The introduction of cryptocurrency came up like the money of the future because of its completely digital mode of existence. This was not just an extension to all the digital currencies that have existed but a phenomenon that has taken the world by storm with its advantages. The money making ability it has got is exceptional when compared to any other investment in the market. In the current time, many companies have already acknowledged its importance and have started taking over it, while there are still a lot of sceptical views regarding the uniformity of their existence.
Why did they come into picture?
The inventor of crypto currency Satoshi Nakamoto wanted to develop a peer to peer system of cash flow that would work electronically which gave out a by-product called bitcoin. This is still being the most popular form of crypto currency explains why it was not exactly intended to be in the picture but came out on top because of its sheer benefits it was tagged with. The main objective then became to pool a single place where decentralised cash system can prevail without any hassle. Though there have been numerous failed attempts but bitcoin made sure it did not fail. Financing was easier with their introduction.
What exactly are Cryptocurrencies?
The overall noise around this term makes it appear sci-fi or futuristic to some, but taking all that away to a simple definition is fairly simple. These are simple digital currency which are not entered in any database because of their decentralised nature. Here, every peer has a record in a network which is then assigned to one person. This is the key to cryptography which makes it extremely secure and also manages to transact swiftly.
Properties or advantages:
They are hyped for a reason and that is pretty much everything you would probably need in the near future. They are irreversible which makes them secure. They are not connected to any real world physical body which makes then pseudonymous. The transactions are swift and has global reach. Lastly, they are highly secure and require no permission from third party to engage in a trade.