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what is a cryptocurrency? Future of the cryptocurrency?

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3 months ago

Bitcoin.com came into existence in 2009. Almost a decade later, it is still a mystery for many people. The question that arises in their minds is- Why don’t people really like Bitcoin? Let's discuss this question. Cryptocurrency has been evolving at a rapid pace and the rise of cryptocurrency has been one of the most important developments in financial markets. In 2017, there was no such thing as cryptocurrency and by 2017, around 1,550 cryptocurrencies have been created with a combined market capitalization of over $120 billion. As cryptocurrencies have emerged as an alternative investment option for investors looking for increased diversification and yield to meet their long-term investment goals, they must understand the pros and cons associated with investing in them so that they can do.

I feel that cryptocurrency is a decentralized, trustless system for the exchange of something. Cryptocurrency is a digital currency that allows transactions to happen securely and quickly. It is an alternative to the current money system.

Cryptocurrencies are created by complicated mathematical formulas which are difficult to manipulate or cheat. This makes them safer than traditional currencies because the government cannot randomly print more of them or devalue them by printing more of them.

No intercepted third party:

Cryptocurrencies have no physical form, and therefore, can be transferred without being intercepted by any third party.

The first cryptocurrency was Bitcoin which, was introduced in 2009 by Satoshi Nakamoto with no central authority or banks involved in its production or management.

A cryptocurrency is a form of digital currency which is base on cryptography for security. The transactions are made with electronic tokens and not by a central bank.

The interest in cryptocurrency has been increasing exponentially due to the fact that it has features that make it superior to fiat currencies such as being decentralized and being anonymous.

Cryptocurrency has been the center of an economic bubble, with people predicting that it will replace fiat currencies or become mainstream in 10-20 years.

Features of Cryptocurrency:

Cryptocurrency is a digital currency that is the first decentralized digital currency, as the system works without a central bank or single administrator. Cryptocurrencies use decentralized controls, unlike centralized electronic money and the central banking system.

The decentralized control of each cryptocurrency operates through a blockchain, a public transaction database., functioning as a distributed ledger. The blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, data in any given block cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.

Common people access to cryptocurrency in the future:

  • Cryptocurrency is an encrypted digital currency not tied to any particular country or subject to regulation. The transactions are never fully anonymous, but they are generally more private than traditional banking.

  • A cryptocurrency wallet stores the public and private keys that can be used to receive or spend the cryptocurrency.

  • People will be able to use cryptocurrencies in their day-to-day lives by 2022. This is predicted because more merchants are accepting these currencies as payments for goods and services, which means that all people also have access to them.

  • The more people get aware of cryptocurrency, and the more they invest in it, the more sophisticated and accessible it becomes. The future of cryptocurrency is bright with a lot of new developments.

  • In the future, cryptocurrency will be common to use for everyday transactions - so much so that it will replace fiat currency.

  • l accessible it becomes. The future of cryptocurrency is bright with a lot of new developments.

  • In the future, cryptocurrency will be common to use for everyday transactions - so much so that it will replace fiat currency.

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