Cryptocurrencies and promising future

Everything is going paperless, from transferring capital to investment. The latest and the most promising incorporation in computerized payment is Cryptocurrency. The global economy is naturally moving towards the digital ecosystem. Cryptocurrency, a medium of exchange similar to usual currency like INR, USD but formulated for the exchange of digital material. As defined on investopedia.com, A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. It cannot be taken away from you by any central authority.

Promising Future by cryptocurrencies

Why are cryptocurrencies gaining such popularity and interest of the public, below are a few reasons listed below.

1. Anti-fraud - We own the currency as being decentralized, so no control of the bank or the government over it. Coin owners have encrypted identities, making sure the legitimacy of record keeping. All the long standing transactions are kept in public ledger. Accurate balance is calculated and all the transactions between digital wallets are ensured through ledger. Deals are checked ensuring the current owner is the spender of the coins. This public ledger is also known as transaction blockchain.
2. Identity Stealing - Through encryption and smart contracts, secured digital transactions are being ensured by Blockchain technology. Making the individual virtually impregnable and void to fraud. Almost every element of our lives is being self assured by blockchain technology with such security.
3. Immediate Agreement - Being easy to use crypto currencies are extremely in demand. Blockchain makes cryptocurrencies valuable, ensuring security. You are able to make your own bank payments and money transfers, just with an internet connection and smart device with ease.
4. Accessible- Around 2 billion people on the internet don’t have liberty to the traditional exchange systems.These people are filled in for the crypto markets.

How it Commenced

Freshly, banking organizations and automation companies such as Walmart, Barclays, Intel are into the undertaking of cryptocurrencies like Ethereum and Bitcoin. Countries with incapacitated currencies led to adoption of digital currencies over the traditional ones. Brazil, Colombia, Turkey, Venezuela are few countries to become early adopters.

Bitcoin, the first cryptocurrency which is decentralized, was presented in 2009. This cryptocurrency uses Blockchain technology and has overtopped Gold. Valued about 0.08/token USD and now in 2022 running for 41,475/token USD. Promising to be a considerable investment occurrence in today's history. Blockchain technology has gained a boost since 2009. Bitcoin’s increasing popularity and spike in its worth is not only the cause for it, but also due to the increased acknowledgement. Trust increased among the investors. Its importance, benefits over the government ruled, long established, old currencies and the increased awareness between the individuals led its way for making cryptocurrencies a promising future. Not only this, but there are more than 18000 cryptocurrencies in existence, from which around 10000 are active ones.

Cryptocurrencies making there place

Services like Paypal are also early adopters, following with the visa and master cards. The most eased out scenario is for crowdfunding and raising capital, which becomes transparent i.e for fundraising. Not limited to this, but also paying employees, especially cross- border became easy. Skipping banks and authorized linkages, sounds efficient in many ways. There is ease for checking transaction status, all can view the details with immediate action. In Business cryptocurrencies are widely popularized. Especially when it comes to benefit and profit to companies.

Widely globalized, phenomenon cryptocurrencies are in synchronization with the evolving trends. But still critics see risks and proponents see boundless potential. However, over the horizon, the power of blockchain and cryptocurrency maintains the potential to transform not only world's financial affairs, but of world politics too. But at the end money is a social norm, and till the user gets friendly with the use of cryptocurrencies, its functionality and getting comfortable with the security of investment, then only will adoption of it follow. Till that time, let's assume it is a bit of a high investment. It is a binary investment. But still hard to predict, even if bitcoin is the most valuable asset in human history, the promised future carries for cryptocurrencies.