Interesting Facts About Cryptocurrency

These days the hottest topic is regarding the cryptocurrency. BitCoin, Ethereum and many other cryptocurrencies are present now. Investing them is the investments of future. There are several articles coming out every day, people becoming rich, as the prices go higher. Cryptocurrency is destined to change everything, as technology again and again evolves, with the fundamental principle of changing the things we used to know.



Everybody would be asking “what is a cryptocurrency”, but what isn’t a cryptocurrency? It isn’t something that we have been used to of having in our wallets. Or keeping a track of the bank accounts. Credit cards, cash are all the items representing currency. No central bank stands behind any of the cryptocurrencies, nor by governments, giving birth to the fact “cryptocurrencies are decentralized”. They follow certain rules, just the rules exist outside the traditional financial system.

Interesting Facts:

We have sketched some interesting facts about the digital currencies. And they are enlisted below as:
·         Volatile
·         Blockchain
·         Blockchain advantages
·         Miners
·         Banned
·         Limited knowledge
·         Decentralization

Volatile:

One thing everybody would have noticed is that the digital currencies are volatile. That can be seen easily and noticed by anyone who’s following the cryptocurrencies. Since the virtual currency’s trading takes place on the numerous cryptocurrency exchanges     as compared with the central exchange. Which leads to increasing the volatility of the digital currency aka cryptocurrency.

Blockchain:

When you meet someone online, how do you make sure, they are who they are writing to you to be? Or buy coffee, labelled with fair trade but what ascertains its origin? To assure, about the questions, you require system where records could be stored. Facts can be verified by anyone, and security guaranteed. So no one could cheat the system by editing records. Such systems are on the horizon & software that powers them is called the Blockchain. Blockchains store information across the network of personal computers. Bitcoin is founded upon the infrastructure of Blockchain. It is a digital and a decentralized ledger recording payment and transactions in the safe. 

Blockchain advantages:

There are various advantages that are associated with Blockchain. Not just the decentralization, as minors work entire 24 hours of each day a week verifying and confirming the transactions. With no middleman involved the costs of transactions would actually decline with the blockchain.
Another merit of Blockchain is the transparency & the control that it significantly offers the users with. Instead of the cryptocurrency be controlled and handled by a third-party, the community members are the ones who think together and find a solution for the future development. Though Blockchain has its very own drawbacks. To begin with, it is still under development or not yet fully developed. Also no guarantees of a quicker transaction with blockchain is guaranteed as far as yet.

Miners:

Miners play a protagonist, by that I mean, whenever a cryptocurrency transaction is carried out. The transactions require a verification, which is the task upon the shoulders of miners. Mining isn’t the laborious one. All the miners have to do is solve complex computations, using high-powered computers to verify & log the transactions in a competitive way. The first to do the solution is rewarded in the form of cryptocurrency coins.
Demerit: Hardware & Electricity charges will be enormous. But also rewarding in handsome coins.   

Banned:

To your surprise, cryptocurrencies are banned from access in most of the countries. They might be talked about here and there, but not everywhere. Since they aren’t regulated, decentralized, few of the countries have put up a ban on the cryptocurrency.
Cryptocurrency trading, virtual currency payments, buying things in digital currency is regarded as illegal in half dozen countries. The list of cryptocurrency banned countries is expected to grow in numbers.

Limited Knowledge:

Even though cryptocurrency is one of the most talked things globally, people still seem to lack knowledge about it, how it works, what is its use. According to a poll 80% nearly knew about the Bitcoins but only 30-40% knew about the Ethereum. People are still seemingly becoming accustomed to cryptocurrency and learn the digital currency.

Decentralization:

Decentralization is one of the major attributes about the cryptocurrency that has been gaining public attention. & also a reason why people are coming towards the digital currency. No central hubs where the information is stored, no data centers, increasing the security.
Blockchain technology is so secure and reliable you can trust it blindfolded.


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