Before we move on to any topic, the basic question of ‘what is what’ is needed to be answered. Which will be a great aid to known much about the topic. So, let’s see what is meant by Cryptocurrency?
Cryptocurrency can be another vise known as Virtual coin or digital asset, which is used as a medium of exchange, mostly used for financial transactions. It is build based on the Blockchain technology to achieve the Decentralization methodology. This Decentralized method uses distributed ledger technology and it can also be referred to as a public financial database.
In the simple term, instead of currency this crypto coins and tokens are used for the online transaction. Each cryptocurrency has certain value and it may differ based on it is development.
Origin of Cryptocurrency
In the early 90’s this concept was introduced and had many back drops to itself. Though without give up, the constant repetition of attempts results in success. Finally, the fully decentralized payment system is launched on 2009 by Satoshi Nakamoto.
Where after that diverse crypto coins and tokens are started to create and using in the global digital market in wide range. For various purposes now this cryptocurrency are started to use in diverse field.
Cryptocurrency Working Process
The cryptocurrency has a peer-to-peer connection because of the Blockchain concept. In each block, a detail is stored and recorded for future purposes. This Cryptocurrency working procedure can be noted as step by step process, which is explained in the below.
Step1: Transaction — Whenever a person planned to buy or sell anything, the transaction obviously happens there. And it becomes must when there financial exchange plans to take place.
Step2: Mining — After choosing the amount and selecting send option, then this mining process take place. This mining is an important step and it is timing are given high preference while the creation as well as on the usage of the respective coins.
Step3: Wallet — Now a days, every digital assets are stored in wallet for the safety precautions. The name itself acknowledge it is usage and purpose.
Role of Cryptocurrency in the Business World
In the current Business World, Cryptocurrency plays a supreme role and made a mild stone in various platforms and finally started to show it is influence in all fields related to Business world too, where cryptocurrency started to become a part of it.
Cryptocurrency don’t alone used for financial transaction but also started to aid in various and some examples are mentioned here.
l ICO Token — This token is used for the collecting the funds for their respective business investment.
l Ethereum — It is one of the famous altcoin, which enabled Smart Contract and DApps.
l Litecoin — Which is referred as ‘silver to bitcoin’s gold’, is vastly used among the merchants for the speedy transaction.
l Zcash — For the extra security and privacy purposes this Altcoin is used.
Instead of transferring money, people begin to assign the coins for their trades instead of exchange of amount and the response for this idea went wild. That it made the cryptocurrency as a part of the Business world and slowly earned the trust of the authorized persons plus kickoff to get a place like mandatory one.
Traits of Cryptocurrency
Here is the top-notch features of the cryptocurrency, which is must known before using any cryptocurrency. They are,
v Fast and Global
v Highly Secured
Pros and Cons of Cryptocurrency
Anyway, whatever the concept boomed and introduced in the world, it has its own pros and cons. So, checkout about the cryptocurrency benefits and non-benfits here,
Ø Secure transaction
Ø No third part involvement
Ø Stored safely
Ø Multi Cryptocurrency Wallet
Ø Fast transfer
Ø Recorded every trades
Ø Can referred transaction history
Ø Easily Hacked without wallet and keys
Ø Irreversible once the transaction held
Ø Everything Virtual except the account address
These are the few pros and cons in the Cryptocurrency Industry. Most of the cons are overcame and remaining are in research to overcome to become a very useful system to the world.
Future of Cryptocurrency
This Predominant Cryptocurrency bloomed in late 90’s and now started to show it is influence in various platforms. Even when has backdrops and banned by some countries, it is still alive and in used widely. The expectation of the global market and the traders is that, the cryptocurrency will become a easily and mandatory one in the world for all sort of transaction. That is because of the cryptocurrency beneficial features.
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