Good day friends, family warm greetings from me today I am participating on a contest titled s4b crypto contest season 6 in the steem for bloggers community. HOW IS THE PRICE OF CRYPTOCURRENCY DETERMINED IN THE MARKET.
Firstly cryptocurrency is a digital form of money used to process transaction it is used buying or selling things and also it can be bought or sold.
The price of a particular cryptocurrency is determined by the amount needed or the demand for that particular crypto, if the demand is high ⚡️ and the supply is low there is a tendency that the price definitely is going to be high also if the demand is low and the supply is low or high the price is definitely going to fall 💦.
HOW CAN INDIVIDUALS PURCHASE AND STORE CRYTOCURRENCY.
Due to technological improvement anyone who has the money can now buy cryptocurrency in just a click. What I mean is that it is now easy for people to purchase crypto by using apps like luno bitcoin and the rest. In this app you can buy crypto like bitcoin, ethereum, ripple(xrp) and many more. To store cryptocurrency users are to use the different types of wallet such as binance, trust wallet, roqqu wallet, okx wallet and many others. In storing crypto, each have their various wallet address. The wallet address used for bitcoin cannot be used for shiba or any other crypto it is for only bitcoin alone same thing apply to others.
HOW SECURE 🔐 ARE CRYTOCURRENCY TRANSACTION COMPARED TO TRADITIONAL BANKING.
Crypto transaction are safe, secure 🔐 and fast in the sense that in processing a transaction you just have to enter your wallet and process your transaction.
Also it is so safe that most of the time to complete your transaction you have to use your biometrics that is fingerprint 👆 to finish your transaction. Most people use face authentication, this particular one uses only one face 😀 and it is the best. Without someone having access to your phone to change the fingerprint or face authentication he or she cannot process transaction. But in the case of a bank if someone knows your pin alone and had access to your phone he or she can easily process transaction and delete ❌ the message.
CAN CRYPTOCURRENCY BE USED FOR ILLEGAL ACTIVITIES SUCH AS MONEY 💰 LAUNDERING.
Yes cryptocurrency can be used for illegal business like money laundering, scamming of people etcetera. That iandf you fall into the wrong hands 👋. Example a person goes to the app store or Google play store to search for a mining ⛏ app let's say for instance bitcoin mining app there are so many types of bitcoin mining app there bit the problem is which one is the right one, then let say he or she downloaded one of the app and start mining, then eventually reaching the minimum or before reaching you are being asked to pay some money to continue mining ⛏ please that is scam. Also if you go to wrong website to buy crypto, and eventually you pay money and the crypto coin is being sent, you saw it but you cannot resell it or within 24 hours you no longer see it please that is scam and also money laundering.
Thank you for stopping by at my post I wish to sincerely thank you all. I will like to invite @bonaventure24, @onomzy001 and @anthony002 to also come and take part in this contest thank you.