Cryptocurrency (Digital Currency): Currency of Future Economy

Cryptocurrency (Digital Currency): Currency of Future Economy

Introduction

After launching in 2013, cryptocurrency has gained a lot hike, and rapidly its demand is increasing. Many digital currencies are available in the market, and Bitcoin is the most famous and demanded digital currency. Most people know about Bitcoin, and they don’t know about cryptocurrency and digital currency. It has become the most acceptable currency worldwide because it has many profits. Bitcoin, Litcoin, and Ether are counted as the leading currency.

Bitcoin is a cryptocurrency, and it is created and managed by advanced encryption technology that is known as a cryptocurrency. Bitcoin is a currency that has gained the most hike and gets attention from the media, and investors also show their interest in it. In the market, economists always debate its future because its price is increasing day by day, and it is not controlled by any government or organization that is the biggest threat to all.

Due to not having any occupation on it, people are showing their interest more in it because cannot track it and it is free from government eye, and it has become the best source to hide their tax because, in this, you can make your transaction with using the banking system and all transaction is free. It is based on Blockchain and works on a decentralized network.

All banks and money-oriented organizations use a centralized network, and apart from that, cryptocurrency doesn’t use a centralized network. So, that’s why it has become the best option for people, and they are making more investments in it.

They were also getting too much profit from it when Bitcoin started then, its price was 100 $, and now it has reached 17000 $. So, this type is also the source of big profit. Like Bitcoin, much more currency is also available globally, and people are treading on it.

We all live in a tech-oriented world where all services are going high-tech, and people love it because advancement is making our lives easier. Our economy is also online, but we cannot say that it is safe, and after a regular time interval, we listen to the news of security breaches, and a big amount of money washed away by hackers.

Like in Bangladesh, more than 500 cr. have been washed away by hackers by hacking. So, we can say that we need a perfect security system that can make our money more secure.

To overcome these types of security issues, digital currency has become the perfect solution that saves us from the online threat and serves as a medium where we can make our transactions safe and keep our money secure. Because it uses a decentralized network and is highly secure due to a 256-bit secure layer that gives it extra security, and no one can breach it.

So, cryptocurrency has become a good source for making our money safe.

Pros and Cons of Cryptocurrency

Everything is having its pros and cons. Here, we will discuss the pros and cons of cryptocurrency.

In Cyprus, in 2013 their government want to take money from people who are having more than 100000 $ in their bank account to increase their capital money. So, this type of condition may arise at any time with you. So, to overcome this problem, we should use digital currency and no one can track your money and it is totally safe where no one can track you.

Profit of Cryptocurrency

# No FRAUD

It is a digital currency and no one can make fraud with you by counterfeiting. It is totally secured medium and you will never face any fraud problems.

# IDENTITY

When we buy something by credit card then we are not only paying money but also we are giving them our identity. All bank card and credit card use the pull method where they access all your identity and make a payment but in cryptocurrency, it uses push technology, in which it directly send only money to the recipient without sharing any information along with it. So, we can easily hide our identity and can make our payments and transaction. It is the best method for hiding your identity.

# SETTLEMENT

When we buy any kind of property and deal with any other like a lawyer and other then we face many kinds of the third party that is always involved in it and plays as a mediator. Digital currency is based on Blockchain and it is just like large property rights database and we can add and remove the third party anytime in it. So, we can say that we can make settlement any time. It is a very easy process.

# ACCESS

We can understand it with the example of Kenya where Kenya’s M-PESA system was launched. It is a mobile-based money transfer method and micro-financing services released a Bitcoin device. Now one in three Kenyan guys is using this system and they are having a Bitcoin wallet and using it without facing any kind of problem.

# FEES

Basically, there are cryptocurrency transaction exchange fees because currency miner is compensated by their network. Most people use third-party services and they charge them with extra money like PayPal. If you use PayPal then for each transaction you have to pay an extra charge because it is a third-party service. Basically, PayPal does not accept Bitcoin. So, it is totally free service.

Cryptocurrency Currency Future Economy

In the whole process, Blockchain keeps each guy honest and keeps a record of each transaction. It serves us all services at a lower cost and it removes the banking layer while we make a transaction.

You Are The Owner Of Your Account

In all worlds, there is no system where your account is not owned by a third party. Like Paypal, if you are having money in your account then with the permission of Paypal anyone can misuse your account and they are having the power to suspend your account which means you are not the owner of your account but in cryptocurrency, you are the owner of your account. In this, two types of keys are used as public key and private key in cryptocurrency and both make our account accessible. So, there is no kind of fear that you face and you are the owner of your money and account in this currency.

Demerit Of Cryptocurrency

We can say that cryptocurrency is started and it has to go long way and there is a long way when it will replace credit cards and debit cards and all banking functionality. We can say that it is still a newborn baby that has to grow up and with time we will know that how long it will travel.

# People are not familiar with this and according to a survey, there is only 6% of people are totally familiar with it and 83% people even don’t know about it. Only 11% of people know only basic about it. So, we can say that it will take a long time when all people will know about this. So, it is a very far concept.

# People first will know about this and then they will apply it to their lives.

# All business is not accepting this.

# It process should be easy to log in and get started.

THERE IS ALWAYS A RISK TO LOSE YOUR MONEY

# SECURITY

There is no perfect way to protect your coin because it password is too much difficult and very hard to remember. Once you forget your password then there is no way to gain it again and there is no customer care service. According to a survey Billion, $ has been washed away due to forgetting the password. Once your account is not accessed by you then no one can access it because you are the only owner of it. So in all ways, there is no kind of reimbursement of your money.

# REGULATIONS

It has become the best source of money laundering and for the black purpose, people are using this. When it will be regulated by the government any other agency then it will lose its value.

So, this type there is always pros and cons of many things in life so while we are going to make an investment in this, we should make all kind of inquiry about it.

How You Can Develop and Use Cryptocurrency

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