The secure digital money specially designed to be anonymous sometimes is what CryptoCurrency is. The use of this currency is related to the Cryptography on the internet. This currency is highly safe and made of the uncrackable security codes. The currency is completely organic in nature and is known for its enduring allure. The currency is way above the official authorities and hence does not have any kind of government interference and manipulation included. The use of the currency is done mostly in the money laundering and tax invasion activities due to its anonymous nature.
The first ever CryptoCurrency to come into existence was the Bitcoin, it was known to the world in 2009 by a group named Satoshi Nakamoto. Soon it gained the desired popularity and almost 14.6 million bitcoins were in circulation till 2015, September. The success has made it hard for the competition cryptocurrencies to survive the competition including the Litecoin, Namecoin, Ethereum and the PPCoin. It has been immensely popular and in trend presently to use these Currencies. Anyhow there is no way the CryptoCurrency is going down the road and letting it take over by some other kind.
The Advantages and Disadvantages
The fund transfer is made very easy and quick for the parties with the use of Bitcoin or other CryptoCurrencies. Also, there are public and private keys used for the Transfers keeping in mind the Security purposes. The processing fees for the fund transfer are very low and make it very easy for the users to use the CryptoCurrency. Unlike the banks, it is very easy to a process and does not complicate it for both the receiving and the paying parties.
All the made transactions are stored in an online ledger on the Central to the genius Bitcoin. All the information can be easily accessed by any of the computer in the world that is running over this software. The block chains have a major use in the technology like the online Crowdfunding and the voting systems. The lower transaction cost behind the Ethereum and other Cryptocurrencies also make its processing more effective as well as a bit more efficient than the other ones.
Being a virtual money form the CryptoCurrency balance can be easily washed out in the absence of the backup copy due to computer crashes. The exchanging rates for with the other currencies can constantly fluctuate and vary everywhere. The hacking can easily affect this form of currency and possess a great threat of losing all your money to that.
Though the Ethereum and other Cryptocurrencies are free from governmental or any other influence, it does have the advantage to preserve value and exchange. But all the disadvantages should also be kept in mind while figuring out a fair judgment for it. before dealing with the currency you must be well aware of all the technicalities and the term of usage in order to use it in a wise and most effective way.