Cryptocurrency is a new concept in the market of finance since digitization is touching each sphere of human life. Cryptocurrency is virtual currency which is encrypted vigorously with cryptography with the help of a technology known as the Blockchain Technology. Blockchain Technology adopts a methodology in which sensitive data related to the financial transactions is embedded to make it nearly impossible to decode or hack. Blockchain technology is defined as a ledger which creates a chain of exclusive blocks. Within this chain consisting of blocks each block The technology uses various kinds of algorithms and techniques such elliptical curve functions, hash functions, public-private key-pairs and much more subterfuge to make it as intricate as possible to be an unsolved conundrum.
Cryptocurrency prove to be an ace because of the fact that it belongs to the newest generation, transparent and transportable. Although the new generation currency is often in the news for the reason that it is still vulnerable since only one intrusion within the chain of security could lead to the vast global financial calamity. Cryptocurrency is doubted for wretched usage reason being that it is kind and suitable for illegitimate actions like tax evasions and money laundering because of sub-anonymity attached to the transactions conducted throughout the practice.
The first cryptocurrency presented on the table in 2009 was ‘Bitcoin’. Bitcoin was launched by a pseudonym ‘Satoshi Nakamoto’. Since then Bitcoin has also facilitated the catching and nabbing of criminals. Other cryptocurrency producing units after having been impressed by the so called and momentary success launched their own cyrptocurrency like Namecoin, Litecoin, Peercoin etc. Such coins are also known as ‘altcoins’.
Some economists have labelled the currency as a ‘bubble’ due to the evident fluctuations in 2017 in each unit of the token. Updated to today’s date, the Global capital market for Bitcoin is $210,703,577,695 followed by Ethereum($49,236,103,270) and Tether($13,645,506,942) and others in the queue.
The conclusion is that as we are progressing towards more digitization in life we should be more acceptable of the technological alternatives to the conventional means provided it is safe enough to trust.