An Introduction to Cryptocurrency

Nowadays when most of the transactions performed are digital or online, cryptocurrency has emerged as the currency of the generation next. The only difference is that it involves the use of digital currency in the exchange of anything.?Its main objective is to perform instant, secured, and transparent transactions across the people in the entire world. In recent years the use of cryptocurrency like Bitcoin has gained a huge popularity throughout the world. Its excessive use has highly affected the economic condition of the whole world.

Some Interesting Facts about Cryptocurrency: An important fact about cryptocurrency is that there is no control of any centralized authority (government authority) on its use.?Let us for instance talk about the use of Blockchain. As the name suggests it is a chain of people associated or linked with each other. Every associated person in the chain enjoys the same rights and profits, therefore nobody can change or remove any of the data from the chain. Earlier, such types of transactions required the help of a third party which can be a bank or an authorised financial institution to perform the whole process. With invent of Bitcoin, now anyone can transfer funds in the accounts of another person in the most securely and instantly across the world.

Myths Related With Cryptocurrency:

1.????Use of Cryptocurrency is Illegal: There are lots of people who believe that use of cryptocurrency is illegal. This is wrong, the use of cryptocurrency is not illegal. The use of Bitcoin is legal in the countries like United States of America, United Kingdom, Australia, in the entire European continent, and Japan. The main reason behind this myth is due to some misuse of the benefits by a few individuals and groups.

2.????Cryptocurrency has no Financial Value: This sounds very funny. As all the investors in the group have agreed to use digital currency in lieu of anything, it is clear that money is the basis of every transaction. It would be interesting to know the use of Bitcoin has increased more than $150 USD throughout the world in recent years. It is because of the increasing trust of investors in Bitcoin.

3.????Cryptocurrency is not suitable for Buying Products: Today a huge segment of the society including the traders, small businesses, and the big organizations are making their payments in cryptocurrency. For this it is important to have a cryptocurrency wallet to make instant and secured payments within a few seconds.

Future of Cryptocurrency: With the introduction of Blockchain technology the future of cryptocurrency seems bright. There is no doubt that with its increasing use the currency which we use today will have to struggle for its existence. ?