make quick payments and to avoid transaction fees. Some people might acquire cryptocurrency as an investment, hoping that it will increase in value. Cryptocurrencies can be purchased with a credit card or, in some cases, through a process called "mining." Cryptocurrencies are stored in a wallet or digital wallet, either online, on your computer or on another physical medium. 

Is cryptocurrency secure ? 

Before buying a cryptocurrency, you have to know that it does not have the same protections as when using US dollars. You also have to know that scammers are asking people to pay you with a cryptocurrency because they know that those payments are usually irreversible. 

Basic Information about Crypto Scams

Crypto piracy is when scammers use the processor power of your computer or smartphone to "mine" cryptocurrencies for their own gain and without your permission. Just by visiting a scam website, malicious code can be placed on your device. With that, they can then access your device's processor on their own without you noticing. 

If you notice that your device is running slower than normal, draining your battery capacity quickly, or crashing, your device may have been hacked. Do the following: 

Close sites or apps that slow down your device or drain your battery.

Use anti-virus software, set software and applications to update automatically, and never install a program or application that you find unreliable.

Don't click on any links without knowing where it leads and be careful about visiting unfamiliar websites.

Consider installing a browser extension or ad blocker that can help defend against crypto-hacking. But first, do some research. Read reviews and consult reliable sources before installing any tools available online. Some websites may prevent you from using their site if you have a software blocker installed.