Cryptocurrency is a revolutionary way to handle the fundamentals of a currency. This is powered by the latest technology which is acclaimed and globally adopted. This technology is known as blockchain, which can improve the financial efficiency of global business and that’s a reason for country wide involvement. It can be clearly witness that developed or technologically advanced countries are recognizing and regulating cryptocurrencies on priority.
Evolution of cryptocurrencies.
Blockchains are immutable digital ledger systems implemented in a distributed fashion (i.e.without a central repository) and usually without a central authority. At their most basic level, they enable a community of users to record transactions in a ledger that is public to that community, such that no transaction can be changed once published.
The blockchain idea was combined in an innovative way with several other technologies and computing concepts to enable the creation of modern cryptocurrencies.
These currency blockchain systems are novel in that they store value, not just information. The value is attached to a digital wallet — an electronic device (or software) that allows an individual to make electronic transactions.
What are benefits of investing of in cryptocurrency?
World need a global currency so that any government cannot print any amount of money any time. In history has been seen that whenever any country tries to artificially come over its recession the impact is on global economy as well.
Thus, an instrument is needed that has a lower falling risk, compared to other currencies. That does not depend on government policy that can fail and cause hyperinflation or complete collapse of the currency.
Market capitalization of different cryptocurrencies & tokens is increasing day by day.People & organizations are researching new business out of this technology and even “State Bank of India” has adopted blockchain technology for identity program.
What are the tangible & intangible social and economic benefits of cryptocurrency?
From the purchaser’s viewpoint, the infrastructure for installments and sending cryptocurrency between accounts is going to be more straightforward and less expensive because it is distributed as opposed to going through some mediator.
New decentralized applications are economizing digital resources, providing ways to monetize what has previously been very difficult to do, especially in terms of things like content and other digital assets. A decentralized application can also provide a competitive pressure that changes the pricing of digital resources for a greater range of values to serve a wider market of users.
How different age groups understand cryptocurrency?
A general understanding that has been developed from different surveys are that younger generations were way more likely to own Bitcoin, to invest in Bitcoin, and to be open to using Bitcoin for transactions. There was nearly a perfect correlation between age and a respondent’s likelihood to be involved in the virtual currency. However, one age cohort broke the mold slightly; those between the ages of 25 and 34 were the most likely to invest in Bitcoin as an asset for the future, or to be open to using Bitcoin for purchases.
Since, this is a technological advancement in financial world. Having greater logical & technological learning capacity at younger age, these groups are more interested in this.
Are cryptocurrency trustworthy?
The complex networks involved in cryptocurrencies make them very difficult to breach. And blockchain the underlying technology, is being adopted for trust.