Will Cryptocurrency Replace Conventional Currency
May 3rd, 2018
Will Cryptocurrency Replace Conventional Currency?
Cryptocurrencies have grown in popularity over the last couple of years. It has gained significant interest in the financial sector because it uses cryptography and decentralized processes to improve the security of financial transactions. Bitcoin is the most popular and widely circulated cryptocurrency. It was the first to implement a blockchain-based distributed ledger system back in 2009. Over the years many other digital currencies have emerged in the market.
There have been mixed opinions on cryptocurrencies. Although many people believe that they could result in a more transparent financial system, others say they’re extremely dangerous – for example, the anonymous nature of cryptocurrencies has made them perfect for money laundering. Another reason why the pundits are skeptical is because of its high volatility. in late 2017, the value of Bitcoin alone surpassed $20,000, but it has since declined. Having said that, cryptocurrencies have a strong community that supports it. Twitter CEO Jack Dorsey recently predicted that Bitcoin will become the world’s main currency within the next decade. But is this really possible, and can cryptocurrencies really be trusted on this scale?
Difference between Conventional and Cryptocurrency
Cryptocurrencies are being used to fund illegal activities across the world. Computer hardware are being used to mine cryptocurrencies and the law enforcements can’t do much to stop this. Organizations are also coming under the attack of crypto jacking malwares that illegally take up your critical computing resources to mine cryptocurrency. The reality is that crypto-jacking devices bypass the majority of defense systems, making them untraceable. Much of the discussion currently surrounding cryptocurrencies is fixated on either how volatile they are, or their lack of regulation, both of which make the prospect of investing in cryptocurrencies risky. For these digital currencies to be a standard form of payment, generating investment from both investors and the wider industry, investors need greater clarity from the regulator on its approach to cryptocurrencies.
Types of Cryptocurrency
Clearly, cryptocurrencies aren’t without their challenges, however, blockchain which is the underlying principle behind bitcoin and other cryptocurrencies is more likely to be embraced by the world. Cryptocurrencies present a double-edge sword. While they can help businesses speed up financial processes by cutting out the middleman, there’s no shying away from the fact that they’re seen as assets by criminal groups.
- Insider Threat
- A beginner’s guide to Blockchain
- NoSQL – High-performance, non relational database ...
- Leveraging Cloud for Disaster Recovery
- Application Performance Monitoring
- Cognitive Security AI Driven Cyber Security
- Introduction to Container Services
- Insider Threat Detection
- Build Secure and Governed Microservices with Kafka Streams
- Add and Manage photos in Outlook messages and contacts ...
- Security on a Budget
- About CodeTwo Email Signatures for Office 365
- Googles presence in China
- Check Point Software acquires Dome9 to beef up multi-cl ...
- Exploring the benefits and challenges of hyper converge ...
- Next Generation cloud backup and data protection for Of ...
- Backup for Office 365 with Code Two
- Email Security
- Cisco Issues Security Patch
- British Airways Hacked
- AutoML Vision
- Day 2 Keynote: Bringing the Cloud to You
- CI/CD in a Serverless World
- Keynote Google
- Google Cloud Next 2018 in Under 12 Minutes
- UAE Crowned as the most Digital Friendly Country
- Ransomware continues to prey on the UAE
- Chrome for all
- Machine Learning for a Future-Facing ZTS Revolution
- The Dawn of the Cloud
- Will Cryptocurrency Replace Conventional Currency
- Internet of Thing Under Attack
- Cloud Native Computing Transforming IT Infrastructure
- Cyber Security with Artificial Intelligence
- Understanding Cybersecurity at the Corporate level
- Cryptojacking on the rise
- Google discontinues Google Search Appliance (GSA)
- Secure cloud entry points with Google Chrome Enterprise
- Cloud Infrastructure to drive UAE Cloud Computing Market
- AI to contribute $320 billion USD to Middle East GDP by 2030
- Well begun for well being
- A Spin around the Space
- Oracle opens first innovation hub with a focus on AI
- AI to bring a world of opportunities to Dubai
- The BitCoin Revolution
- Annihilating to a Green Thought
- The Intelligent Move
- Looking Right at the Face of Facebook and Google