Future Of Money | Future Money | Every Effective | Digital Currency | Invisible Money: Cryptocurrency

The more we are getting into the visible world, the currency is getting invisible. The countries in the world are competing with Cryptocurrency(Digital currency).

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Cryptocurrency is the digital value one can exchange to sell and buy. The individual coin ownership is recorded and stored in a digital ledger or computerized database using more secure cryptography.

The cryptocurrency can be centralized or can be decentralized control. The decentralized control system works is distributed ledger technology typically this technology is called as Block-chain technology.

Bitcoin is the first decentralized cryptocurrency. It first released as open-source software in 2009

The cryptocurrency system meets the following conditions

Don’t require a central authority, this can be maintained through distributed consensus.

The system should keep the currency units and their owners.

The intelligent system defines whether new units can be created or not. If created, how is to be created, the system defines the situation and their origin and determine the ownership.

Ownership of currency units can be proved cryptographically.

Allows the transactions to be performed in which ownership of the Cryptographic units are changed.

Facts About Cryptocurrency

No Need Your Wallet - The currency is a fully digital wallet.

Cryptojacking Is Dangerous - Scammers and malicious software can expose the cryptocurrency.

Extreme Volatile -  Readily depends on the trading sense. The value can dramatically change.

China is the largest miner of Cryptocurrency - Has control over 75% of the mining network.

Cryptocurrency Banned Countries

• Algeria
• Bolivia
• Ecuador
• Nepal
• Bangladesh
• Cambodia

Border-less Transaction Without Exchange - Doesn’t require foreign exchange.

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Dangerous part of Cryptocurrency

Although the currency is designed to more secure, somehow it is dangerous.

Instability Of Values - Cryptocurrency don’t have any stable value, changes with the trade sense.

Lack of Acceptance - Cryptocurrency may have larger value but acceptance of value in business is limited

Transaction Error – Human errors are usual, the error in recording. These errors can sometimes be caught, most of the time they are not.

Theft – If the encryption of the Cryptocurrency is hacked then the resulting loss would be larger.

System risk - System failure during the transaction or internet failure may occur.

The physical money loss can be traced back but the digital money tracing is unimaginable. During the transaction in Cryptocurrency need to be more careful.

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