Cryptocurrency also called as crypto money or crypto assets are created by the use of encryption software. This software was an approach to a solution of control and secured issues that have prevented to develop a pure form of digital currency in the past. This secure and digitally created money is currently in a period of experimentation.
How is this digital currency different from normal currency?
The digital currencies are not created by the specific governments or government-sanctioned Organizations, whereas the normal currency is created by the governments or it’s related Organizations. The cryptos tend to be developed by private organizations instead, and are less nation oriented. Most of these cryptocurrencies are created just to make money and some are created to fight against the traditional ones.
The national currencies are protected by banks or government authorities to control inflation or prevent malicious practices. Cryptocurrencies do not have any kind of such support. It depends entirely on miners and encryption technology. Cryptocurrency do not take any physical form. There is no physical way to track the cryptocurrency the same way as other currencies can be tracked. Cryptocurrencies can be programmed which means attempting to represent contracts and debt registries. The currency can take different roles, for example, exchanges of currency can take place when they meet the required conditions, without any user interaction.
The idea of these cryptocurrencies can be used across the world by means such as high tech encryption and data mining. The cryptocurrencies are flexible enough to be used for nefarious purposes. As long as they are being used by black markets, gangs or any other criminal activities the image of it would be a concern. To change it they need to be used more for legitimate business operations.
The exchange rate game is the most common one with cryptocurrencies, it is not only seen among the investors but also many industries that use crypto money. The problem with the cryptocurrency is not being backed up by any government entities and has no proper solution to it.
As said earlier cryptocurrencies are an invention of the tech industry and women hold around 20% of tech jobs and 17.7% of the startups in the tech industry have had a female founder. This Figure will undoubtedly rise in the coming future and a persistent initiative to integrate women in the tech industry is being acknowledged on a wide scale.
Check out the following infographic on 33 Cryptocurrencies described in four words or less, this infographic was developed by our friends at MrBtc.org.
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