What is a cryptocurrency or Bitcoin?

cryptocurrencyA cryptocurrency is a decentralised digital payment system, which basically lets people send money to every other within the internet without need of a trustworthy third party such as a bank or financial institution. The transactions are cheap, and in many cases, they’re free as well as anonymous.Some most known examples of digital asset cryptocurrencyes are Bitcoin, Litecoin, Ripple, Ethereum, Dogecoin and Coinye.

Cryptocurrency chief feature is that it is completely decentralised, which suggests that there is no single central point of authority or anything like that. The consequences of this is performed by everyone having a complete copy of all the transactions that have ever happened with Bitcoin. This creates a remarkably bouncy network, this means that no one can change or revoke or police the trades.

The high degree of anonymity in there means that it’s very hard to follow trades hence it also safe. It also make payments fast, border-less and you’ve got a higher level of anonymity which make this system free exploitation.

In light of anonymity, plenty of different agencies are studying into Bitcoin and looking at Bitcoin and trying to comprehend how it works and so that they could track it. It is also been in the media quite a couple of times, and also the media, being the media, like concentrate on the poor side of it. So they focus quite heavily on the crime with it.

Some people who don’t understand bitcoin process, They quickly jump to brand it as a criminal thing, and forget the legitimate uses and advantages of Bitcoin.But we all know such crimes are going on for ages.

Bitcoin developers are working regularly on to enhance it security features but at the same time don’t compromise on privacy and decentralisation. A lot of focus from the media is really to have a look at the criminal features of it but not advantages it carry.