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Benefits Of Cryptocurrency

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What is cryptocurrency?

Cryptocurrencies or virtual currencies, are digital means of exchange that uses cryptography for security. The word ‘Crypto’ comes from the ancient Greek word, ‘Kryptos’ which means hidden or private. A digital currency that is created and used by private individuals or groups has multiple benefits. The defining benefit of cryptocurrency is that it is not governed by any central authority or financial institution, rendering them immune to government interference or manipulation. This is called having a decentralized system. A centralized economic system however, consists of government or corporate control of currency. The government and central banks control the supply of currency by printing units of fiat money and …show more content…

Most altcoins hope to either replace or improve upon Bitcoin or even with each other. Altcoins can vary widely from each other and each altcoin promises features such as faster transaction speed, more secure privacy, proof-of-stake and many more. Of course, with all the benefits on the table, there are disadvantages to using cryptocurrencies as well. Cryptocurrencies still have a long way to go before they can replace today’s form of money and be truly accepted in the global commerce. Only time will tell when the rest of the world is ready to accept cryptocurrencies as the everyday means of payment.

History of cryptocurrency

Although the word is literally embedded as part of the vocabulary. The importance of cryptography and the emergence of the technology is often overlooked. The earliest technical foundation of cryptocurrency can be traced back to the early 1980s David Tom's algorithm allowed for a secure unalterable information exchange between …show more content…

Platform
These types of cryptocurrencies are aimed to relieve intermediary, create markets, and even launch other cryptocurrencies as well as platform cryptocurrencies give the structural pillar for a host of further future applications. Ethereum is an ultimate instance of a platform cryptocurrency. Ethereum is a decentralized platform that is aimed to run smart contracts. A smart contract is an application that conduct as per programmed without any possibility of censorship, fraud or even downtime. Ethereum is the building block of many of the new cryptocurrencies as well. Another platform cryptocurrency is Filecoin.
3. Utility
A utility cryptocurrency is aimed for a particular task. Ripple (XRP) is an instance of a utility cryptocurrency. Which is designed to naturalize fiat money metastasis in an economical as well as highly manner, ripple is used by multiple banks and institutions. Some of the names on their website include Santander, American Express, UBS and BMO. Other utility cryptocurrency are Augur and The 0x Project.

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