In early days, the liabilities were obtained using the system where one gains some other thing in return of giving on this website. Slowly, coins made of valuable metals were used for trading. And later on, the government started to authorize in the form of banks and trading involved money made of paper or plastic notes which is still a common practice. And then the online transactions and finally now, the “CRYPTOCURRENCIES” In the coming years, the world will start using the online currency at high from platform such as https://bitpapa.com/ .
- Cryptocurrency came into access in 2013.
- Invented by Satoshi Nakamoto.
- There are around 4000 types of cryptocurrency which include
- BITCOIN which is the most widely used. Other types include ETHEREUM, LITECOIN, CARDANO, DOGECOIN etc. which have its own advantage and disadvantage.
What is cryptocurrency?
- Cryptocurrency is the digital money which is used for trading and transactions i.e., to buy, borrow and sell.
- It is the transfer of digital assets.
- This cryptocurrency is not connected to any authority like banks.
- Cryptocurrency got its name because these cryptocurrency are secured by ‘Cryptography’ and one example for it is the “BLOCK CHAIN”.
- Block chain is the secure tie of a “Ledger” (single large spread sheet) and organizes it.
Each block contains the transaction data which includes the unique I’d s of the receiver and the sender, the hash and the previous hash and these blocks are connected to each other.
Why use cryptocurrency?
- The common question that arises is this.
- While there are many online transactions taking place with the help of several applications connecting to the bank accounts, what is the need of these cryptocurrency?? And the answer is
- It is decentralized.
- Unlike conventional banking methods, where transactions are recorded in several banks and thus several spread sheets; the transactions that take place through crypto are recorded in a single large spread sheet called a “LEDGER”. And anyone who is a part of the network contains a copy a ledger.
- CRYPTOCURRENCY MINING or BITCOIN MINING. Implies to setting up of a computer and crunch through the transactions on the copy of ledger. And there are around a million miners around the world. Perks of the mining include gaining or generating some more Bitcoin while supplying the system’s power for the purpose of transaction.
- 100% secured as HACKING is highly impossible. If hacked in one system, there will be a visible error in all other devices as everybody shares a copy of ledger.
- Instant international payments and transactions without banks and documentation and errors.
- Interest rates, transaction fees and exchange rates are almost negligible i.e.; close to zero.
- Volatile, digital completely.
- Not acceptable in most places as ‘real’ payments.
- Environmental concern
- More use by criminals.
Only ‘Digital Ownership’
With the CRYPTOCURRENCIES, the present era has become the most convenient era of exchange. Open traceable transactions and with technical glitches can be made. Human brains evolve and the technology never stops growing. Digital world is constantly shifting and growing towards becoming the new world in the coming time. With such continuous growth, it has become even more helpful and crucial to start investing in the crypto.