Cryptocurrency - a new note currency in today's technical era

Currency, a symbol of wealth come into existence with the need of merchandising. However, along with marketing it too has undergone continuous evolutions till date; these developments changes the form of currency to a vast extent. On the more, in today's technologically advancing world an upsurge is seen in business sector dealings and the trading of advanced currency called digital currency or Cryptocurrency.

Let's talk about What “Cryptocurrency” is?

Two words “crypto” and “currency” when joined together forms Cryptocurrency, which is too regarded as cryptographed currency. On technical grounds, this digital currency is created, overseen, traded as well as ensured using propelled encryption systems called cryptography.  

In a layman language, it is the strategy for storing and transmitting data by changing it into an indecipherable or scrambled message. What's more, the use of cryptography on the currency addresses it as "Cryptocurrency". The individual who has the mystery key to it can only interpret the encoded messages.

What are the reasons of evolutions, Let's discuss those in detail here:

The Internet, yes internet plays a vital role in the currency’s evolution. In the present day, aren't we noticing a phenomenal increment of web usage and its need? The Web has turned into a stage for all our everyday dealings. Not only individuals but business too has confronted the upheaval in the industry due to its involvement in everything. Subsequently, discerning this situation - Electronic Security has turned into a noteworthy concern. Along these lines, in response, to all security risks "Cryptography Systems" has come up as a positive and influential pay-off. However, frameworks change from industry to industry.

Now, for the secured transaction, even the currency had brought on the internet through digital payments. In this manner, Security threats for Cryptocurrency invention are considered as one of the foundations.

Advantages of Cryptocurrency:

• The unusual features of transactions are one major benefit of this currency.  Contrary to credit cards which work on “pull” theory, it takes a shot at "Bitcoin" system through blockchain (database) or says push pay technology. Now, what is push mechanism - in this the holder needs to decide the sum along with the individual to whom the amount needs to be sent?
• It's Organic Nature: Central authority holds no power in issuing cryptocurrency, thus is invulnerable from government interference.
• Cryptocurrency along with the individuals having access to modern day banking incorporates those who don't have access.
• Charges for the International Transaction is either low or by any stretch of the imagination, there is no fee involved.
• Due to its advanced nature, it can't be counterfeited.
• The most critical thing is, 'YOU' are the main proprietor of it.

List of Available Cryptocurrencies & their Market cap

• Bitcoin
• Litecoin
• Monero
• Ripple
• Mastercoin
• Dogecoin
• Peercoin
• Namecoin
• Protoshare
• Mega Coin

Disadvantages of Cryptocurrency:

• It is a decentralized coin so there is no central authority to ensure its smooth functioning as well as to back (regulate) its value.
• Its Anonymity feature may prompt unlawful exercises like money laundering and weapons procurement in addition to smuggling and much more. Addedly, this may bring about government's stringent control that may bring down the currency’s value.
• In Cryptocurrency, everything is computerized (digital) so there are no printed copies of it or central records. Thus putting it at a danger of misfortune if the framework crashes. Furthermore, it is not totally secure to the hacking danger.
• These would require applications for low-cost global exchanges similar to the present electronic payment systems.
• The rate at which Cryptocurrency can be traded for another currency  can vacillate widely.

Cryptocurrency’s - Future Picture

Considering the pros and cons together of anything or any technology future is made. On the more, cons should be eliminated to make the bright picture. In the case of cryptocurrency, it seems hard to foresee a characterized future. 

Alike Cryptocurrency any new development experiences numerous evolving stages. Albeit, restrictions could be overcome through continuous technological advancement. Be that as it may, it is hard to say whether it would survive the development phases and entirely rule out the note currency.

In the digital payments world due to the expanding cyber threats, Cryptography could be seen as the guardian angel. Besides, this exclusive would turn into the purpose behind the cryptocurrencies success and growth in the future.

Some advancement that needs to be done to make it a future of currency includes:

• UNO could think of a panel for the Currency Value Regulation and its smooth running.
• Cryptocurrencies Apps should be made available to the public.
• For the data repository - Cloud computing technology should be used.
• Some changes should be made as far as transaction anonymity is concerned. Furthermore, there should be a change in the transactions details accessibility; higher authorities at the international level should be elected to regulate.

If we think of these future expectations, then there would be a currency standardization throughout the world.

Let's see how cryptocurrency's eventual fate is formed. Either there would be an answer for its disadvantages, with the goal that we appreciate the unbeaten advantages of it. Or, this advancement won't hold the capacity to fortify its underlying foundations.