WHAT IS CRYPTOCURRENCY AND WHEN IT WILL BE IMPLEMENTED

CRYPTOCURRENCY AND ITS TECHNOLOGY AND IMPLEMENTATION

CRYPTOCOINS:

                            A cryptocurrency is a form of digital or virtual currency that can work as a medium of exchange. Being virtual in nature, they use cryptography technology to process, secure and verify transactions.

Unlike Fiat currencies, cryptocurrencies are not controlled by any central authority such as a central bank, RBI . Instead, they are limited entries in a database such as a blockchain that no one can change or manipulate, unless certain conditions are met.

Cryptocurrencies came into being as a side product of Satoshi Nakamoto, the brainchild behind Bitcoin cryptocurrency. Nakamoto did not intend to develop a currency but a peer-to-peer electronic cash system for facilitating transactions without any central oversight.

The decentralization aspect of the network means there is no central server where transactions are hosted or controlling authority. In a decentralized network like Bitcoin, every transaction to have ever happened is displayed for everyone to see. Each transaction file also consists of senders and recipients public keys.

BLOCKCHAIN:

    1. Blockchain is a technology which makes a transaction under everyone eyes of public. 

    2.It follows a decentralized process so it is difficult for hackers to hack your cryptocurrency

    3.Once request is made by a person the transaction will be mined by a lot of miners to break the key, at last the key is break by one miner and the ledger of all the systems on the network will be updated with a particular transaction then the receiver receives your money.

    4. In the above process no centralized body could make a control of your transactions. If it got tried it will automatically safegaurd the transaction if there is any key mismatch.

CONCLUSION:

                             Since cryptocurrencies has got advantages to reject the centralized system and difficult for hacking. Eventhough the world people likes Cryptocoins, Goverment in some nations are facing the difficulty with crypto because it has not intrinsic value as many experts says.

 In addition most big banks hate as this is decentralized system and the bank will not exist if cryptocoins come into play. Its actually the politics by bank. 

It's sure it will make a big change in future about the transaction and also sure it will come into existence but it's not sure how long it will take to implement.