Future of Crypto Currencies
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Discussion:
72 comments Page 8 of 8.
Bhargav said:
1 year ago
Good evening everyone.
Basically, what is Cryptocurrency?
Cryptocurrency is the digital/virtual currency that is created for the transfer of money from peer to peer easily. It is an encryption by Santosh Nakamotto in 2009.
The future of Cryptocurrency is bright in future. Because in 5 years ago no one knew about Cryptocurrency but in nowadays people are aware of Cryptocurrency and also know how to transact and to operate it. And many professional investors are trading in Cryptocurrency to earn more profit because profit comes from the high risk. And the price of Cryptocurrency highly fluctuates.
Every coin has two sides so Cryptocurrency currency has some merits and demerits.
Merits:
1. Secure payment.
2. Easily operate.
3. Transfer anywhere in the world.
4. Cashless economy.
Demerits:
1. Fraudulent activities happen.
2. No legal interference.
3. Minimum possibilities of refund.
Cryptocurrency is an encrypted, decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining.
I believe that cryptocurrency is not likely to take the world's monetary system shortly due to the following reasons:
1) There is no governing body.
2) No regulations thus a common man will never invest in such a thing knowing their hard-earned money can anytime be STOLEN, DEVALUED. And no one can help you out of the situation.
3) Any unwanted or wrong transactions can never be refunded.
4) It can increase corruption and fraud.
5) People are not aware of how to use cryptocurrency and hence open themselves to the hacker.
6) If it becomes popular, it can alter the known national income of a country and can develop into a huge black market for things.
7) It can affect the known growth rate of a country.
8) In extreme cases, it can lead to recession and affect the entire world's economy
Basically, what is Cryptocurrency?
Cryptocurrency is the digital/virtual currency that is created for the transfer of money from peer to peer easily. It is an encryption by Santosh Nakamotto in 2009.
The future of Cryptocurrency is bright in future. Because in 5 years ago no one knew about Cryptocurrency but in nowadays people are aware of Cryptocurrency and also know how to transact and to operate it. And many professional investors are trading in Cryptocurrency to earn more profit because profit comes from the high risk. And the price of Cryptocurrency highly fluctuates.
Every coin has two sides so Cryptocurrency currency has some merits and demerits.
Merits:
1. Secure payment.
2. Easily operate.
3. Transfer anywhere in the world.
4. Cashless economy.
Demerits:
1. Fraudulent activities happen.
2. No legal interference.
3. Minimum possibilities of refund.
Cryptocurrency is an encrypted, decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining.
I believe that cryptocurrency is not likely to take the world's monetary system shortly due to the following reasons:
1) There is no governing body.
2) No regulations thus a common man will never invest in such a thing knowing their hard-earned money can anytime be STOLEN, DEVALUED. And no one can help you out of the situation.
3) Any unwanted or wrong transactions can never be refunded.
4) It can increase corruption and fraud.
5) People are not aware of how to use cryptocurrency and hence open themselves to the hacker.
6) If it becomes popular, it can alter the known national income of a country and can develop into a huge black market for things.
7) It can affect the known growth rate of a country.
8) In extreme cases, it can lead to recession and affect the entire world's economy
(20)
Satyam Thakur said:
2 months ago
Cryptocurrency is a type of digital or virtual currency that uses cryptography for security. It operates independently of a central authority like a government or bank. The most well-known cryptocurrency is Bitcoin, but there are thousands of others like Ethereum, Ripple (XRP), Litecoin, and Dogecoin.
Key Features of Cryptocurrency:
1. Decentralised – No central control; operates on a blockchain (a distributed ledger).
2. Secure – Transactions are verified through cryptographic algorithms.
3. Anonymous – Identities of users are hidden behind wallet addresses.
4. Global – Can be used across borders without exchange rates.
5. Transparent – All transactions are recorded and publicly viewable on the blockchain.
Advantages:
* Low transaction fees
* Fast global transfers
* No need for intermediaries (banks)
* High potential for investment returns
Disadvantages:
* High price volatility
* Used in illegal activities (due to anonymity)
* Regulatory uncertainty
* Risk of hacking or scams
Summary:
Cryptocurrency is revolutionising the financial world, offering a new way to store and transfer value.
But it also comes with risks and challenges, especially for new users.
Key Features of Cryptocurrency:
1. Decentralised – No central control; operates on a blockchain (a distributed ledger).
2. Secure – Transactions are verified through cryptographic algorithms.
3. Anonymous – Identities of users are hidden behind wallet addresses.
4. Global – Can be used across borders without exchange rates.
5. Transparent – All transactions are recorded and publicly viewable on the blockchain.
Advantages:
* Low transaction fees
* Fast global transfers
* No need for intermediaries (banks)
* High potential for investment returns
Disadvantages:
* High price volatility
* Used in illegal activities (due to anonymity)
* Regulatory uncertainty
* Risk of hacking or scams
Summary:
Cryptocurrency is revolutionising the financial world, offering a new way to store and transfer value.
But it also comes with risks and challenges, especially for new users.
(3)
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