A cryptocurrency is a digital currency which is build on a computer algorithm. It is also decentralized currency because it is an independent currency that has no owner. This currency isn’t control by anyone authority just like rupee, dollar, euro or other currencies also it is not operated by any Country, Institute or Government.
Some other features of Cryptocurrency:
I. There is a limit to how many units can exist. In Bitcoin this limit existing 21million. After that no more Bitcoin be produce.
II. Easily verifies the transfer of funds.
III. Operating independent of a bank or central authorities. They work in a decentralize manner.
IV. Allows new units to be added only after certain conditions are met.
The first cryptocurrency started in 2009 was Bitcoin,which is built by an engineer named Satoshi Nakamoto from Japan.In the initial time it was not so popular as compare to today.
Apart from Bitcoin,there are many cryptocurrencies are available in the market which are being used nowadays, such as Red Coin, Sia Coin, Sys coin,Voice coin and so on. Let us know some important things about them:
1.Red Coin: it was founded on 30 Jun 2013.It is used to tip people.
2.Sia Coin: Sia coin is denoted with SC.
3.Voice Coin: It is a platform designed for emerging musicians where singers can price their music on their own.The main objective of this platform is to monetize independent artists.
4.Sys Coin:It is a revolutionary cryptocurrency that offers zero cost financial transactions and incredible speed.Sys Coin also alled CISCO.It works on the blockchain which is a part of bitcoin itself.
What are the benefits of crypto currency?
We know that anything has both possibilities advantages and disadvantages. So, here we first talk about the benefits of crypto currency.
The benefits of crypto currency are :
Firstly, a crypto currency is a digital currency with very little chance of fraud. Secondly, it is beneficial to invest in crypto currency when there is more money because its prices rise very fast. Therefore, it is a good platform for investment. Thirdly, the crypto currency is not controlled by any authority.
Fourthly , there are many countries where there is no capital control. that’s means it is not certain how much money can be sent out of the country and how much can be ordered. Therefore, it can be easily sent outside the country by purchasing crypto currency and then it can be converted into money.
Five, the biggest advantage of crypto currency is that the people who want to keep their money hidden. They can safely hide their money becaus cryptocurrency isn't control by any authority.
Six, crypto currency is completely secure. Just you need to keep the authentication for it, because such currency is based on block chain. Hence, the entire block chain has to be mined to perform any type of transaction.
What are the disadvantages of crypto currency?
First, the biggest disadvantage of crypto currency is that it has no physical existence, because it cannot be printed.
Secondly, there is no country, government or institution to control it, that’s why sometimes there is huge jump in its price and sometimes a huge fall, which is very bad to invest in crypto currency.
Thirdly, it can be easily used for wrong things such as arms procurement, drugs supply, black marketing etc,as it is used between only two people.So, it can also be quite dangerous.
Fourth, if your transaction is gone in a wrong account then you can't get your money. Because in this currency there is no third party are there like bank, broker etc.
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