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Invest In Cryptocurrency

By Author: David Antony
Total Articles: 1

A cryptocurrency can be simply defined as a digital currency that is created and managed with the help of advanced encryption techniques commonly known as cryptography. A currency that is associated with the internet which uses cryptography, the process of converting information into an uncrackable code in order to track purchases and transfers. Cryptocurrency is another form of payment to cash, checks and credit cards. Cryptocurrency is simply a virtual accounting system which allows you to send your payments without going through a 3rd party like a bank just because of the technology behind it. Cryptocurrency made the leap from being an academic concept to reality with the creation of Bitcoin. Bitcoin was first mined in 2009 and was the first cryptocurrency to use blockchain and has been the market leader since its creation.
Cryptocurrency is the new method of payment which will make all transactions safe and secure and will help you to get rid of all intermediaries represented by banks that also contribute to the commission fee reduction to a great extent. The main feature of cryptocurrency is the security provided by the Blockchain technology. The blockchain is the database of all the transactions that have taken place using a particular cryptocurrency. A blockchain is a linear chain of blocks where groups of information known as blocks are added to the database forming a long list. Any added information to the blockchain cannot be deleted or changed. It will remain in the blockchain forever and everyone will be able to see it. The entire database is stored in a network of thousands of computers called nodes. You can only add new information to the blockchain if more than half of the nodes agree that it is valid and correct, this process is known as consensus. The idea of consensus is one major difference between cryptocurrency and normal banking.
Some of the limitations that cryptocurrencies presently face are; one’s digital fortune can be erased by a computer crash, or that a virtual vault may be ransacked by a hacker. But, let’s hope that this can be solved in the future through technological advancements.
Recently the number of merchants who accept cryptocurrencies have increased steadily, but they are still very much in minority. Cryptocurrencies will only be widely used after gaining widespread acceptance among the customers. But, the relative complexity of cryptocurrencies compared to conventional currencies will discourage most people, except the technologically proficient people.

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