In the bitcoin article, I have coined the term
cryptocurrency. In this article, we have to explore the details of cryptocurrency. Like our previous articles, here I answer three major questions about
cryptocurrency:
1. What is cryptocurrency?
2. How to get this?
3. Pros and Cons of cryptocurrency
Cryptocurrency is the online version of cash that
is secured using cryptography which makes it impossible to counterfeit or
double spend. Through the definition, we all know that bitcoin is one of the
cryptocurrencies, other than bitcoin it consists of many other types of cryptocurrencies like Lite coin, Peer coin, Name coin, Ethereum, Cardano, and EOS. Today
aggregate value of these cryptocurrencies is around $1.5 trillion, bitcoin
alone holds more than 60% of the total value.
Most of the cryptocurrencies are managed by the
decentralized network called the blockchain. The major feature of cryptocurrency
is that they are not issued by any central authority, they exist outside the
control of governments.
Cryptocurrency makes a secure fund transaction
using the concept of cryptography. So the word “Crypto” in Cryptocurrency refers
to various encryption algorithms and cryptographic techniques that are used to
safeguard financial transactions. I think all of you know that what is
cryptocurrency and how is it managed.
Now the second question, how to get the cryptocurrency? Similar to bitcoin, all the other cryptocurrencies either investor
can buy through crypto exchanges like coinbase, cash app, and more or you can get
through the process of mining.
Finally, we are moving to the pros and cons of cryptocurrency. The major advantage of cryptocurrency is its security, transparency,
and decentralized nature. Each of them holds a separate cryptographic technique,
so making the fake one is an extremely difficult task. The decentralized nature
gives transparency in the transaction phase.
We’re known that “No one is perfect in this world”. According
to this quote, cryptocurrency has some cons also. The major disadvantage of cryptocurrency is it can’t be maintained by any central authority or government,
which makes a way for illegal activities. The next major issue of cryptocurrency is
its unstable nature.
Always think before doing it.
I think all of you should know details about crypto
currency.
“Practice makes perfect”. If you want to master
something, make sure to find a course or a project that will let you get your
hands out of the dirty.
If you think the content given here is valuable,
then share it with your friends and colleagues.
At the same, if you found any corrections, share
them with me through the comments section.
Once again thank you for reading!!!