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Cryptocurrency -Is It Really The Virtual Money Of Future?

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21ST CENTURY -AN ERA WHERE THINGS CHANGE IN THE BLINK OF AN EYE, AN ERA WHICH HAS REVOLUTIONIZED THE WAY OF MAKING PAYMENTS WITH THE INTRODUCTION OF CRYPTOCURRENCY -A NOT SO MAINSTREAM METHOD OF TRANSACTION.

The wonderful world of cryptocurrency has emerged from a figment of imagination to a full-fledged market, basically, it is an investment which can be used for making transactions equivalent to monetary ones (not using the traditional paper currency).

An amazing fact – known to very few people is that crypto currency is a side product of innovation in the digital payment system. Satoshi Nakamoto, the inventor of this massive phenomenon known as BITCOIN, the initial cryptocurrency, didn’t deliberately create it. e admitted that his only goal was to create something untapped in the field of a digital cash economy.

DECODING BITCOIN
It is the first decentralized cryptocurrency which reached its all time high of $4500 as on August 17th,2017. There is no authority to regulate the exchange of bitcoins.
BUT  THE REAL QUESTION IS ITS WORKING
Bitcoins are stored in a digital wallet (which is either using cloud services) or on user’s computer. The wallet is a kind virtual bank account that allows users to transact using crypto-currency.
Bitcoin exchanges work similar to the functioning of foreign currency exchange. Mt.Gox is the largest exchange platform of Bitcoin.

But is it just Bitcoin or are there any other crypto currency? Over 850 cryptocurrencies are listed on COINMARKETCAP. However not every currency has the similar growth as Bitcoin.
List Of Top 10

Source: Image-coinmarketcap

Other Options:
Investment in Ethereum
Launched in 2015, second most trending cryptocurrency has gained popularity in near time because of its large scope. In June, it reached its highest of $322.28.
Bitcoin is a cryptocurrency while Ethereum is a platform. Ethereum records transactions more quickly than Bitcoin. It also allows apps to run on its network.

Let’s Talk Technically.  Although nothing is set in stone when it comes to cryptocurrencies, specific features usually associated with Bitcoin are:

Transactional properties:
1.) Irreversible: A transaction can not be undone
2.) Pseudonymous: A Bitcoin trader can go unidentified even though transactions may be traced. Finding a user is thus, essentially impossible.
3.) Fast and global: As with many HFTs, cryptocurrency trades are carried out within nano seconds. Since they happen in a global network of computers they are completely indifferent of your physical location.

Monetary properties:
1.) Controlled supply: Most cryptocurrencies limit the supply of the tokens. In Bitcoin, the supply decreases in time and will reach its final number somewhere in around 2140. The present number can be identified using fixed future supplies. So expect very few surprises.
2.) No debt but bearer: The Fiat-money on your bank account is created by debt, and the numbers, you see on your ledger represent nothing but debts. Cryptocurrencies don’t represent debts. They just represent themselves. They are money as hard as coins of gold.

 

 

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