Cryptocurrencies
Technology

Future of Cryptocurrency

Crypto currency is known as virtual currency but sometimes people say digital money or token where they invest some part of the amount to get huge profit in the form of digital currency. There are many cryptocurrencies taking in use by investors for trading but Bitcoin takes first place in the world of virtual currency. Ethirium, dash, ripple, moniro, litecoin etc. are some other crypto currencies which are also used for trading purpose. Likewise, crypto currencies have their own exchange where trading has done by investors. These crypto currency exchanges named as bit finaces, bit stamp, BTC-E, karakan, hunobi, okay coin, BTCC.

Bitcoin was introduced first in Oct 2008. Bitcoin is a big name among traders or investors to invest their amount in earning the best profits. But they cannot send the same Bitcoins to their other friends once already sent. Bitcoin gives rewards to their investors (nodes and miners) who work for its network and entries as well for making the blockchain. Block is known as a group of entries. The chain is what miners or investors try to make by adding new entries in a group. Making a chain is almost like solve the puzzle.

Bitcoin and other crypto currencies are not recognized by the government, they only run through online mode with their own network. Bitcoin users make restricted entries into a specific database with no central server. The entire database is created by cryptography technique which is not operated manually.

Crypto currency is a kind of transaction that is made between two persons. When investors invest in Bitcoin they do not get any receipt, account number or any kind of passbook with it because there is no physical appearance of this virtual money. No record filled with any transaction which is a very insecure medium for trading. Most of the time, Bitcoin may be used by the fraudsters for illegal activities like drug smuggling, ransom, black money transaction, etc. The rate of crypto currency hikes too fast but also it goes down fast. The huge variation in trading makes it riskier than the share market.

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Crypto currencies are irreversible with its nature. When investors sent it once and network confirmed, it will be impossible to get it back. Even when you invest you don’t know who is there with a wallet. It is an insecure medium because no identity is required in that platform and entries access too fast with immediate conformity. As well as anonymity becomes vary on every stage according to the utilization of token. The whole process is running completely on cryptographic technique not manually which is not really secure for trading purpose and that is why the future of crypto currency will be going down gradually.

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aarifhabeeb
Aarif Habeeb is a content writer at GrammarLove and an SEO expert. He is responsible for brand-building via content and social media for GrammarLove. His success lies within his originality and hands-on experience in editing and writing. Aarif lives in Jaipur and loves his early morning filter coffee, dessert gazing and reading newspapers. Follow him on Twitter and LinkedIn.

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