The enigma of Cryptocurrency: The meaning and scope of new age digital currency.
December 17, 2018 6:13 am,
Money has always been a thing of interest for people. Be it digital or otherwise. Cryptocurrency has proved itself to be a hard nut to crack. Nevertheless, it has not ceased to evoke the interest of investors and geeks all over the world. We sure have heard of Bitcoin and its journey in the digital world, but that’s pretty much it. What is its connection with cryptocurrency? Are they the one and the same, or completely separate entities? Is digital currency the beginning of a new era? Keep on reading to find your answers.
We have advanced so much in technology through the years. In the same way, cryptocurrency can be considered as a development in the monetary realm. Digital currency has almost become a part and parcel of our life. It is nothing but a new age medium of exchange. The decentralized functioning of cryptocurrency has opened a whole new world of possibilities and opportunities to the users. There is no central authority to govern the activities dealing with digital currency, making the process a whole lot hassle-free. But they do keep tabs on the number of units created and who are the owners of respective units. This is done through the encryption technique.
Being the first of the cryptocurrency and having gained so much of customer base, Bitcoin is indeed the most famous of the digital currencies. The transactions are looked upon through cryptography and are recorded with the help of Blockchain. It is quite similar to the normal monetary transactions as it is both regulated and recorded. One bitcoin equals $3206, and that’s awesome!
Digital vs normal currency
The biggest difference between cryptocurrency and normal currency is that the latter is centralized. It gives a sense of security to the users and hence more trustworthy. Registration and other legal formalities are not compulsory when it comes to digital currency. Hence, cryptocurrency is a sweet spot for investors seeking an easy way into getting things done.
Has people welcomed Cryptocurrency?
The legal aspects dealing with digital currency varies from nation to nation. There are places where cryptocurrency is absolutely illegal. There has also been a ban on publishing advertisements related to Bitcoin and other forms of cryptocurrency n social media networks and other digital platforms. So the answer is both yes and no. Any new concept needs time and patience to be accepted and so is the case with cryptocurrency.
In conclusion, digital currency is facing the test of time and is sure to come out in flying colors. If used properly, it can form a strong foundation for a digitally equipped modern era.