Cryptographic assets virtual currency is electronic data assets that do not have physical properties, and there is no guarantee of countries such as legal currency. Therefore, all assets are mainly managed by a system called a blockchain. It is used for remittances and payments on the Internet and is being traded with fiat currencies or crypto assets on exchanges around the world.
Blockchain is a technology that records several transactions in one block and connects them in a chain. All transactions are open to the public to prevent unauthorized transactions. In addition, advanced encryption technology is used to record transactions so that they cannot be tampered with.
Direct transfer between individuals
Generally, when sending Japanese yen or foreign currency, it is necessary to send it through a financial institution such as a bank. However, crypto-assets can be exchanged between individuals.
Just as you meet and pay for money, you can pay for it directly with crypto assets. If you want to trade in bitcoins visit the image given below:
There is no fee or if any then it is very less
There are certain fees for bank transfers and credit card payments. Therefore, it can be said that it is unsuitable for sending and buying small amounts. However, crypto-assets do not have an intermediary organization, can be exchanged between individuals, and can be remitted and traded at no cost or at low cost.
Universal units of the bitcoin
Normally, you will need to exchange money for example; yen to US dollars to use Japanese yen overseas, but crypto assets are the same unit all over the world. Currently, the number of shops that can pay with crypto assets is increasing. If it can be used all over the world, it will be possible to travel with only crypto assets.
It was developed by a team independent from the Bitcoin development team in order to solve the scalability problem caused by the increase in the trading volume of Bitcoin and the decrease in transaction speed.
As a solution to the scalability problem, we adopted a method of increasing the block size maximum capacity.
It was developed for the purpose of assisting issues such as long transaction approval time for Bitcoin. The issue limit of Bitcoin is 21 million, but it can be said that the issue limit of Litecoin is set at 84 million, which is four times that of Bitcoin. Litecoin is said to be a crypto asset suitable for small payments because it has a shorter approval time than Bitcoin and costs less.
The US dollar, whose currency value has been declining for many years, has the largest share as the de facto key currency in the current international monetary system, where there is no international rule that regulates the key currency. It is a payment currency. Based on this fact, it is suggested that the function as a means of exchange is more important for a currency than the function as a means of storing value. The reason is that the function as a means of exchange relies on general acceptability based on its reliability and network externalities work. The currency that once dominated the world market as a key currency in the settlement of world economic transactions will maintain its position from the demand side. This is called the law of inertia in the base currency. Considering these, it is difficult for the virtual currency that has emerged suddenly to counter the existing currency and to have a function as a comparable exchange means.
It goes without saying that the applicability of virtual currency such as bitcoin as a settlement method is considerably limited as compared with existing currencies such as US dollar and Japanese yen. In a closed world settled with a specific virtual currency cannot be said to be a currency that has a sufficient function as an exchange means. It would be different if we could get paid and pensions with Bitcoin and be able to do all the shopping with Bitcoin in the future.
It is expected that the application of blockchain to payment methods will greatly contribute to the future development of payment systems and related economic and international trade transactions.