People are now trying to make themselves educate about the cryptocurrency world. Seeing the uncertainty caused in the world in 2020, people now understand the importance of investing. There are talks in groups of friends suggesting each other to invest in cryptocurrencies. If you are looking for investing in cryptocurrencies and then you should read the blog to the last. 

In this blog, we will be covering some of the points that you should know before you signup on the cryptocurrency exchange in India. 

What is Cryptocurrency?

Cryptocurrency is another medium of exchange where the coin ownership records and is stored in the ledger. The ledger is in the form of a computerised database that uses potential cryptography techniques. It uses cryptography to secure the transactions, control the creation of additional coins, and verify the transfer of coins ownership. 

We have explained cryptocurrency in the simplest way possible. It's now time to understand the basic difference between fiat and tokens. These two are the terms in which people are generally confused. Let's dig into the details by asking questions such as what are they and what makes them different from each other.

Fiats vs Cryptocurrency

Cryptocurrency is well a revolutionary solution to set apart your real money from the digital world. There are many times when we are over-charged for paying on the digital platform to opt for a service or goods. For reducing the charges, cryptocurrency has become the popular way to pay or transfer the amount. That is why you will see people are investing in cryptocurrencies as much as they can. 

As we are talking Fiat vs Cryptocurrency, you must know that enlisting all differences is nearly impossible. As technology advances, there will be new distinctions raised sooner. But for now, let's look at the fundamental differences existing between them.

1. The government and central banks have control over fiat currency, but nobody is responsible for controlling cryptocurrencies. It means that you are independent to trade and transact the way you want. 
2. Government with coordination to central banks prints money, but individuals and private entities mine cryptocurrencies.
3. The number of cryptocurrencies mined is small as compared to the central banks printing the money. 
4. Cryptocurrency is built over decentralised methods that help people hide the holding of the credits and the wallet's location. But when you transact fiat money, each transaction is recorded and can be easily viewed.
5. The transaction is not easy to reverse in cryptocurrency, but the government or banks can quickly reverse your transactions whenever they deem it fit. 
6. When you initiate a transaction through cryptocurrency, the receiver's information is kept behind the pseudonym, and no one can know to whom the money has been sent. But when you make a transaction using fiat money, the government and central bank have all the information about the sender and receiver.

These fundamental differences between fiat and cryptocurrency give you a brief insight into why you should consider cryptocurrency over fiat.

Why Flitpay is the Best Cryptocurrency Exchange in India?

Flitpay is on the bandwagon of innovation. Since its establishment, we have tried to deliver the best to meet the trader's requirements. Flitpay was the first in India to introduce the practice platform for the tyro to understand and learn about the market. Also, we are the first in India to enable Instant deposit and UPI transactions. Flitpay is also the first Bitcoin exchange in India that has introduced Over the Counter (OTC) for our trader's. 

Let's trade on India's most trusted cryptocurrency exchange in India.