UNITY – A Digital Currency

A tech boom was witnessed all around the globe in the 90’s. This era introduced the digital currency, i.e.; the cryptocurrency for trade and finance. Initially, this currency did not flourish as expected due to various flaws. The systems had to eventually close down due to their inefficient performance. But in 2009, an anonymous programmer or group of programmers named as Satoshi Nakamoto developed the first ever digital currency called Bitcoin. This became the stepping stone for the boom of the digital currency industry.

What is Bitcoin?

Bitcoin was the first successful digital currency in the industry. The reason behind its success was that it was able to rectify all the flaws which existed in the earlier forms of digital currency. It did not have a third-party to facilitate the trade but had a blockchain which supported and linked all the traders and their transactions. A complete transparency was maintained amongst all the investors through which each individual could see the account balance of every other investor. Although many other digital currencies emerged, Bitcoin has remained at the top revealing its supremacy over the other currencies.

 

Use of cryptocurrency

Cryptocurrency can be used for various operations such as

  • Buy Goods

Both online and offline merchants use cryptocurrency to buy goods. These currencies are used for jewelry, pay for hotels, flights, and electronics and even for college fees.

  • For investment

Cryptocurrency is always a high-risk investment. The market fluctuates according to the volatility in that field of trade. Certain laws are parred in cryptocurrency and it can be hacked at any time. But investment will always result in a profitable account.

  • For mining

Miners have equal importance as traders in the cryptocurrency world. Miners try to encrypt the code before an investment is made. The more popular the currency, the more people try to mine that currency. This ultimately increases the complexity of mining. They solve the puzzles and earn rewards as well as a transaction fee.

  • For payment

Using cryptocurrency as a mode of payment (in business) will increase its popularity. The interest in cryptocurrency is prone to increase in the near future thus enabling a big success rate. Virtual currency will soon become equivalent to pay via cash, card or gold.

Is cryptocurrency legal?

Debates are found across the world regarding the legality of the use of cryptocurrency. Although some countries support its use, others have completely blocked its usage. Authorities are worried about the use of decentralized currency to buy illegal entities such as weapons, drugs, and even their use in money laundering and tax evasion schemes. The use of cryptocurrency has been legalized in some countries and legality completely depends on the norms and policies of the respective country.

The high road

Bitcoin has emerged as the best cryptocurrency and has remained constant at a high position when compared to other digital currencies. It has the maximum profit amongst all the other digital currencies. Thus trading using cryptocurrency especially with Bitcoin will absolutely deliver extreme profit for the trader.