How to identify genuine CryptoCurrency?

How to identify genuine CryptoCurrency?

In this blog we will talk about how to make your carrier in CryptoCurrency and how to identify which is genuine and which is fake currency?

The first question that arises is what is genuine CryptoCurrency?

There are two types of CryptoCurrencies namely:

Centralized and Decentralized

Centralized currency is the currency controlled or governed by any company or a person, which is a property of any company or a person. This is a centralized currency. They don’t have any acceptance, you cannot use that currency to buy things from outside and you can only use that particular currency in those particular groups of people who own it. This is not public currency you cannot use it to buy things from merchants or from companies. They cannot be converted into Bitcoin or any other cryptocurrency and are not listed on any other trading platform. Also their mining is not possible.

In that case mining can be done only by that particular company which owns it. It is not an open source currency.

If these factors are present in a particular CryptoCurrency, than it is not a genuine CryptoCurrency. There are many companies running in the market who say they are going to make future bitcoin. But that’s not true.

Future Bitcoin can only be created if the currency is genuine and decentralized. If everyone can do mining of that currency then it is a genuine CryptoCurrency. The genuine currency should be open-source, it can be converted into Bitcoin or any other CryptoCurrency and can be traded on public platforms.

So be careful in choosing the right cryptocurrency and invest in it!!

 

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