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Since the introduction of Crypto Currency in this Digital World, it has been gaining much popularity amongst the people, as now all of them have started understanding the use and purpose of Crypto Currency.
CryptoCurrent is a new revolution in our technological field. It is a form of digital money and has got some values with it. Crypto currency was designed with the purpose of serving the society with a unit that can be used for the exchange purpose without relying on the banks.
Cryptocurrency is basically a medium of exchange like other normal currencies, but it has been designed with the purpose of exchanging digital information which follows a process of cryptography. Cryptography is for securing the transactions in order to gain the control over the new coins. First cryptocurrency created was Bitcoin in the year 2009. After that hundreds of crypto currencies have been launched.
Using the decentralised technology cryptocurrencies ensure secure payments for the users which can even be done without their name or routing it through the bank. Blockchain is the distributed public ledger which is being used to run the cryptocurrencies. Blockchain is basically the record of all the transactions held by the currency holders.
Mining is the process which helps in the creation of cryptocurrency. In order to solve the maths problem, Mining uses the computer. Using the cryptographic wallet users can even store the currencies bought from the brokers.
The most common types of Cryptocurrencies are as follows:
Cryptocurrency has proven to be quite beneficial for the digital world, some of its benefits are as follows:
1. There are no chances of fraud.
2. You can send money in any corner of the world
3. The fees charged for the service is very less compared to the other such services.
4. It is accessible by all the people easily and can be used even by the ones who do not access modern banking system.
5. It will enable immediate settlement.
6. It leads to decentralization.
7. It is being recognised at universal level
8. It ensures faster and cheaper bank transfers.
9. It is a boost to global remittances.
10. Loosening of Government Current Monopolies
The most common form of Cryptocurrency is Bitcoin which was invented in the year 2008 by Satoshi Nakamoto. Followed by the introduction of Bitcoin, bitcoin software was introduced in the year 2009. With the increasing trend of crypto currency for the coming years, the process of mining became more difficult on the other hand the value of bitcoin kept on increasing steadily. 2011 was the year of success for bitcoin when the people actually started noticing the existence of bitcoin. With the increasing demand, several new exchanges were introduced to meet the demand.
Bitcoins have got several advantages some of which are as follows:
✔ Bitcoins let you hold your own coins
✔ Bitcoins takes minutes rather than days for money exchange
✔ The fees charged by bitcoin is less when compared to other such service providers
✔ Bitcoin provides protection against the inflation
✔ It also helps in the elimination of the chargebacks
✔ Because of decentralization it turns out to be independent of Government boundations.