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CRYPTOCURRENCY
What is a Cryptocurrency?
any form of currency that only exists digitally, that
usually has no central issuing or regulating authority but
instead uses a decentralized system to record
transactions and manage the issuance of new units, and
that relies on cryptography to prevent counterfeiting and
fraudulent transactions.
Features of a Cryptocurrency:
• Decentralized Blockchain.
Cryptocurrencies use blockchains to order transactions.
Blockchains are the best (and perhaps only) way to maintain
a consensus about the state of a record among a
decentralized, trustless network. If a currency relies on a
trust in the form of a centrally maintained and managed
record, it’s simply not a cryptocurrency .
In order to have a trustless, permission-less, decentralized
blockchain, you need three main ingredients:
• Cryptography
• A distributed network of architecture
• Some sort of consensus about mechanism (such as
proof of work or proof of stake)
• Usable as Money.
So far, this article has focused on the “crypto” part of
cryptocurrency, but the “currency” part is equally
important. While blockchains are a natural fit for
monetary systems, efforts are being made to apply them
to other functions (such as timestamping and record-
keeping). While such systems can be useful, they can’t
be considered cryptocurrencies if they serve no
monetary function.
• Software Running on Digital Technology.
In addition to cryptography, computing and networking
are essential to the function of cryptocurrencies. These
currencies are software, but they’re dependent on
computing and networking hardware. Further physical
aspects may be involved in certain cryptocurrencies (such
as RFID tags or the backing of precious metals).
Advantages of Cryptocurrency:
•Easy access – Cryptocurrency is readily available to the general public. Almost anyone can
make use of it. It is a decentralized operation and investors from all over the world have easy
access to them. You can find various projects trying to raise funds through cryptocurrency.
Almost anyone that can make online fund transfers can become part of such projects.
•Quick and easy payments – Making payments using cryptocurrency is very easy. You can do
it in just a matter of a few seconds. It is very fast because you don’t require to feed many
details, you don’t even need to enter your credit/debit card details. All you need is the address
of the wallet of the person or enterprise to whom you wish to make the payment too. The
amount shall credit to the receiver within few seconds to a few minutes depending on the
crypto. The ease of transfer and the low transaction fees makes it very desirable.
• Fast Settlements – With cryptos, you don’t need to wait a couple days for your business to
receive the money. Due to the technology cryptocurrencies are based on, the blockchain, it
removes delays, payment of fees and a host of other third party approval that might have
been present. For traditional businesses, there are often hiccups and bottlenecks due to the
number of middlemen that you have to cut through. With cryptocurrency transactions, there
is a quick settlement as the peer-to-peer nature of the networking structure cuts off the
middle man Crypto contracts were designed to eliminate the bottlenecks that have come to
characterize traditional settlement. The settlement is immediate and can be completed for a
fraction of time and expense that it would have taken a traditional transfer.
• Private– You don’t need to share your identity or whereabouts or the details of the
transactions made between you and the beneficiary. No information is required to share with
the government and the bank regarding the deal. It is truly decentralized.
•No chargebacks – Once you made the payment, you cannot chargeback. This considerably
depletes the chances of a fraud. Once the transfer has completed, it cannot reverse. Nobody
can file chargeback like you can on credit cards. It has it’s cons but can be an benefit also.
•No third party – You are the master of your money. You can keep it in your wallet and use
it as per your wishes. There is no third party involved like a bank on whom you need to
trust.
•Easy Access – Due to the medium by which cryptocurrency exist – the internet, there is
greater access unlike what is prevalent in the traditional financial systems. With
cryptocurrency, anyone can access it. You don’t need a business account or a withdrawal
software. A mobile phone and internet is required to get started. For developing countries
where there is a huge gap between those who have access to traditional exchange systems
and those who don’t, cryptocurrency opens up a new world for everyone to access and
benefit from.
Disadvantages of Cryptocurrency:
•Difficult to understand – Cryptocurrencies are relatively new and come with a
learning curve. People end up investing without proper knowledge and lose money to
something they did not learn about.
•Lack of knowledge – People are not aware of how to use cryptocurrency and hence
open themselves to hacker. The technology is somewhat complex and therefore one
needs to be mindful of it before investing.
•Can lose your wallet – There is a possibility of losing your wallet. If you have stored
the money in the form of digital currency on your phone or computer, you better
remember your password and not lose those devices. Losing your coins means you won’t
be able to retrieve it, even with the help of legal assistance so that is just one of Bitcoins
flaws.
•No way to reverse the payment – If you mistakenly pay someone by using cryptocurrency,
then there is no way to get a refund of the amount paid. All you can do is to ask the person for
a refund and if your request is turned down, then just forget about the money.
•Uncertainty & Volatility – Since cryptocurrencies are so new, they are also very volatile.
This is one of the main reasons mass adoption is taking longer than it should. Many
corporations don’t want to deal with a form of money that is going to go through huge swings
in volatility.
Cryptocurrency

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Cryptocurrency

  • 2. What is a Cryptocurrency? any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions.
  • 3. Features of a Cryptocurrency: • Decentralized Blockchain. Cryptocurrencies use blockchains to order transactions. Blockchains are the best (and perhaps only) way to maintain a consensus about the state of a record among a decentralized, trustless network. If a currency relies on a trust in the form of a centrally maintained and managed record, it’s simply not a cryptocurrency .
  • 4. In order to have a trustless, permission-less, decentralized blockchain, you need three main ingredients: • Cryptography • A distributed network of architecture • Some sort of consensus about mechanism (such as proof of work or proof of stake)
  • 5. • Usable as Money. So far, this article has focused on the “crypto” part of cryptocurrency, but the “currency” part is equally important. While blockchains are a natural fit for monetary systems, efforts are being made to apply them to other functions (such as timestamping and record- keeping). While such systems can be useful, they can’t be considered cryptocurrencies if they serve no monetary function.
  • 6. • Software Running on Digital Technology. In addition to cryptography, computing and networking are essential to the function of cryptocurrencies. These currencies are software, but they’re dependent on computing and networking hardware. Further physical aspects may be involved in certain cryptocurrencies (such as RFID tags or the backing of precious metals).
  • 7. Advantages of Cryptocurrency: •Easy access – Cryptocurrency is readily available to the general public. Almost anyone can make use of it. It is a decentralized operation and investors from all over the world have easy access to them. You can find various projects trying to raise funds through cryptocurrency. Almost anyone that can make online fund transfers can become part of such projects. •Quick and easy payments – Making payments using cryptocurrency is very easy. You can do it in just a matter of a few seconds. It is very fast because you don’t require to feed many details, you don’t even need to enter your credit/debit card details. All you need is the address of the wallet of the person or enterprise to whom you wish to make the payment too. The amount shall credit to the receiver within few seconds to a few minutes depending on the crypto. The ease of transfer and the low transaction fees makes it very desirable.
  • 8. • Fast Settlements – With cryptos, you don’t need to wait a couple days for your business to receive the money. Due to the technology cryptocurrencies are based on, the blockchain, it removes delays, payment of fees and a host of other third party approval that might have been present. For traditional businesses, there are often hiccups and bottlenecks due to the number of middlemen that you have to cut through. With cryptocurrency transactions, there is a quick settlement as the peer-to-peer nature of the networking structure cuts off the middle man Crypto contracts were designed to eliminate the bottlenecks that have come to characterize traditional settlement. The settlement is immediate and can be completed for a fraction of time and expense that it would have taken a traditional transfer. • Private– You don’t need to share your identity or whereabouts or the details of the transactions made between you and the beneficiary. No information is required to share with the government and the bank regarding the deal. It is truly decentralized.
  • 9. •No chargebacks – Once you made the payment, you cannot chargeback. This considerably depletes the chances of a fraud. Once the transfer has completed, it cannot reverse. Nobody can file chargeback like you can on credit cards. It has it’s cons but can be an benefit also. •No third party – You are the master of your money. You can keep it in your wallet and use it as per your wishes. There is no third party involved like a bank on whom you need to trust. •Easy Access – Due to the medium by which cryptocurrency exist – the internet, there is greater access unlike what is prevalent in the traditional financial systems. With cryptocurrency, anyone can access it. You don’t need a business account or a withdrawal software. A mobile phone and internet is required to get started. For developing countries where there is a huge gap between those who have access to traditional exchange systems and those who don’t, cryptocurrency opens up a new world for everyone to access and benefit from.
  • 10. Disadvantages of Cryptocurrency: •Difficult to understand – Cryptocurrencies are relatively new and come with a learning curve. People end up investing without proper knowledge and lose money to something they did not learn about. •Lack of knowledge – People are not aware of how to use cryptocurrency and hence open themselves to hacker. The technology is somewhat complex and therefore one needs to be mindful of it before investing. •Can lose your wallet – There is a possibility of losing your wallet. If you have stored the money in the form of digital currency on your phone or computer, you better remember your password and not lose those devices. Losing your coins means you won’t be able to retrieve it, even with the help of legal assistance so that is just one of Bitcoins flaws.
  • 11. •No way to reverse the payment – If you mistakenly pay someone by using cryptocurrency, then there is no way to get a refund of the amount paid. All you can do is to ask the person for a refund and if your request is turned down, then just forget about the money. •Uncertainty & Volatility – Since cryptocurrencies are so new, they are also very volatile. This is one of the main reasons mass adoption is taking longer than it should. Many corporations don’t want to deal with a form of money that is going to go through huge swings in volatility.