Cryptocurrency had been one of the most sincere concerns of people starting from random small businessmen to investors and bankers around the globe. Especially after the massive growth of Bitcoin, it has captured the imagination of some of us, confused some of us and left fear struck among rest of us. In fact, in today, we can hardly find a bank or financial institution or government that did not do serious research work on it.
So, not to let this concept go wrong among people who’re just learning about it, there need to be some serious work that introduces cryptocurrency and it’s aspects in the right way.
This article is all about preaching the pros-cons, terminology and some important aspects of cryptocurrency in the right way. So, let’s start-
Cryptocurrency: The Digital Cash
Cryptocurrencies are also called digital cash/virtual bucks now days. The main reason lies in its definition-
“Cryptocurrency is one digital asset that had been aimed at making secure transaction, purchase or exchange online. A method named Cryptography is there to control the security, creation of additional units and verification of the process. ”
Evolution of Cryptocurrency
The evolution cryptocurrency started back in 2009, when Bitcoin- the first cryptocurrency rolled in. But it didn’t catch that much attention by then. Until Bitcoin made the very famous $266/Bitcoin valuation of itself.
Being created by a mysterious person named Satoshi Nakamoto, bitcoin is now valued at a huge price of $11,320/Bitcoin. Following the trend, a good number of cryptocurrencies (Litecoin, Dogecoin, Ethereum) are there in the market of today.
Here is a short list of prices of popular bitcoins today-
• BTC(Bitcoin)- $ 11320/Unit
• ETH(Etherium)- $466/Unit
• BCH(Bitcoin Cash)- $1571/Unit
• DASH(Dash)- $747/Unit
• LTC(Litecoin)- $102/Unit
These prices are changeable, not fixed.
How Much We Know About Cryptocurrency?
Digital currencies have already become a household term to people interested in finance market. But to be honest, there are still plenty of confusion and misconceptions among many of us. I’ve seen people who believe that cryptocurrency is just another form of secure credit card transaction- how weird is that!
Bottom line is, there are plenty of misconceptions and wrong ideas that can make even worse incidents. What I mean is, without making the concept clear, involvement in cryptocurrencies can lead you into a massive disaster. So, it’s better in any sense that we stick to a platform that conveys educational cryptocurrencies.
The Future of Cryptocurrency
Although Bitcoin is recognized to be the first cryptocurrency, they are not alone in the market. After the massive success in exchange rate, numerous companies have followed the track.
At present, Litecoin, which is known to be the biggest rival of Bitcoin, had been so good so far in the race. According to the CEO, Litecoin is mined by simple desktop computers, where bitcoin takes huge super-servers. As a result, Litecoin transaction is made to be faster than bitcoin.
The Good Possibilities
What i want to say is, as this is an emerging business, there will be competitors after competitors and the popularity of cryptocurrency exchange will be growing. Experts have researched about where this trend is going to take us, and agreed in a point. Sooner or later, there will be rare existence of liquid cash. Governments and other financial institutions will head towards centralized digital cash, and decentralized cryptocurrencies like Bitcoin, Litecoin will be the competitors of them.
The Bad Possibilities Also, we’re really worried about the possible negative effects that cryptocurrency can bring on. Drugs, arms, black deals and many illegal processes are also undergoing with a camouflage of such decentralized currency like bitcoin.
The Pros and The Cons
No matter how technical a business, it will have it’s own goods and bads. We agree on the point that cryptocurrency is going to rule the next-generation online trades, but it can come with some bad aspects too.
Let’s have a look at the pros and cons of the business-
Pros
• It’s completely safe and fraud proof than fiat currency.
• No risk of identity theft.
• Way quicker and faster in processing deals.
• Feels like transfer/withdrawal charges are almost zero.
• It’s global, and therefore, available to anyone with an internet connection.
Cons
• Young generation, lack the proper knowledge of the business.
• No supreme authority to put regulations.
• As federal institutions are still against it, it’s not 100% certain.
• A good possibility is there to expand the black market through it.
The First Educational Cryptocurrency
Everyone who is concerned of the massive growth of the digital currencies, agree on a point of creating a global learning platform. A platform that provides educational courses and influence the educational institutes to include this in the curriculum.
For now, ExtraCredit is doing really great regarding that concern. For every individual, who are going to be the future users or investors in the business, they’ve created a course. The curricula cover up everything that’s needed to be familiar with the terms, aspects, processes and the future of cryptocurrency.
Moving forward, to spread the knowledge and enhance knowledge sharing, the platform has a community blog consisting all members (active or previous). Apart from knowledge sharing, this community helps them building partnerships, groups and small units to collaborate among themselves and step forward to the business.
The Bottom Line
Since the dawn of civilization, there have been debates on every next evolution in technology, which is the same for the new Cryptocurrencies. But we have a strong feeling that if ExtraCredit is introduced and launched in the right way, newcomers can have a proper knowledge on how to bring out the most of the new cryptocurrencies and feel that they have gained some well earned education and many benefits to help in their trading and investment strategies. Therefore, a full-formed educational cryptocurrency and learning platform will play a big role.