The entire global economy has started inevitably moving slowly towards a completely digital eco-system, and personally, I think that it is a very good thing indeed. From investment to money transfer, almost every single thing that we need to lead everyday life is now going completely paperless. The most promising and newest addition to the entire digital payment spectrum would be cryptocurrency. It is a very well known medium of exchange like normal currencies just like USD and INR, but it has been thoroughly designed for the main purpose of exchanging digital information. It has been defined as a decentralization of the digital and virtual currency which uses cryptography for security and therefore, it makes it difficult to counterfeit. It is actually impossible to counterfeit it. Since it is not something that can be issued by the central authority, governments cannot take it from you at any time. Over the last couple of years, or even the last decade, digital currency has certainly rapidly gaining the public eye, and I will provide some great reasons for it below.
- It is completely fraud-proof. When cryptocurrency is created, all of the confirmed transactions are all safely stored in a public ledger, and all identities of coin owners are encrypted to make sure that it is legitimate for record-keeping. Because the currency is decentralized from the start, you own it, no one else. The thing is there is no middle man; there is no way anything could happen to it.
- Another amazing thing about it is that the government cannot levy a tax on it as long as it is in the coin form. No banks have control over it either.
- The ledger ensures that all of the transactions between all of the digital wallets can calculate a balance that is perfectly accurate. All of the transactions are indeed checked to make sure that the coins are used and owned by the spender currently. This ledger is also referred to as a transaction blockchain. Blockchain technology ensures very secure digital transactions through the encryption and also smart contracts which will make it virtually unhackable and also void of any kind of fraud. What you have is basically the currency that cannot be hacked by anyone.
- You will get an instant settlement as well. Blockchain is actually the reason why cryptocurrency has any kind of value. There is an ease of use, and that is why it is in high demand. All that you need to know is that you can do all of your transactions with the help of a smart device and also an internet connection to make any kind of payments.