Blockchain Training

Cryptocurrency is a relatively new term, which most people have not heard off. What is Cryptocurrency and how does it affect us? All cryptocurrencies use the Blockchain technology to keep the currency and the technology behind cryptocurrencies safe. Though there are many types of cryptocurrencies, Bitcoin is the leader of the pack.

A Cryptocurrency is a digital form of money and it is free of government control or interference. Its generation and use is monitored on a peer-to-peer internet protocol. It uses encrypted string of data, known as hash, which signifies a unit of currency.

Cryptocurrency has many advantages and a few are listed below:

• Fraud & Theft – Since a person’s cryptocurrencies are digital, there is no possibility of it being counterfeited or reversed for any reason by the sender.
• Settlement of transactions are on the spot – Transaction such as buying land or a house will require assistance from others such as brokers, lawyers etc. This will add to the cost due to the payment of fees. Whereas in the case of Bitcoin contracts, they can be drawn up to eliminate any third party involvement and can be done on the spot.
• Minimal Fees – Since miners are compensated by the network, there will be no transaction fees to be paid.
• No identity theft – Cryptocurrency, it uses a ‘push’ mechanism where the holder can send the required amount exactly to the merchant without any further need for information etc. The entire deal is in the hands of the purchaser and this ensures no identity theft.
• Access to all – Currently worldwide, there are an estimated 2.2 billion individuals who have access to the internet and/or mobile phones, but will no access to credit or debit cards. For such persons, Cryptocurrency is an ideal choice as a medium of payment or receipt.
• Decentralized network – Unlike in regular currency networks, Cryptocurrency uses a global computer network, which jointly manages a database that records all Bitcoin transactions around the world. It operates on a user to user [or peer to peer] basis.
• Universally recognised – Cryptocurrency is free of exchange rates, interest rates, transaction fees or any other charges of any country; therefore it is an ideal, hassle free system for international transactions.
• Your account belongs to you – It is the only cash system in the world, where the account is owned and operated only by the person concerned. The amount in your account cannot be frozen for any reason by any third party.