WHY ARE CRYPTOCURRENCY IMPORTANT

Why are Cryptocurrencies important

You may be wondering why cryptocurrency is the new trend and why everyone is talking about it. I was wondering too so I did I little research on it.
First what is a cryptocurrency? A digital money that uses encryption technique (cryptography) to regulate the generation of unit of currency and verify transactions and transfer of funds. Cryptocurrency are just like any other currency like US dollars, British pounds, Nigerian naira, Thailand bath etc. but the only difference is that cryptocurrency are decentralized this means it is not controlled by any central government or bank, it’s a peer to peer currency this means middlemen like banks are not needed when making any transaction and also cryptocurrencies are encrypted in codes and numbers used over the internet and can also be exchanged for fiat currencies. Before the invention of cryptocurrency, it was impossible for two parties to make transactions without inviting a third party. This was because of the double spending problem.
In 2008 a person or group of persons named SATOSHI NAKOMOTO introduced a form of cryptocurrency called BITCOIN which absolutely eradicate the problem of double spending and transactions was possible between two parties directly without contacting or involving any third party. NAKOMOTO was able to achieve this by creating a PUBLIC KEY cryptography, proof of work system, peer to peer transaction and most importantly a ledger in which all transactions on bitcoin network are stored and can also be tracked called BLOCKCHAIN.
The blockchain is accessible to anyone making transactions using bitcoin and is not controlled by any central authority but a public network visible to every bitcoin user to track transactions.
Currently there are over 1000 forms of cryptocurrencies e.g litecoin, etherium, pandacoin, ripple, namecoin, bitcoin etc.

Importance of Cryptocurrency

➢ Because cryptocurrencies are digital currencies they cannot be counterfeited like fiat currencies
➢ They are secure and transparent when making transactions no hidden fee
➢ Easy to carry huge amount of funds without anyone noticing or knowing.
➢ Cryptocurrency eradicate the use of third party or banks
➢ Full ownership with of account
➢ Transactions are secure, private and anonymous

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