Cryptocurreny you can call it 21st-Century Unicorn or money of future but before discussing on previous line we should know what is Cryptocurrency? .
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| BitCoin ATM in USA |
What is Cryptocurrency ?
Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
Crypto Currency are like our local currencies but not authorized by the
government, and it’s not stable yet but still, millions of people use it
for online shopping and sending/receiving money to others even one of
popular Crypto Currency (Bitcoin) launches his ATM in the USA.
From where did this concept came ?
Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.
In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.“
His goal was to invent something; many people failed to create before digital cash.
The single most important part of
Satoshi‘s invention was that he found a way to build a decentralized
digital cash system. In the nineties, there have been many attempts to
create digital money, but they all failed.
After seeing all the centralized attempts fail, Satoshi tried to build a digital cash system without a central entity. Like a Peer-to-Peer network for file sharing.
This decision became the birth of cryptocurrency.
Use of Cryptocurrencies -
We can use Crypto Currency as the real currency and it’s another medium
of exchanging things, but the real money is printed on paper and we can
keep them in our pocket physically. Crypto Currency is created and
stored electronically which we can save only on our computers or
websites. With Crypto Currencies, we can not just shop online and
purchase virtual things like domain, hosting, or some internet service,
but we can use to buy physical goods and services too.
List of Some Crytpocurrencies and when they started -
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| Cryptocurrency market sharing as on 12-nov-2017 |
- Bitcoin (2009)
- Ethereum (2015)
- Monero (2014)
- Ripple (2013)
- Litecoin (2011)
- Auroracoin (2014)
- Peercoin (2012)
- Dogecoin (2013)
- Namecoin (2011)
- Mastercoin (2013)
- Primecoin (2013)
Upto january 2018 total 1386 cryptocurrencies are in existence. Aren't they too much in Numbers.
Advantages of Cryptocurrencies -
- It’s fast and cheap. The transactions happen quickly and receivers receive it in a couple of minutes. The transaction fee is very low compared to other monetary transaction done online, like transactions made by PayPal and Pioneer.
- There are no chargebacks. Once payment is sent, you cannot chargeback. So the chance of fraud is very less.
- People can’t steal your information from merchants. Your details are not sent to the merchant. You can even create a Cryptocurrency wallet with fake detail and use forever without disclosing your real identity.
- It’s as private as you want it to be. As I said that you can use without mentioning who you are and where you stay. So your identity is always secure and transactions made by you is only between you and the receiver. No information is sent to the bank or Government.
- You don’t need to trust anyone else. You are the owner of your money. Keep it in your wallet and use whenever you want. You don’t need to trust a bank or any third party service providers.
Disadvantages -
- Irreversible Payment: There’s no center point in payment processing so if you transfer someone by mistake and want to get a refund for services there’s no option to dispute that person only way to get your money back is to ask the person to refund payment and if he refused then forget about it.
- Not Widely Accepted : There are not many companies or websites who accept it, if you have cryptocurrencies and wanted to purchase something then you have to search first that which service provider accept it even if you don’t like their services and have only cryptocurrencies then you have to use it even if you don’t like that provider also in physical stores you have to use real money instead of digital money.
- Losing Your Wallet: If you stored your digital currencies in your system or mobile and if you lose it then there’s no way to get your money back you can’t complain to police or even some other person can’t get it, it’s like burning your money. However, there are still ways to keep safe, like keeping it offline.
For any further information regarding the same leave a comment or mail me utkarshsingharvind@gmail.com
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