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Crypto Currency-Digital Currency-Current scene
Bit coin was the first crypto-currency which came into existence in 2009, launched by satoshi nakamoto, he introduced the Bit coin as the future currency.
A crypto currency is a digital or virtual currency that uses cryptography to secure, create and control its transactions. Unlike traditional currencies, which are issued by central banks, crypto currency has no central monetary authority. Introduced by Japanese Satoshi Nakamoto Bitcoin is the first crypto currency which came to public notice in 2009. Following this a number of other crypto currencies, such as Ethereum, Ripple, Litecoin, Cardano etc. exist in the market. Crypto currency can be exchanged for other currencies, products, and services. In recent months, Economists, Central Bankers, and Monetary Experts have expressed their reservations on the future of this currency. Investors and Enthusiasts of this currency are however bullish.
- The total crypto currency market capitalization increased more than 3 times since early 2016, reaching nearly USD 25 billion in March 2017.
- The current number of unique active users of crypto currency wallets is estimated to be between 2.9 million and 5.8 million.
- At least 1,876 people are working full-time in the crypto currency industry, and the actual total figure is likely well above two thousand as large mining organizations and other organizations that did not provide headcount figures are added.
- Bitcoin is the most widely supported crypto currency among exchanges, wallets, and payment companies. The leading cryptocurrencies are Ethereum, Bitcoin Cash, Litecoin, Ripple and Iota.
Advantages of Crypto Currency
- As a decentralized currency, Crypto currency cannot be manipulated by governments and central authorities of any country. Also because of its decentralized nature, it is inflation averse.
- Unlike bank transactions, Crypto transactions are completely anonymous. A person can only know the addresses of crypto on which the payment has been sent and received. But to whom these addresses belong cannot be identified. This anonymity feature offers security against fraud and identity theft.
- Due to the dramatic rise in its popularity among the masses, it is gaining wide acceptance as a payment method.
- The fee for crypto transactions is relatively low as compared to other digital transactions such as credit cards and other modes.
Disadvantages of Crypto Currency
- A highly volatile nature, huge price change over a short period, of crypto poses a serious question to consider it as a future currency.
- With the government of different countries having different attitudes towards considering cryptocurrency as a legal tender, people unaware of its mechanism consider it to be a risky investment.
- The anonymous nature of crypto transactions attracts its usage for illegal and illicit activities such as tax evasion, weapons procurement, gambling etc.
- Crypto transactions are irreversible in nature. Funds sent to a wrong address cannot be traced back and result in loss of all the transferred money.
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