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WHAT IS CRYPTOCURRENCY?

It is form of digital also known as a cryptocurrency which is protected with
cryptography, making it almost impossible to duplicate-spend or counterfeit. A
large number of cryptocurrencies are decentralized networks that are based
in blockchain technology, which is a shared ledger that is governed by a
dispersed computer network. One of the most distinctive characteristics of
cryptocurrency is that they're generally not issued by a central authority,
making them theoretically unaffected by the interference of government or
manipulation.

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UNDERSTANDING BASICS OF CRYPTOCURRENCIES

Cryptocurrencies are digital and virtual currencies that are backed by
cryptographic systems. They permit secure online transactions without the need
for intermediaries from third parties. "Crypto" refers to the various encryption
algorithms and techniques which protect these transactions like elliptical curve
encryption and public-private key pairs and functions for hashing.

The cryptocurrency may be mined or purchased through exchanges for
cryptocurrency. Some e-commerce websites do not accept transactions using
cryptocurrency. Indeed some cryptocurrencies, including popular ones such
as Bitcoin are not commonly utilizedfor transactional transactions in
retail. But the exploding value of cryptocurrency has led to their popularity
for trading. In a small amount they also are utilized for transfers across
borders.


BLOCKCHAIN

One of the main reasons for the popularity and utility in Bitcoin and other
cryptocurrencies is the blockchain technology. Like its name suggests it is
basically an array of blocks that are connected which is also known as an online
ledger. Each block has a list of transactions that have been independently
checked by every participant in the network. Each block that is created has to
be checked by every node prior to being confirmed, which makes it virtually
impossible to fake transactions. 1The contents of the online ledger have to be
approved by all members of the network, not just one node, or a computer which
maintains an exact replica of it.


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ADVANTAGES AND DISADVANTAGES OF CRYPTOCURRENCY

The introduction of cryptocurrencies was based on the intention of
revolutionizing financial infrastructure. As with all innovations there are
trade-offs to be considered. In the present stage of cryptocurrency development
there are a lot of differences between the idealized concept of a decentralized
system cryptocurrency and the actual implementation.

Certain benefits and drawbacks of cryptocurrency are as the following.




ADVANTAGES

 * Cryptocurrencies represent a new, decentralized paradigm for money. The
   system is decentralized, meaning that centralized intermediaries, like banks
   and financial institutions aren't required to establish trust and regulate
   transactions between two people. So, a system based on cryptocurrency
   eliminates the risk of a single source of failure, for instance, an enormous
   bank, which could set an avalanche of worldwide crises similar to the
   one caused in 2008 due to the collapse to a number of banks in the United
   States.
 * Cryptocurrencies are designed to ease the process of transfer funds between
   two parties without the need of a trusted third-party like banks or credit
   card business. Decentralized transfers are protected with the help of private
   and public keys, as well as various forms of incentive mechanisms, including
   the proof of work or evidence of stake.11
 * Since they don't use third-party intermediaries to facilitate transactions,
   cryptocurrency transfers between two parties involved in transactions are
   quicker than regular transfer of funds. Flash loans that are part of the
   decentralized financial system are an excellent illustration of these
   decentralized transfers. These loans that are made without any collateral to
   back them, are completed in a matter of seconds and can be utilized for the
   trading industry. 12
 * Investments in cryptocurrency can yield gains. The cryptocurrency market has
   seen a dramatic increase in value in the last decade, with one time exceeding
   $2 trillion. In December. 20 20, 2021, Bitcoin was worth over $862 billion in
   cryptocurrency markets. 13
 * The transfer economy is undergoing a test of one of the most popular
   cryptocurrency uses. At present, cryptocurrencies like Bitcoin serve as
   intermediary currencies to make it easier to transfer money across
   boundaries. Therefore the fiat currency is transformed into Bitcoin (or an
   alternative cryptocurrency) and then transferred across borders and then, it
   is converted to the fiat currency of the destination. This process
   streamlines the transfer process and reduces the cost.


DISADVANTAGES

 * Although it is claimed that they're a non-detectable method of exchange,
   cryptocurrencies are in reality pseudonymous. They leave a digital trace that
   law enforcement agencies like those of Federal Bureau of Investigation (FBI)
   can discern. This could lead to government agencies or federal authorities
   monitoring any financial transaction of regular citizens. 14
 * Cryptocurrencies are now a common instrument used by criminals to carry out
   nefarious operations like cash laundering and illicit purchase. The story
   that involved the Dread Pirate Roberts who operated an online marketplace for
   selling drugs via the black market, is widely known. Cryptocurrencies are
   also becoming the preferred choice of hackers who utilize their currency to
   runsomware. 15
 * In the concept, cryptocurrencies are supposed to be distributed, their wealth
   being distributed among various parties on a Blockchain. However the
   ownership of these coins is extremely concentrated. As an example an MIT
   study revealed that only 11,000 investors held around 45percent of Bitcoin's
   exploding price. 16
 * One of the principals behind cryptocurrency is that anyone is able to mine
   them with computers with access to an Internet connection. However, mining
   the most popular cryptocurrency requires a significant amount of energy, and
   sometimes as much as the entire nations consume. The cost of energy, which is
   high, combined with the unpredictable nature of mining have pushed mining in
   large companies with revenues can exceed billions. Based on an MIT study 10
   percent of miners make up 90% of the mine capability. 16
 * While cryptocurrency blockchains are incredibly secure, other cryptocurrency
   storage facilities, like wallets and exchanges, could be compromised. A
   number of cryptocurrency wallets and exchanges were hacked in the years,
   often leading to thousands of dollars in "coins" stolen. 17
 * The public markets for cryptocurrency have a tendency to fluctuate in
   price. Bitcoin has seen huge surges and drops in value, climbing up to
   $17,738 in December 2017 , before falling to $7,575 over the subsequent
   weeks. 3 Some experts believe that cryptocurrencies could be a temporary fad
   or an speculative market.


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