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Cryptocurrency: All You Need To Know

Published on 09 August 17

Nowadays, cryptocurrencies are one of the most sought-after things among investors and netizens. The first cryptocurrency – Bitcoin was invented in 2008 and post that, many other cryptocurrencies came into existence, including Dash, Zcash, Ethereum, Monero, Ripple, and Litecoin. Many people, governments, banks, and companies are not aware of their importance. So, to make them informed, here are some of the things that they need to know about cryptocurrency. Read on!

Cryptocurrency: All You Need To Know - Image 1

What are Cryptocurrencies Really?

Let’s start with a simple definition of cryptocurrencies. These are basically limited entries in a database that no user or an individual can change without fulfilling certain conditions.

In a technical language, cryptocurrencies are some entries in decentralized databases. Owing to the strong cryptographic consensus-keeping process, they are known as cryptocurrencies. Based on the cryptography, these currencies are secured by mathematic equations.

Transactional Properties -

1. Irreversible – A transaction after confirmation can’t be reversed by anyone. Not the bank, not the government, not Satoshi, and not by the miner. If a money is sent to a person, then it is sent. No one can help in reversal or even in case of hacking.

2. Fast and Global – The cryptocurrencies are propagated instantly in network and get confirmed in only a few minutes. The day when these currencies got a global computers’ network they are completely different of the physical location. For instance, if a user send a Bitcoin to his/her neighbor or to someone at any location across the world, it will not make any difference.

3. Pseudonymous – Transactions and accounts are not connected to the real world identities. A user can receive Bitcoins on the addresses with a chain of 30 characters. Although it is possible to analyze the flow of transaction, but to connect with the real world identity with the addresses is not possible.

4. Permissionless – A user or an individual do not need to take permission of anybody to use cryptocurrency. Everybody can use this software for free. Users just have to install it and they can send and receive Bitcoins or other cryptocurrencies. No gatekeeper, no permission required.

5. Secure – Each cryptocurrency fund is secured in a key cryptography system. The owner of that key is the only one who can send the cryptocurrency. The Bitcoin address is much more secure; therefore, only strong cryptography can break this scheme.

Monetary Properties -

1. Controlled Supply - Most of the Bitcoin and other cryptocurrencies limit the tokens supply. All cryptocurrencies control token supply through a schedule that is written in the code. So, the cryptocurrency monetary supply can be roughly calculated in a given moment.

2. No debt – The fiat money is created through debt in every bank account and the numbers that comes on ledger are debts only. However, cryptocurrencies just represent themselves not the debts.

People need to understand these properties to understand the impact of cryptocurrencies.

Future of Cryptocurrency

At present, the financial market is on boom. Every day, the price of cryptocurrencies fall and rise and investors get wealthy or lose money. Few cryptocurrencies survive for the initial months and some get hyper growth. In the future, the cryptocurrencies can have a bright future or might get dumped by the users or investors.

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