In this modern age of technology and digitization the various phases of life which were carried on a daily basis in the form of manual work have now been converted to digital work form. Also, the monetary transactions that are being done around the world in the form of notes and other minted currency have now changed their attire to the digital form in steps of digitization. One of the popular forms is in the shape of Cryptocurrency.
A cryptocurrency is a digital currency that has its origin and management related to the high-level management and encryption technologies and several other techniques called cryptography. In 2009 when the cryptos started their journey less than half of the population share of the world knew about it. But in today’s digital generation as the time progresses the awareness towards this digital currency has grown many hands. The cryptocurrencies gained significant and remarkable introduction in 2013 when many influential investors invested in the digital currency and made it famous finally throughout the sphere. One of the famous digital cryptocurrencies is named Bitcoin.
Bitcoin is a decentralized digital money form that has peer to peer technology attached to it that has seen in the technology assisting Torrents throughout the world. The word decentralization itself means that it is free from the upper hands of the government i.e., the financial controllers of a certain economy that is popularly called the government. Thus, it has no central authority to check the running of currencies unlikely to that of other normal monetary currencies making it a completely different entity as compared to the fiat money. If you are interested in bitcoin trading visit quantum ai
Here in fiat money, it is mainly the central bank that regulates its circulation and production, inflation. The value of Bitcoin is completely dependent on what the investors are ready to invest or pay for the same at that particular instant of time may be day or night. But in the case of fiat money, it is the fate of the central bank that keeps it in the running position. Once the bank fails the circulation also stops thereby drowning the economy which is not in the case of digital currency.
Future of bitcoin and other digital currencies:
The remarkable work by the Professors of Harvard University is commendable in the field of study of digital currencies. According to them there can be an overwhelming sentiment in the coming times that will lead to the market capitalization, thereby making an explosion of digital currencies throughout the world’s hemisphere so that the net figures will rise almost to about five to ten trillion United states dollar currency. He further added that unlike physical gold that has limited reserves in the earth’s crust the wealth of bitcoins and other digital currencies will grow to the fullest efficiently and in no time sooner. Though the use of digital currency is limited to the transactions of the digital world.
Every shade has its color grey. In the same manner the use of digital currency has grown for illegal activities because of its non-traceable and decentralized manner. Though it need not be discussed here, it is a hub on its own. This has drawn the attention of the regulatory bodies of the country to make and amend usage of these currencies because it can prove fatal if the resources fall into the hands full of dirt. Though the future of cryptocurrency is a subject of much debate but one has a limited knowledge about it so in short it will be discussing only one side of coin.
The bottom line:
The world of digital currency is like the particles of clay, you can mound them in the shape you want but you can’t separate those particles cause it is because of them it is an entity, without them it will only be a concept.