Cryptocurrency : The Future?

 We humans are always in search of things we needed the most ,That's why we invented the barter system(giving certain things in exchange of thing they needed),but it wasn't that easy because people won't exchange their things unless they get the things they needed in return .So the smartest living being on planet invented the currency.

In 110 BC an official currency was made .After that an upgradation took place in 1250 AD. Gold plated Folrin were introduced ,and finally we made the paper currency which gained popularity since 1960.In modern day paper currency ,credit card and online payment options are used everywhere which are controlled by a centralized bank along with the government.

But there are little problems with this online system ,like 

• There can be technical issue with the bank ,which is the middle man of the transaction can cause the transaction to fail.
• The user account can be hacked(By the Identity-theft ,or D-Dos attacks).
• There can be daily transaction limit of that bank which can cause the transaction not to complete after few transactions.
  
  
  
  

Due to all this problems ,Cryptocurrency was introduced, which is a virtual currency with no physical body .people started to use this as it has pros. like less threat of account hacking ,hashing algorithm(SHA256) which makes validation of the transaction and most importantly there is no middleman. Crypto itself stands for Cryptography which is encryption and decryption of data.

With the little transaction cost,24/7 money access ,no limits on transaction and purchase, freedom for any one and most importantly faster international transaction, crypto is capturing the online currency market.

Like other online transactions ,Crypto is also processed through some transaction processes which are as following

1. Transaction details of both the users are collected.
2. Details are gone through a hashing algorithm called SHA256 for security purposes.
3. Private key(A digital signature of an user) are added and with all these an output is created.
4. Then the output is distributed across the network  with senders public key(A digital ID of an user).
5. At last the output is verified and the transaction is added to the Blockchain.

There are 2most common Cryptocurrency in the crypto market now ,which are BITCOIN and ETHERIUM.

Bitcoin is a peer to peer, decentralized network without a central bank and with the block chain system .Bitcoin takes about 10 minutes to complete a transaction. and add it to the block chain .It is also used for real life transaction.

In other hand ETHER is accepted in Etherium network and it's open source for building and performing transactions ,it's the fuel of Etherium network. ETHER takes about 20 seconds to complete transaction .It can also be used for real life transaction.

Future :

Experts think that, by 2140 cryptocurrency will capture the online market by 85%,but still it is very obvious that not everyone will have the same thinking about cryptocurrency. Some people think that it's not as useful as it seems to be. Cryptocurrencies are linked with several terrorist attacks ,and its users are anonymous.so tracking a single user is hard .Crypto is not unlimited (BITCOIN has its ultimate value of 21 Million, after that BITCOIN mining can't take place).and also its price is not stable .but after all this, Crypto is the new trend in online market and people are investing in this for their cause.