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What is Cryptocurrency? A best Guide

Cryptocurrency is a virtual money type. In this type of currency, we can exchange the values within the hidden information. It made by the two words Crypto & Currency means data encryption (converting data or information into a code for protect too sensitive information online) & currency mean the medium of exchange. It’s an alternative form of currency in cash or credit/debit cards. It is not authorized by any government, bank or men. People can use it for online transactions or online shopping. Bitcoin was first cryptocurrency and it was released in 2009 by Satoshi. For trading online in bitcoin you can use app

What is blockchain?

In a blockchain, all transactions of network members are stored. It’s a combination of computers connected to each other, and not connected to the central server. All computers connected to one network. When a new transaction appears all computers copied it. It cannot be changed without the consent of all network participants. Blockchain technology is very widely used in global payment system. It is also actively used in research, medicine, management, politics, education, etc

What is cryptocurrency mining?

The process in which new transaction is checked and new blocks are added to the blockchain. It solves complex cryptocurrency tasks. Mining is the one possible earning of cryptocurrency. For creating each new block miner gets a good reward. In addition the complexity of mining increases. 

Why cryptocurrency is most trusted exchange?

  • Secure wallet technology: In cryptocurrency, the loss of coin never happened. Its world top security team develops hot and cold wallet technology.
  • Full range of products: Cryptocurrency has a full range of products. The user can purchase any product which he demands all over the world.
  • Worldwide customers: cryptocurrency has full range of services for its users from over 130 countries. 

Advantages of cryptocurrency

  • High transaction speed: cryptocurrency takes hardly a few minutes to initiate a transaction. Cryptocurrency is a quick transaction process. If you are doing your transaction using cryptocurrency then you don’t need to wait for getting your payment processing. 
  • No leakage of personal details: the use of cryptocurrency reduces the risk of fraud and leakage of personal details. It doesn’t use any identity of users. It uses only the wallet address of the sender or receiver.
  • No boundaries of transactions: It’s most noticeable advantage of cryptocurrency. There is no restriction of transactions. The user can send money at any time at anywhere without any restriction.
  •  Great flexibility: It’s much more flexible in use. A large number of stores, restaurants and other businesses already use cryptocurrency payments. This provides great flexibility and freedom for investors.
  •  Irreversible payments: In the cryptocurrency payment system after the conformation of transactions, payments can’t be reversed.
  • Fully secure system: Cryptocurrency funds are locked in a public key cryptography system. It is impossible for any other person to make any payment from the wallet, other than the owner of the wallet.

Disadvantages of cryptocurrency

  • Difficult to understand: It’s a new age currency based on quite complicated blockchain technology. Before investment user should get proper knowledge.
  • Not accepted widely: Even its demand is increasing day by day, but many countries/governments not accepted it officially. For this reason, the use of cryptocurrency is very limited. 
  • Irreversible Payments: If you pay someone mistakenly using cryptocurrency then there is no option for you to get your payment back. 
  • Losing wallet password: If users forget his cryptocurrency wallet password, it is not possible to get his lost data because of high security, which can be disastrous for user. 
  • Support black market: In cryptocurrency, the identity is not revealed, anyone can misuse it. It totally supports black marketing and money laundering. It dangerous because of password hackers.

Conclusion 

The future of cryptocurrency could be so bright if some conditions fulfilled. It facilitating trade, cost reduction, Bitcoin and other known cryptocurrency have the ability to replace traditional payment methods. But to achieve that and become a dominant power in global system payment they must overcome to critical challenges. As Bill Gates (co-founder of Microsoft) also said about it that, if there was any easy way of getting Bitcoin shorted, I will do it. It’s mean it’s too much required for cryptocurrency to made it easy and user friendly for have a good future.

ALSO READ  Things You Should Remember Before Allowing Your Child To Use Internet

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