What is cryptocurrency or Bitcoin, Cryptocurrency trading, advantages & disadvantages
What is cryptocurrency?
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
Cryptocurrency or Bitcoin created in 2009, was the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created.These are frequently called altcoins, as a blend of alternative coin.
Who invented the bitcoin?
Someone or a group of people called "Satoshi Nakamoto" was always associated with the invention of the cryptocurrency, but nobody knew who was behind the name. In 2014, Newsweek said that the bitcoin creator was a 64-year-old Japanese-American living in California named Dorian Prentice Satoshi Nakamoto.
Why cryptocurrency is so popular…
Why is cryptocurrency becoming so popular? Is it another way of stashing your black money without leaving any evidence? Is this the reason for it being so popular?
Advantage & Disadvantage of BITCOIN
Well everything comes with advantages and disadvantages, and the same is with Cryptocurrencies.Advantages are for customer for investments. And now a days these cryptocurrencies are becoming more like stocks. I can’t begin to imagine what will happen to the stock market if cryptocurrencies are approve or made legal in India. Then their is security, well its definitely a highly secure way to perform transactions and removes these middle men, which in-turn reduces/removes the cross-border commissions. Saves a lot of cash don’t you think!?
Disadvantage is that no authority backs it. Lets say shit goes done and somehow I loose my share of cryptocurrency, I can’t go to an authority and register a complaint or anything as such. Because even if someone else is responsible for the loose of my coins their isn’t anyone who can get it back or reimburse (like when it happens in a bank) that amount.And then their is the black money. Yes well its a way for them to scrap it for sure or stay anonymous. This is one of the important reasons why Govt. are still doing research on ways to add regulations on Cryptocurrencies before making them legal.
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