S4B Crypto Contest - Season 6

Assalamu alikum

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_{I am @nasir04
From #bangladesh 🇧🇩}

🔰 Dear Friends 🔰

How are you all I hope you are all well by the grace of Almighty Allah . Alhamdulillah, by the grace of Almighty Allah and your prayers, I am also very well. Today I am here to participate in the ongoing Contest Alert 📢: S4B Crypto Contest - Season 6 contest in the Steem4Bloggers community. At the beginning of the contest, many thanks to @waqarahmadshah brother, for giving us the opportunity to participate in such a beautiful contest.

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✅ How is the price of a cryptocurrency determined in the market?

Cryptocurrencies are not like the paper notes we use in our normal lives, they are electronic tokens that we can never touch, only see their digit. Therefore, the rise and fall in the value of cryptocurrencies is quite different than the rise or fall in the value of the paper notes we use.

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As I said before, a cryptocurrency is a token whose only digit we can see. When a token is released in the crypto market, a certain number of tokens of that token come into the market. If crypto users use that token more, i.e. the demand of the token is high, then the price of the token increases and if the demand of the token is less among crypto users, then the price of the token decreases.

That is, the price of a token increases or decreases based on how much demand there is in the crypto market.

✅ How can individuals purchase and store cryptocurrencies?

Since crypto is a digital token or medium of exchange, cryptocurrency has to be bought, sold or stored in the cyber world. There are many mediums to buy cryptocurrency from cyber world like Binance, Polonex and many other places from where we can buy any crypto token. After buying these tokens we can convert them to any available currency as per our wish and store them in our crypto wallet. I am a Binance user so I buy all cryptocurrencies from Binance and transfer them to my Binance wallet or my Steemit wallet and store them.

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✅ How secure are cryptocurrency transactions compared to traditional banking?

Cryptocurrency exchange is much easier, time-consuming and safe than traditional bank money exchange. Because in traditional banks, there are often third parties in crypto exchange. And having a third party in any physical transaction is very risky. Cashless bank transactions require us to spend valuable time and effort in visiting the bank, which is annoying at times. Moreover, we often lose our money due to the transportation system.

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There is no third party between me and the partner in cryptocurrency transactions, making it completely secure. We can transact our crypto anytime, anywhere in just a few moments without any hassle. We don't need to transport them to transact it. So there is no fear of losing them.

Therefore, in my opinion, after reviewing the above points, it can be seen that cryptocurrency transactions are much more secure than traditional banking.

✅ Can cryptocurrency be used for illegal activities like money laundering?

Yes, cryptocurrency is used in various illegal transactions or activities, and these are called money laundering.

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Currently, unscrupulous people can use their illegal money to buy cryptos from various sites and smuggle them abroad. Again, the government gets a certain amount of tax from the things we buy with domestic paper notes. But, if we buy the goods with cryptocurrency, the government does not get any tax from them.

Money laundering is the practice of money laundering from the countries mentioned above and the use of these cryptos to buy goods by defrauding the government. Since, taking a service using cryptocurrency, no one can interfere with it except the service provider and recipient. Therefore, no one can stop the illegal activities there.

I want to invite @alamin19 @nahid28 @rajusam to this contest. Here is the contest link.

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•Best Regards,,
•@nasir04