The global economy, as we know, it will inevitably and undoubtedly move towards a completely digital eco-system. From things like an investment to all sorts of transfer of money, in today’s world, everything is almost going cashless. The newest and also the most promising additions to the digital payment world is cryptocurrency.
Cryptocurrency is a well-known medium of exchange just like normal currencies like USD, INR, etc. but is designed for the sole purpose of exchanging all kinds of digital information. It is defined by many as a digital or even virtual currency which makes use of cryptography for security features, making it unbelievably challenging to counterfeit or even duplicate in any way. Over the last few years, this form of digital currency has been very rapidly gaining interest and also the fancy of the public, and below I have listed out some reasons behind it.
It is entirely fraud-proof:
When it was created, all of the transactions which were confirmed were stored in a public ledger. All of the identities of the Bitcoin owners were encrypted to ultimately ensure the proper authenticity and legitimacy of record keeping. The currency is also decentralized, and you own it. No governments or banks have any control or authority over it.
This planet has over 2 billion people on it with proper access to the internet, and some of them do not have the means to exercise the rights to use traditional exchange systems. These people can make use of cryptocurrency.
You are the owner, and no one can change that:
There is no other electronic cash system in the world where your account is owned and controlled by you and only you.
The ledger guarantees that all the transactions between digital wallets can accurately calculate a proper and accurate account balance. All of the transactions are checked to make sure that coins are only used by the owner and only that person. This public ledger is also known as a “transaction block-chain.” Block-chain technology makes sure that secure digital transactions through encryption and also smart contracts which make it virtual and also amazingly impossible to hack. It is also void of any fraud. With this kind of security, it was only a matter of time that it caught the interest and attention of millions of people.
How it all started:
Bitcoin was one of the first decentralized cryptocurrency which was introduced in the year 2009. Bitcoin makes use of block-chain technology and has also outperformed gold by generating a 155% annualized gain. Wealthy countries are looking into this technology and are thinking of adopting it as a legal tender.