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Nigerian Languages / Re: what is the difference between cryptocurrency and traditional currency?
« Last post by Tribalchief on Today at 11:17:49 AM »
Traditional currency includes naira,US dollars,euro and Japanese yen. Central Banks and government are the institutions that issues and regulate fait currencies.
The difference between traditional currency and cryptocurrency, it is base on their operational and accessibility models.
Traditional currency operates in centralized institutions like Banks which are governs by regulations.they are constrained geographically an operational wise.
While cryptocurrency is decentralize system,that operates without banking infrastructure, unlike traditional currency.
Let us discuss and know more about, traditional currency vs cryptocurrency
Quite educating, I must say. However, I should probably add what I understand. Third-party involvement is what we've used to distinguish these two in some ways. Cryptocurrency happens to be a digital value using encryption technology, while traditional currencies are printed and made (paper and coin) using a specific design that suits the country where they are to be used. Though, we've began to see some countries switching to the digital form.