The Cryptocurrency platform is facing a dramatic transformation as it evolves with numerous challenges which leads to breakneck development in today’s business world. It is a digital currency that involves peer-to-peer transaction which enables some functions such as currency issuance, transaction processing and verification process to be carried out collectively by the network.
Many other currencies have been introduced such as Ripple, Dogecoin, Mastercoin and so on, which will make the cryptocurrency landscape wider and more beneficial.
The ratio of venture capital investments in bitcoin start-ups has reached $3 million which indicates the platform is emerging as an unbeatable wave.
World’s first bitcoin ATM has been launched in 2013 at Vancouver, Canada which converts the virtual currency to fiat cash and vice versa.
Also there are many shops and industries that started to accept payment as bitcoins which defines the way the
cryptocurrency development changes the way people look at money.
Amenities of Cryptocurrency:Faster - The transactions between two individuals are more faster in cryptocurrency exchange platform than it takes to transfer the fiat money via bank transfer instantaneously.
Extreme Privacy protection – Unlike credit / Debit cards, the personal details of an individual cannot be stolen as the transaction can be carried out using private and public keys together where public key is accessible and private key is not so that one cannot easily steal the information and the currency.
Decentralized Model – Government cannot seize on individuals funds as they have no control over the personal assets and so it is decentralized.
More Volatile – As it enhances its stability in the global market by escalating the circulation of cryptocurrencies, it leads to an immense investment of bitcoins in various industries.
On Legality – As cryptocurrency transactions are irreversible and immune to fraudulent chargebacks, the whole control is with users of their currencies and cannot do unapproved transactions anymore.
