What will the future be like for cryptocurrency?
Have you heard about Cryptocurrency Mining?
When you hear about mining, you think about the traditional mining methods. Well, cryptocurrency mining is a bit different. Cryptocurrency mining is made possible by using blockchain technology. Every transaction made is verified by "miners". Cryptocurrency mining first tries to solve complex arithmetic problems when you try to mine and then your transaction is confirmed and added to the general ledger. Every time a block is confirmed by the miner, they receive a certain amount of cryptocurrency. So, the miners participate in blockchain and mine on a regular basis that keeping the transactions flowing.
What are the benefits of blockchain technology besides being useful in cryptocurrency?
The major benefit of using blockchain technology is it provides security. Bitcoin has been live since 2013 but still to this day, it has never been hacked, not even once. Alex Tapscott, Founder and CEO of Northwest Passage Ventures said, "In order to move anything of value over any kind of blockchain, the network [of nodes] must first agree that that transaction is valid, which means no single entity can go in and say one way or the other whether or not a transaction happened," according to Tapscott. " He further said that such technology cannot be hacked because you would have to go manually to hack each computer that uses the network.
Blockchain technology promises many other opportunities like the elimination of ineffective and inefficient business processes and practices. The technology reduces errors by the existing system, human errors and speeds up the process. This technology is promising a brighter future for the financial industry.
Blockchain technology saves time and reduces costs giving benefits to businesses. A report was published by Goldman Sachs about the future blockchain technology potentially saving the stock market about USD 6 billion per year.
Blockchain technology holds a solid and secure future that the current banks and financial authorities are digging deep to learn about the implementation of this technology to create their digital currencies. The central banks know about the future that such digital cryptocurrency holds so they do not want to be behind in this financial race.
Digital currency does not need to be stored or kept in safety and traditional currency can be lost, misplaced or not easily tracked. On the other hand, digital currency can be traced in the entire system including the origin point of the transaction.
If they can track the digital currency, they can also reduce fraud and risk, keeping customers and crypto-users safe. Their monetary policies will have to be re-written considering such currency.
Is cryptocurrency future-proof or the bubble is going to burst?
The prices of cryptocurrencies are increasing from time to time. In half a decade, cryptocurrency has made its mark on the world as one of the most advanced methods of future currency.
If banks create their own cryptocurrencies using blockchain technology, there is again the big question about the future of the world and its economy and financial markets.
Cryptocurrencies are one of the best alternatives to the traditional currency system.
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