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Cryptocurrencies and Issues | Indian Economy | Civil Service Malayalam

What is cryptocurrency and blockchain technology? benefits and drawbacks of cryptocurrency




Cryptocurrency

What is Cryptocurrency?

  • A cryptocurrency, also known as crypto, is a digital currency that is protected by cryptography.
  • Individual ownership records are stored in a computerised database
  • it is intended to function as a medium of exchange.
  • Because they are not issued by a government agency in any country, they are immune to interference and manipulation.
  • The first type of crypto currency was Bitcoin
  • Cryptocurrencies don't have a central issuing or regulating authority, instead use a decentralized system to record transactions and issue new units.
    • It is supported by a decentralized peer-to-peer network called the blockchain.

The competing cryptocurrencies that were created as a result of Bitcoin’s success are known as altcoins. Some of the well known altcoins are as follows:
  1. Litecoin
  2. Peercoin
  3. Namecoin
  4. Ethereum
  5. Cardana

Benefits of Cryptocurrency

The following are the benefits of cryptocurrency:
  • It will be simple to transfer funds between two parties without the use of a third party such as credit/debit cards or banks.
  • It is a less expensive option than other online transactions.
  • Payments are safe and secure, with an unrivalled level of anonymity.
  • Only a public key and a pirate key can access a user's "wallet" or account address in modern cryptocurrency systems. Only the wallet owner has access to the private key.
  • Fund transfers are completed with minimal processing fees.

Drawbacks of Cryptocurrency

The following are the drawbacks of cryptocurrencies.
  • Because cryptocurrency transactions are almost invisible, they are ripe for illegal activities like money laundering, tax evasion, and possibly even terror financing.
  • Payments are irreversible
  • Cryptocurrencies are not widely accepted and have limited value in other places.
  • There is concern that cryptocurrencies such as Bitcoin are unrelated to physical goods
  • According to some research, the cost of producing a Bitcoin, which consumes an increasing amount of energy, is directly related to its market price.

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Learnerz IAS: Cryptocurrencies and Issues | Indian Economy | Civil Service Malayalam
Cryptocurrencies and Issues | Indian Economy | Civil Service Malayalam
What is cryptocurrency and blockchain technology? benefits and drawbacks of cryptocurrency
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