Pros And Cons Of Cryptocurrency

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The famous digital cryptocurrency over the internet is bitcoin that has eased the online transactions. It’s a global phenomenon and misunderstood by bankers, governments and many companies. This is why understanding the basic of it is as mandatory as the virtual money itself.

What is cryptocurrency?

Cryptocurrency is a virtual or digital currency which is a secure option since it uses cryptography. Also called for transaction block chain, no one can counterfeit it. It is an electronic medium of exchange, and maybe the future of currency. It’s the line of codes that create value as well as money for its holder. It is policed by a method called mining.

Its origin.

Nick Szabo worked on the first electronic system, Bit Gold, from the years 1998 to 2005. However, the first notable mention of the
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• And that’s how the transaction is completed.

Pros and cons of digital coins.

Cons.

The digital currency, like bitcoins, can be stored offline on the local hardware, and the process is known as cold storage. The person handling bitcoins, or any other cryptocurrency, should be careful not to use hot storage, or internet storage, since anyone can steal it. However, if people losses the hardware data of currency, they can never recover the coins. And this is why in today’s date, about 30 billion dollars are missing or dislocated over the internet.

Digital coins are not controlled by any government or an organization. That means even criminals use cryptocurrency so that the government cannot trace their leads. And this property made is popular. It has already created numerous scams all round the world and many investors loose thousands of dollars because of this disadvantage.

The complexity of digital currency makes it immune to forgery. There have been many counterfeiting efforts made to manipulate the system. But its security has been made good enough to resist the forgery.
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