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<br>Cryptocurrency is digital currency that uses cryptography to secure its transactions. A cryptocurrency is a digital or virtual currency that is meant to be a medium of exchange. <br><br>It is quite similar to real-world currency, except it does not have any physical embodiment, and it uses cryptography to work.
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Future of money Bitcoin : The future of money Cryptocurrency Cryptocurrency is digital currency that uses cryptography to secure its transactions. A cryptocurrency is a digital or virtual currency that is meant to be a medium of exchange. It is quite similar to real-world currency, except it does not have any physical embodiment, and it uses cryptography to work. Because cryptocurrencies operate independently and in a decentralized manner, without a bank or a central authority, new units can be added only after certain conditions are met. Bitcoin Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented. Bitcoin was the first practical implementation of blockchain technology and is currently the most significant triple entry bookkeeping system globally. In a bitcoin ecosystem, access to entire source code is available to everyone always and any one can review or modify the code. How Does Cryptocurrency Work? Cryptocurrency is a highly encrypted decentralized digital exchange, which uses cryptography and serves as a medium of exchange, the transactions of which are recorded in a digital ledger called blockchain. This process of tracking a cryptocurrency's transactions in a blockchain is known as mining. Bitcoin is a completely self-contained form of digital currency, which does not need any bank to store or make transactions. It is similar to physical coins, which have value and can be used while trading, such as purchasing services and goods online or as a form of growing investment. Bitcoin b d d f ' ll h hi h i
can be traded from one person's wallet to another, which is Future of money stored on the mobile phone, computer, or somewhere in the cloud. Bitcoin is forgery-resistant and the process of creating a Bitcoin is so complex that it is almost impossible to manipulate the system. Benefits of Cryptocurrency With cryptocurrency, the transaction cost is low to nothing at all—unlike, for example, the fee for transferring money from a digital wallet to a bank account. You can make transactions at any time of the day or night, and there are no limits on purchases and withdrawals. And anyone is free to use cryptocurrency, unlike setting up a bank account, which requires documentation and other paperwork. Bitcoin - Future Since Bitcoin is a new emerging technology which is underway, unforeseen developments can make its existence and continuation difficult. The volatility of bitcoin prices is one huge issue. The wild fluctuations in its index is sign of such volatility. In recent years, bitcoin prices have risen exponentially and after some corrections have dipped but still they are on the high side. Many expect that the price will further increase.Governments of several countries including India are discouraging legal use of Bitcoins as they understand that Bitcoin is a parallel financial system beyond their control. However, countries like Japan, Australia and several European countries have made Bitcoin legal as they realized that they cannot stop the usage of bitcoins. The future of Money With its increasing popularity, Bitcoin users predict that by 2024, almost 94% of different types of Bitcoin will be released A forecast by Jeremy Liew, Snapchat's first investor, estimates Bitcoin to hit a staggering $500,000 by 2030. The popularity of this form of currency is expected to grow exponentially, as it is decentralized, safe, and anonymous The fact that a huge section of technology-savvy individuals and companies are favoring the decision of using different form of encrypted currencies clearly indicates that the future of Bitcoin or cryptocurrencies as a whole is going to be bright Cryptocurrency is only in its initial stages, so it is too soon to assume whether cryptocurrency will be the future of money or what will be the impact of Bitcoin in the coming years.
