The Cryptocurrency

In the old days, people were trading by exchanging goods. They had not used any coins. After some period of time, they used to exchange the goods by using Golds, Silvers, and Plates. So this method had been helpful to overcome the issue of paying for services, not only the goods.

After the democratic constitutions, the Government was collected the whole gold and silver from the people. They had kept them in a central bank and issued notes and coins for them on behalf of gold and silver.

This may resolve several drawbacks of the previous method of trading, especially the mobility of currency and security.

But,

If the government wants to decrease the value of a particular country, the people of that country can’t do anything for themselves because all the gold of people(nowadays majority of the people don’t know this concept) is still in the central bank.

So, this centralized way currency pops out many problems to people. They have to obey to government.

Today, the ruler’s power-hunger caused much corruption in the finance sector in many countries. So people can do nothing about this.NO rule of controlling money.

Evolution of Cryptocurrency,

A type of digital currency, the cryptocurrency (or “crypto”), uses strong cryptography to secure online transactions.

In 2009, the first decentralized cryptocurrency, bitcoin, was created by presumably pseudonymous developer Satoshi Nakamoto. It used SHA-256, a cryptographic hash function. (a method of encryption).

This decentralization(no specific owner) technique helps people avoid fluctuation of money value, and people have more faith and security in their money.

So, People can invest lots of money and deposit more money without any fear.

Cryptocurrency, particularly Bitcoin, has demonstrated its value in recent years, boasting 14 million Bitcoins in circulation.

Countries that Are Using Cryptocurrency the Most,

• Turkey: 16%
• Peru: 16%
• Switzerland: 11%
• India: 9%
• China: 7%
• U.S.: 6%
• Germany: 5%
• Japan: 4%

Blockchains are essential for many cryptocurrencies.

In Simple words, Blockchains are used to keep an online ledger of all the transactions that have ever been conducted, thus providing a data structure for this ledger that is quite secure and is shared and agreed upon by the entire network of an individual node, or computer maintaining a copy of the ledger.

Most Popular Cryptocurrencies,

• Bitcoin (BTC)
• Ethereum (ETH)
• Stellar (XLM)
• Binance Coin (BNB)
• Cardano (ADA)
• Dogecoin (DOGE)

• Cryptocurrencies hold the promise of making it easier to transfer funds directly between two parties, without the need for a trusted third party like a bank or credit card company.
• Every cryptocurrency transaction is recorded in a public list called the blockchain, which is the technology that enables its existence. This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies, or undoing transactions.
• Blockchain aims to cut out intermediaries, such as banks and online marketplaces, without payment processing fees.
• Cryptocurrency payments are becoming more widely used amongst large organizations and in sectors including fashion and pharmaceuticals.

• It is possible to lose your virtual wallet or delete your currency. There have also been thefts from websites that let you store your cryptocurrency remotely.
• The Financial Conduct Authority (FCA) does not regulate the cryptocurrency market, so there are no rules in place to protect your business.
• If companies or consumers move to a new cryptocurrency from you or stop using digital currencies entirely, it could lose value and become worthless.
• Cryptocurrency exchanges are vulnerable to cyber attacks, which could lead to an irreparable loss of your investment.

Cryptocurrencies face criticism for several reasons, including their use for illegal activities, exchange rate volatility, and vulnerabilities of the infrastructure underlying them. However, they also have been praised for their portability, divisibility, inflation resistance, and transparency.

Thank You.

Source: https://semicloncg.medium.com/the-cryptocurrency-664256e64147?source=rss——cryptocurrency-5