Do not think it’s all hype, it’s a revolution and a disruptor. Cryptocurrency is a digital currency that uses cryptography for better security and provides anonymity for users. It is purely digital, without any physical coins or notes.
Crypto uses Blockchain Technology to store an online ledger of all transactions. it also provides a platform to transact and mine which could not be hacked or altered. All transactions are mined and verified by the ledger of each user in the market, making it almost impossible to forge a false transaction entry.
Essentially it is also decentralized and distributed across multiple networks of thousands of computers, i.e decentralized networks instead of a central computer or server like traditional institutions.
Cryptocurrency can also be transferred between peer to peer, without a large intermediaries like banks, forex exchange firms, remittance companies and etc. The Crypto makes it easier to conduct any transactions, for transfers are simplified through the use of public and private keys for security and privacy purposes.
Does crypto have its own set of risks?
Yes, it has, for example, if a user sends it to the wrong person, it will be nearly impossible to recover. Users are in control of money and information at all times but this also puts a large amount of responsibility on the users themselves to check and protect.
it provides anonymity that attracts many nefarious activities like money laundering, tax evasion, trading of drugs, weapons, etc. Initial adoption was wildly driven by such activities and therefore leads to a shady reputation for Cryptocurrency
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As of September 2018, the total market cap of Cryptocurrency is almost USD$200 billion, which is a mind staggering amount, as compared to the traditional equity market cap. Despite the negative reputation, we can see that Cryptocurrency also does have its advantages over traditional fiat currency And it should not be belittled in times to come. That being said, if you’re thinking of jumping into investing in crypto check out https://wazirx.com/