100 Words Essay on Cryptocurrency in English

A crypto currency is a type of currency which uses digital files as money- there’s no coins or cash. The most popular crypto currency is called Bit coin. Over 15,000 companies worldwide accept Bit coin as a payment method. This is a system which has helped the economy of the state as well as the economy of one’s personal life. The aim of Crypto is that it will ensure that each and every person in every economy has access to and can benefit from basic financial services. The advantages of crypto currencies include cheaper and faster money transfers and decentralized systems that do not collapse at a single point of failure. The disadvantages of crypto currencies include their price volatility, high energy consumption for mining activities, and use in criminal activities. There has also been a lot of scamming regarding this field and therefore, one much is extremely careful, which has also become a big risk. If one is really interested in this field, then one must thoroughly study about the risk and gain of this. The first entry among countries using crypto currency would be El Salvador. Another fact to keep in mind is that,  in 2020, India’s Supreme Court struck down the country’s central bank’s ban on providing services to crypto currency traders.