Bitso, the first cryptocurrency exchange in Mexico, had initiated an effort to help the world fight against the deadly novel coronavirus. It was reported by an article that Bitso had made it easier for donors who are using the platform to give help for coronavirus relief efforts such as providing food for those who are left with no funds to buy meals for their families amid the coronavirus pandemic. Based on the article, the donations for COVID-19 relief efforts will be made through cryptocurrencies. 

Also, the article revealed that Bitso had collaborated with Donadora, a crowdfunding platform, to donate the use of cryptocurrencies possible. The donation initiative will accept fiat currency and cryptocurrency donations. 

The cryptocurrencies that will be included in the campaign are Bitcoin, Ether, and XRP. 

What is Bitso?

The Bitso was a cryptocurrency exchange in Mexico which was established by its three founders in 2014, according to an article. It aims to help speed up transactions and reduce transaction costs for trading activities in the country. It targets to provide support for the acceptance of cryptocurrencies in the country, the article added.  

What is Cryptocurrency?

Based on an article, cryptocurrency makes use of encryption or cryptography to generate money. 

According to the definition from Investopedia, cryptocurrency is a virtual currency. There are many types of virtual currencies. The most famous one is bitcoin. This means that bitcoin is similar to the Mexican peso, U.S.dollar, Australian dollar, Japanese yen, Swiss franc, Brazilian real, and other currencies. 

Based on the article, cryptocurrency does not have a centralized authority which makes it safe from manipulation from the government. 

Check these out:

The Advantage and Disadvantage of Using Cryptocurrencies

One advantage of having cryptocurrency is its impossibility to be counterfeited, says an article. 

Other advantages of using cryptocurrency include the ease of making payments, anonymity, the difficulty of people to manipulate information, ease of exchange with other cryptocurrencies, no inflation, and zero to minimal feels for exchange transactions. These advantages entail the freedom of those who want to have currencies that are free from governmental interference and less-hassle transactions with an exchange transaction, says an article. 

Despite the many advantages of using cryptocurrencies, it also has disadvantages. According to the same article, some of the disadvantages of using cryptocurrencies include its non-popularity, usage of complicated methods, unpredictability, and risks. Also, the article states that cryptocurrencies are not accepted everywhere. This means that some countries may not accept your cryptocurrencies if you by something from them. Additionally, the article reveals that there are people who have had their cryptocurrencies stolen due to their lack of understanding of cryptocurrency. 

By looking at the advantage and disadvantages of cryptocurrencies, those who have sufficient knowledge are given the opportunities available with this virtual currency and those who are not well-informed about the need-to-know information on cryptocurrency are left with risks.