A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography language to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency, they are limited entries in a database that no one can change unless specific conditions are fulfilled. When it comes to cryptocurrency or Digital cash we all will get a coin blink called BITCOIN
The known creator of this Sathoshi Nakamoto known the inventor of BITCOIN the main motto of this BITCOIN is to develop peer to peer electronic cash system the goal is to invent something was most of the people failed to create before digital cash. In simple terms, we can call cryptocurrency as digital currency or virtual money were it uses the decentralized digital cash system
In day-to-day life, cryptocurrency became a global phenomenon known to people where most of the people started exploring it and some people don’t know what it is and some are still struggling to know what it is even this problem is arisen with the scientist and the doctors and banks know the main importance of the cryptocurrency.
Most common cryptocurrencies are
We can buy cryptocurrencies There are a lot of different options when it comes to buying Bit-coins, there are currently almost 1,800 Bitcoin ATM’s in 58 countries. Moreover, you can buy bitcoin using gift cards, cryptocurrency exchanges, investment trusts and you can even trade face-to-face. When it comes to other, less popular cryptocurrencies, the buying options are not as diverse. However, there are still numerous exchanges where you can acquire various crypto-coins for flat currencies or Bitcoins. Face-to-face trading is also a popular way of acquiring coins. Buying options depend on particular cryptocurrencies, their popularity as well as your location.
- These peer 2 peer exchanges offer high resistance to transaction censorship.
- They are cheap to use, private and secure and this happens when you realize properly.
- No crime will happen in this cryptocurrency or in bitcoin If you store accordingly.
- These cryptocurrencies are even used to pay college degree, pay hotels, flights, jewelry.
- you can trade face-to-face with a seller or use a BITCOIN ATM
- There is no specified time for Bitcoins can able to access anytime
- These currencies are transferable to anyone to anywhere no permission needed from any authority
- Mainly no government involvement no blocking accounts 24/7 access
Scope and conclusion on cryptocurrency.
Cryptocurrency has much scope when it comes to growth in the larger markets of India post demonetization.
Demonetization is also a big effect and advantage on cryptocurrency were the Indians are realized that this way we can start earning the money and become rich. However, it is a risky investment there are stories that actually people become rich through their investment in Bitcoins. Bitcoin is most recognizable currency till date and it increased the minimum GDP in India. Just last year one bitcoin valued at 800$ and after December 2017 the bitcoin price exceeded 7000$.finally in certain jurisdictions this cryptocurrency can be hacked potentially if we are doing unsecured transactions without following Basic norms of the BITCOIN