What is Cryptocurrency:-
Things those are not seeing but existence…
Things those are not seeing but existence, have you heard from anyone that they see the wind? I believe it’s not so the same answer would be for virtual currency or can say cryptocurrency. As we are unable to see the wind but it existed and we use to breathe, same goes for cryptocurrency this is a virtual currency that now folks are using for transactions.
Cryptocurrency is an advanced mode of exchange; by using cryptography folks are doing safe and secure transactions. In the past, many people tried to invent digital currency but there all attempts were not successful, in the 90s because of false trading, miscommunication, less knowledge leads failure of digital currency. Afterward in the year of 2009 a programmer Satoshi Nakamoto introduced a new cryptocurrency i.e. Bitcoin. Bitcoin is a blockchain or peers to peer cash system. In which each and every person need to perform his job on time for hurdle free transaction. This is purely a decentralized mode of transaction that means, no one can interfere in this transaction, not a country, not a govt authority, not a person, not even a server technology. In a transaction of cryptocurrency, every single transaction is recorded with the details of sender and receiver along with the number of coins information. A miner performed a vital role in the process of the transaction as miners the person who solves a cryptocurrency puzzle afterward anyone can run the transaction. We can say in other words, this is a process of cryptography for the transaction of cryptocurrency. Miners get rewards and transaction fees for every confirmed and successful transaction.
Cryptocurrency is used to sale or purchase of goods and services, now many people like to invest in cryptocurrency as according to business and financial analyst this is the advanced and feverish opportunity to invest in it. Bitcoins are most popular cryptocurrency nowadays, and people become rich by getting good returns from it. in 2016 one bitcoin stands at $800 but in the year 2017 one single bitcoins valued by 7000$.
Significance of Cryptocurrency:-
Transactions in cryptocurrency are safe and secure; also this is a fast mode of transaction. There is no need to take permission from anyone to work on it, nor does anyone have a right to interpret in the transaction of cryptocurrency. In the cryptocurrency transaction, no one can stop or recall the transaction as this is an irreversible process. Government and banks don’t have any control over cryptocurrency. In cryptocurrency there is a chance of theft or wrong transaction as this is online transaction may be a hacker or illegal entity stopped or hacked the process of cryptocurrency transaction that can lead to loss of sender and receiver at both ends. Supply of cryptocurrency is controlled by different schedule codes. Supply is decreased or increased sometimes.
Types of Cryptocurrency:-
Cryptocurrencies are different types, the first and most recognized is bitcoins, and in current, this is globally used for transactions. Ethereum is founded by a young and dynamic genius Vitalik Buterin. Ethereum helps in the validation of accounts and balance. After a hack of DAO, ethererm developers decided to work more on this and it results in Ethereum Classic. Ethereum also hosting tokens of DigixDAO and Augur. Ripple another type of cryptocurrency is not so popular and liked by people as bitcoins. XRP is the native cryptocurrency of Ripple. Ripple is serving only the purpose of spam protection of network in the transaction this is hated because ripple doesn’t have signs of storage and exchange value. Ripple is also considered as a non-real cryptocurrency. Litecoins are emerged after bitcoins and considered as a younger brother of bitcoins. Litecoins are also marked as gold bitcoins started from silver. Litcoins facilities the codebase transaction in a lighter way, and people showing trust and considering litecoins as a backup of bitcoins. Monero is another kind of cryptocurrency which comes into existence in the year 2016. The invention of moneros leads in the hike in prices but the use of moeros is not at the satisfactory level. There are lots of other cryptocurrencies also taking places in the market for business and other transactions. These cryptocurrencies came in existence from base cryptocurrencies like bitcoins, ethereme , ripple, and litecoins. Bitcoin cash, NEM, IOTA, NEO, Dash, Qtum, Dogecoin and Feathercoin are some of the examples of cryptocurrencies those come out as mix and match version or extended version but all of them are not in the hottest trade like base cryptocurrencies are.
Possibilities of cryptocurrencies in future:-
Future and market are never certain so the cryptocurrencies are. Cryptocurrency market is fast and vast, and it provides a promise to each and every person of a good return value. In the current, so many new cryptocurrencies and coming to some flourish and some are down and some goes die every day. This uncertainty leads loss to person also. Investment is not always safe and secure, but this not going to change the truth that cryptocurrencies can be the future of market trade. Cryptocurrency showing their value already, as people are using bitcoins for trading. Using bitcoins or other cryptocurrencies also prevent devaluation of their national currency, so people are using cryptocurrency. The invention of cryptocurrency also somewhere loses control of government and bank on currency. Every coin has two sides so the cryptocurrency has. But we do not deny the fact that this will leads the future of currency and trade in coming time.
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