Introduction
Cryptocurrency has become immensely popularina few years now. As of 2018, more than 1600 of these are available in the market. Since then, the number has been increasing and gaining interestfrom people around the world.
The rise in demand for cryptocurrency has escalated the can find more details here demand for blockchain developers as well which underlines the technology of this unique cryptocurrency. Bitcoin is a big example for the blockchain developer.
What is cryptocurrency?
To understand it in general terms, cryptocurrency is a coded string of a large database representing a single currency unit. The associate networks are popularly called blockchain monitors. They specialize in organizing the cryptocurrency transactions such as buying or selling currency or transferring the same. They present a secured ledger for all the transactions. Making use of encryption technology, cryptocurrency has successfully served both as a currency and an accounting system.
A cryptocurrency is a virtual or digital currency. It serves as a medium for currency exchange. It resembles the real world’s currency in many ways but has exceptions like you do not have it in your wallet and that it uses cryptography for its working.Cryptocurrencies operate independently. They work in a decentralized way without any interference from the banks or any central authority. A new unit to any cryptocurrency is added on certain terms and conditions when met.
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Brief history
The barter system was prevalent in the caveman era. According to this system, goods and services were exchanged with benefits among people. For example, you may seek some vegetables and give the other person some fruit. But this system can’t survive because of some flaws. Most importantly, the choice and interests of people should coincide for a barter system. Another flaw was that there was no common measure for evaluating goods or services. Moreover, goods couldn’t be transported comfortably. Unlike the modern currency trends, it was difficult to store currency physically in wallets or digitally on mobile phones. People soon realized this and moved ahead with better ideas. It was then in 1100 B.C.; the official currency system was established. It later flourished into what we call modern currency today. From currency presented in the form of paper and coins, later established through a system of debit and credit cards. Now, digital wallets like PayPal, Amazon Pay, and Paytm have taken over the new concepts of digitalization of the entire currency system. Banks and the governments in the respective countries control the entire system through a centralized authority that now has limited the traditional paper currencies and the credit/debit card systems.
The future
Cryptocurrency holds the future trading system. Cryptocurrency can solve all the existing issues of the modern banking system. It solves problems such as limited transaction limits, account hacking, server issues, or banks’ failure in picking up payments on time. Cryptocurrency is cropping up on its way to establishing a new currency system each day. Transaction fees paid are already reduced and will soon be made to zero with the cryptosystem. It can help governments, corporations, and every business with streamlined inventory management, and executing smart contracts in no time.
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