In the modern day world cryptography is used to create coins and secure transactions. Crypto currency is a form of digital currency that works as a medium of exchange. It runs on blockchain technology and is used to secure the transactions as well as to verify transfer of assets.
Bitcoin is the most commonly known crypto-currency which was created in 2009 by Satoshi Nakamoto. Apart from Bitcoin there are hundreds of other virtual currencies. Often referred to as Altcoin, some other crypto currencies are Ethereum’s Ether, Litecoin, Ripple, Augur etc.
What Are Crypto currencies?
‘Crypto currency’ as the name suggests is a virtual currency that uses cryptography for security reasons making it difficult to forge. What once started as a humble beginning has come a far way now as cryptocurrency have taken over the world. Everyone is talking, investing and trading in them.
Reason for Popularity of Cryptocurrencies –
Besides soaring value of Cryptocurrencies, the following reasons are propelling its popularity across the globe:
- Easy To Transfer – With crypto-currencies, it is easier to transfer funds from one party to another. The whole process is quicker and less costly as processing fee is minimal. Also, it has facilitated immediate settlements.
- Can’t be Counterfeited Easily – There is no need to worry at all as crypto-currencies are virtual. They cannot be counterfeited easily which in turn minimizes the risk of fraud.
- Access To Everyone – People who have access to internet or mobile phones can own their cryptocurrency wallet and leverage the benefit from anywhere round the world.
- Universal – Though each country is coming up with their own guidelines for Crypto-currencies, they can be operated universally as they are not bound by exchange rates, interest rates etc. of one specific country.
- Highly Secured – You are not required to share any personal or transactional details. Create a proxy ID to prevent theft of your sensitive and confidential data.
What All Can You Do With Crypto-currencies –
- Buy Goods – A lot of merchants now accept crypto-currencies as a mode of payment. So you can use them to buy goods.
- Invest – Though investing in Cryptocurrencies is considered as a risky preposition, people worldwide are putting their money in it. For some, it has proved to be a great investment opportunity as people who invested in cryptocurrencies at the right time have made millions out of it.
Future Of Crypto-currencies –
“I am personally excited for the future of cryptocurrencies and blockchain technology in general. Current innovations such as Bitcoin, Ethereum, and others are just the beginning for this technology that can help revamp many industries. There is plenty of opportunity in this space.” – Chalmers Brown, Forbes
Given the advantages and the growing popularity, cryptocurrencies have a bright future and tremendous potential of growth in near future. They have opened up a plethora of new opportunities, brought along a revolutionary change in the market and are expected to become a part of mainstream financial system very soon.
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