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What is Cryptocurrency? Is it the Future?

Cryptocurrency is an alternative form of payment which is created in a digital environment using encryption algorithms. The transactions are verified by a decentralized system rather than by a centralized authority. Also records are maintained by a decentralized system which means that crypt currencies act both as a currency and a virtual accounting system.

Blockchain & Cryptocurrencies
  • Release Date: 21 March 2022
  • Update Date: 27 December 2023
  • Author: Speaker Agency
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The security of cryptocurrencies  is encrypted in a digital environment This phase alone means that there is possibility for decentralized finance and hence decentralized financial activities. In 2008, Bitcoin appeared as the first cryptocurrency and many others followed.  

We now call those alternative currencies ‘altcoins’ in the crypto market some of which are Ethereum, XRP, Litecoin, Dash, Ripple, Bitcoin Cash, Cardano, Tether and Dogecoin. Just like Bitcoin, altcoins are manufactured by encryptography. What we need to understand about cryptocurrencies is that crypto is a digital asset which can circulate in the financial world without the need of a central monetary authority like a bank or a government. People can buy, sell or trade cryptocurrencies securely because they are created by using cryptographic techniques. In the current crypto market, altcoins cost relatively less than Bitcoin and have more transactional speed.

The technology known as blockchain is where cryptocurrencies are supported. Blockchain maintains a tamper-resistant record of transactions and keeps track of who owns what. In this environment, buying and selling activities are tracked. Blockchain did one major thing for digital financial services: it addressed the problem faced by the previous efforts to create purely digital currencies. Blockchain prevents people from making copies of their holdings and attempting to spend it twice. Therefore, the blockchain based crypto market is a safe place where cryptocurrency investors can operate. As the crypto space sounds like a market where finance services are freely roaming, people tend to think that the environment is unregulated. Quite the contrary, there is a crypto regulation and cryptocurrency investors can make transactions securely. 

How Cryptocurrencies are Manufactured and How Safe are they?

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The way to create cryptocurrency is called ‘mining’ which is an energy-intensive process. In this mining process, computers solve complex puzzles to verify the authenticity of the transactions on the network. Cryptocurrencies are manufactured in a crypto regulated system and they are fundamentally for the user. The functional abilities of mining are more efficient when the system operates with high speed and uninterrupted internet service.

All transactions with crypto currencies can be monitored and evaluated by the concerned parties thanks to Blockchain technology. The amounts and the account addresses of both the sender and the receiver are sufficient information for transactions. Transactions are then confirmed by miners using cryptographic solutions and also transactions cannot be undone.

There is also the concept of smart contracts. On blockchain there are certain stored programs whşch run only when the predetermined conditions are met. Smart contracts are used to automate the execution of an agreement so that all parties are ensured of the outcome without any other party’s involvement. Time loss is also completely prevented as the smart contracts are automated and the participants are certain of the outcome immediately.

The purpose of a smart contract is to simplify the trade between both anonymous and identified parties. Most cryptocurrencies offer smart contracts and clearly, the best way of making a business transaction completely secure is to have a smart contract.  

Future of Cryptocurrencies

The differences between banking practices along with the fact how crypto currencies work, might force governments to limit the use of digital currencies. To be able to protect consumers, crypto investors and businesses, there needs to be regulation in the digital assets market. The numbers show that the digital assets market has grown significantly over the past years.

This trend is expected to carry on in the next couple of years which means the number of transactions will increase significantly. Governments are trying to take action and get more involved in the world of digital finance services.

Future of Crypto Currencies

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Crypto currency accounts and digital currencies are legal in Turkey and have quite a platform. Here are some advantages and examples for future use of digital currencies.

  • Crypto currencies will probably have a bigger share in the finance industry, as they are produced in an unregulated environment.
  • Not being attached to a central system or a branch, crypto currencies are not directly affected by the economic state or the economic conditions of a country.
  • Crypto currency accounts can neither be frozen nor be confiscated by governments or by third parties.
  • The popularity of Blockchain technology will grow even more with the improvement of mathematical formulae and advances in computer sciences. Thus, the wonder and the demand for Blockchain will also grow.
  • To make a transfer in crypto currencies, you don’t need a bank or a payment tool which means you can make transactions 24 hours a day, 7 days a week.
  • You don’t have to disclose your personal details to use a crypto currency platform. Your personal information is safe in each transaction you make and even if you are indebted, you can still appear anonymous.
  • You don’t have to pay a fee to open a crypto currency account. The crypto currency platform, which operates without being an extension of a service provider or a service centre, can also provide its users with low-cost operational possibilities in the future.
  • Crypto currencies allow new business models to flourish and entrepreneurship activities increase in the fintech eco-system. Blockchain technology is one of the most promising fields for the future as it will provide many job opportunities for those who are eager to work in this field.

Please check out our web site and meet our global experts like Chris Skinner, Cristina Dolan, Professor Ozgur Demirtas and Jim Carroll at Speaker Agency, if you’d like to know more about the crypto currency world and information security on digital currency platforms. You can find out about the advantages of Cryptocurrencies and its use in the near future. Contact Speaker Agency for further information and let your business and work partners benefit from the experience of our speakers.

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