A contract is a legal paper which binds the involved parties into certain terms and conditions laid down as per the laws. Having said that, this sort of arrangement has no scope in cryptocurrency since it is a decentralized system. It is for this reason that it is important to have a smart contract which allows you to protect your rights while carrying our trade in cryptocurrency. You will find quite a few types of a real-world smart contract that has proved to be very efficient for the people.

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