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Why cryptocurrency was introduced?

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Written by   24
4 months ago

You may be head of bitcoin and Ethereum you have also probably heard how people are making thousands if they are not making millions of dollar by investing in crypto currency market and a question in your mind is emerging that what is the logic behind crypto market.

The main logic behind the introduction off cryptocurrency is two solve the problem of traditional currencies by putting the power and responsibility in the currency holders hands let discuss how Cryptocurrency work and why more people are beginning to appreciate this next evolution of money.

why we should be careful about cryptocurrency:-

Crypto currency is also a form of money but it is digital currency so we can say it is secured medium of exchange there are so many advantages of crypto currency like the transactions of crypto currency are public and not reversible no one can hack the system and it is totally controlled by the person who have the access of his online wallet he can protect his digital currency and there is no ownership behind crypto currency market now we will discuss some of the benefits of crypto currency.

owned by everyone:-

cryptocurrency functions similarly to any traditional national currency with a few differences. current Fiat currency is created and regulated by any government body all of which now represent debt anyone that owns a country currently holds an IOU issued by that shows currency but crypto currency does not stands for debt it strictly represents itself the fact that crypto currency is decentralised it means that there is no central government who is controlling the price of bitcoin are other crypto currencies so the person who has cryptocurrency in his valet is the owner of the crypto currency it is not like traditional money it means that if you have skill of trading you can have bitcoin and other crypto currencies .

cryptocurrency is impossible to forge

We know that Cryptocurrency is working on the strategy of Blockchain technology means they're on specific blocks who are different from each other and the information are saved. This Blockchain technology is working where do I live and it is the key to the power of the digital currency the block is composed of chunks of encrypted data . The Chain is public database in which the blocks are stored and sequentially related to each other every block In block chain has a specific code and it is different from other blocks this Unique code is called a hash. The system of cryptocurrency is controlled by millions of computer . As we know that there is so much data which is encoded in Blockchain so it is virtually impossible to forge the system of Cryptocurrency.

Confidential transactions mostly:-

We know that large withdraws in physical cash Are reviewed by a central authority like government and financial system regulators.
note: Monitoring large cash transactions is a good thing because it upholds the legitimacy of the currency and detect criminal enterprise is like money laundering.
But Cryptocurrency is different in this regard.But the transactions are public word wildly and everyone can see the transactions it is clear by the definition of cryptocurrency that it is digital currency and their is a private key which is provided to holder of the digital wallet.

Security of cryptocurrency

in previous points we have discussed if a person want to hack the system of cryptocurrency he should know enormous knowledge about codes and it requires so much power and effort which is looking impossible to do. The security of cryptocurrency is unbeatable and it is truly fool proof. These are unique features of cryptocurrency .

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Written by   24
4 months ago
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Comments

This is why I'm really grateful about cryptocurrency since then. It is very secured.

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4 months ago

True that it is impossible to forge or to hack the system of cryptocurrency because it is working on blockchain technology

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4 months ago

Cryptocurrency is far better than normal cash and it is giving a so much advantages in recent times one main thing that it is totally secured and no one can forge the system of cryptocurrency

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4 months ago