Understanding basics of cryptocurrency to accept it

With a solid understanding of cryptocurrency basics, everybody decides whether to invest in cryptocurrency using their own money and to what extent it is okay to lose money, each person can take responsibility at their own risk is most important.

Shouldn’t you ban those things you don’t understand?

“Cryptocurrency” was originally designed with the purpose of “realizing remittance cheaply” and “supporting socially significant activities”. At the moment, these goals have not been fully achieved, but if technology develops well in the future, new mechanisms may be created that will make people’s lives significantly more convenient. For that purpose, it is important to actually try it out in the world, and it makes sense to recognize the use of existing virtual currencies, accumulate examples, and promote further technological development. Of course, it is necessary to prevent crimes such as money laundering and remittance of terrorist funds, and to provide certain user protection. For this reason, country has revised the Funds Settlement Act, etc. regarding virtual currency, requiring registration of virtual currency exchange companies, confirmation of identity when starting transactions through exchange companies, and provision of appropriate information to users.  Browse https://thebitcoinrevival.com for further information.

Can “cryptocurrency” theft happen again?

Last year, a case where a large amount of “virtual currency” was leaked from a virtual currency exchange agent by unauthorized means attracted great public attention. The case is still under investigation and details are unknown, but subsequent inspections by the Financial Services Agency have pointed out that it may have been insufficiently prepared for fraud prevention as an exchange. In the country, similar inspections have been conducted by other companies, and confirmation has been made as to whether fraud prevention measures have been taken or whether customer assets have been segregated and managed. Has been issued an improvement order (new orders may be issued in the future). However, there is no absolute security in the world. Cryptocurrency is a mechanism that has just been born in the world, and it can be said that the technology for securely storing it is still developing. Also, since country is known around the world as a cryptocurrency trading country, it is possible for bad guys from around the world to look at cryptocurrencies traded in the country and apply various tricks. If you own cryptocurrencies, you need to understand these risks.

As you can see, the “virtual currency” is still in its development stage, and there are both good and bad aspects. In that sense, it is important to think carefully about the purpose of owning a cryptocurrency as yourself, without being confused by the word “currency”, high-tech image, or various rumors flowing in the world.

  • Saving money on exchange fees
  • In the future, if salaries are paid in bitcoin, you can save a lot of money on exchange fees.
  • Bitcoin payments can be made basically without differences between countries.
  • If you use Bitcoin, you can make payments without having to exchange money.
  • In particular, there are considerable benefits for those who frequently use overseas mail-order sites and those who travel between countries.

The same is true for overseas remittances. Usually, remittances overseas are exchanges in your home currency. However, if both the remittance source and the remittee use bitcoin, there is no need to exchange money, and the commission will be lower. Global adoption of Bitcoin payments is expected to create a significant savings on foreign exchange commissions.


Available services are expanding

If you want to use it as a payment method, you need to be able to use Bitcoin in more services and shops.

At present, there are still services that do not allow bitcoin to be used, although their use is spreading.

All think Bitcoin is still catching up with traditional currencies in terms of versatility that can be used anywhere.

Large fluctuations in value

Bitcoin is a currency, so there are exchange rates with other currencies. Bitcoin’s value has not yet been determined, and it is used for speculative purposes.

Because the value changes by more than 10% in one day, it is considered that foreign exchange risk is a little high to keep as a settlement method. In the future, as currency spreads and its value in the market is determined, it may become a stable payment method.

Risk of loss of deposited funds

Bitcoin’s system itself is quite robust structurally, so its stability as a currency is valued around the world.

However, in the past, there were companies that operate a service called Bitcoin that stores Bitcoin, which exploits security vulnerabilities and leaks customer deposits.