The mode and manner of transaction in almost all over the globe has changed considerably after the launch of Bitcoin in the year 2009. Bitcoin is one of the most popular cryptocurrency in the global market. And has the largest number of market shares. Recently the market price of the shares of this particular company has surged dramatically and drastically making the economists around the globe to reconsider the impact of this new cryptocurrency. Initially the element of cryptography was devised during the Second World War, to send and receive information in a cryptic structure. With the advancement of technology and modern mathematics the concept of cryptography played an important role in the invention of cryptocurrency. This is the only form of virtual currency that is used all over the globe anonymously.
The various aspect of the cryptocurrency:
It is very hard to access the global impact of the cryptocurrency because of its numerous aspects and gigantic potentials. And moreover, there are many countries in the world where this cryptic virtual currency is banned. The major issue with the cryptocurrency is that is can be used anonymously and the purchasers cannot be tracked or traced due to the high level cryptography. This new form of currency is not preferred by any state government because they do not have any control over this, it is manly operated via the blockchain. This form of currency is used for anonymous transactions and no bank charges or any of conventional charges is levied on this. In most of the cases due to the anonymity, many people use this form of currency to buy illegal products.
Understanding the fundamental concepts:
It will take a lot of time to consider this form of currency as legal and legitimate. Among the economists and the financial experts around the globe the issue of cryptocurrency is very prominent and pertinent. According to the leading economists, this form of virtual currency can create a different or rather a counter economics in the global market. This form of currency is highly secure and is not controlled by any agency of the government. This makes the transactions untraceable and the concerned people anonymous. The government especially hates the idea of masked identities. This form of currency comes under no fiscal policy and operates independently.
The debate associated with cryptocurrency that whether they are currency or no currency will go on for a long time. And it will be very difficult to hope and dream about this form of currency becoming legitimate, until and unless this form is administered and organized by a government body. Until then only a few selective countries in the world will enjoy the benefits and the ripples of changes in the lake of global economy. Nonetheless, slowly and gradually cryptocurrency is making a slow and steady progress and the market is proliferating each and every day, with the addition of new customers and clients almost each and every hour.