Hello everybody.
I hope that all of you will be happy and good and enjoying your precious health with the grace and blessings of Almighty Allah. Today, I am here to discuss another very important topic in the world today. The topic of discussion for today is Cryptocurrency and Their Uses. So, let's turn towards the main topic without any wastage of your precious time. 😁
Introduction of Cryptocurrency
Whenever we hear the term cryptocurrency, two words come in your mind the first one is the 'crypto' and the second one is 'currency'. Crypto means hidden or invisible while the currency as we all know that it means the payment method that we use in our daily life. But cryptocurrency is totally different from the simple currency or conventional currency.
The conventional currency is actually which the currency which we use in our daily life for daily dealings. For example if we have to purchase a piece of clothes from the market, we have to pay with the paper currency or the coins in order to make a fair dealing with the seller. There are the markets where we can exchange the currency with other goods and items. In the same way, there are the online markets online markets that are known as crypto exchanges where we can exchange the Crypto assets with each other.
History
The cryptocurrency was first time developed by one of the most popular personality in the financial world, I mean Sir. Satoshi Nakamotu in early 2009. Actually, the main reason behind the development of cryptocurrency was to eradicate the third party involvement from the transactions.
After the financial crises in 2006 and 2007, he noticed that the involvement of third party in the transactions is very dangerous condition for the financial system. Thanks to him for developing such a successful payment system which we called as the decentralized. Decentralized system of cryptocurrency is much more successful, secure and scalable than the traditional finance system.
Explanation and Adoption
Cryptocurrency actually a decentralized system of payments and marketing. It is a virtual currency that cannot be even touch or felt but can be used for various payment purposes in the world. Another major reason behind the development of cryptocurrency is that to provide peer-to-peer transactions to the users so that they do not have to trust on the third party in order to make transactions.
After that development of cryptocurrency, most of the word rejected its use due to its anonymous nature of the cryptocurrency. Most of the people thought that it is an online fraud and the others considered it as a scam. But after that development and success of Bitcoin the world started trust upon the cryptocurrency.
Use Cases of Cryptocurrency
Due to the decentralized, secure and private nature of cryptocurrency, it found many usee in different fields of the daily life.
First and the most important use of the cryptocurrency is that it has been accepted by various countries as a payment method for the daily life dealings.
The cryptocurrency has also be in adopted in various States to overcome the banking system there.
As the world is progressing day by day so various popular and famous brands and companies are accepting the cryptocurrency as the possible payment method. For example, Tesla
Due to the high volatile nature of the cryptocurrency it has been also used in the trading market for trading. Many people are earning handsome income via crypto trading.
Stable coins are the form of cryptocurrencies that are used as the saving methods. Although, the cryptocurrency is much more volatile and unpredictable market, but many ones are adopting it for saving purposes.