Cryptocurrency: The Fintech Disruptor

While it seems absurd to introduce a new financial terminology to an already complex financial world, cryptocurrencies are challenging one of the biggest annoyances in today's financial markets: the security of transactions in the digital world. Provides a much-needed solution. Cryptocurrency is a defining and disruptive innovation in the rapidly changing world of financial technology, and a fitting response to the need for a secure medium of exchange in the era of virtual trading. In an era where business is all about numbers and numbers, cryptocurrencies are proposed to do just that! A proof of concept for an alternative cryptocurrency that promises to trade in a misnomer is a property, not an actual currency. Unlike everyday money, cryptocurrency models work as decentralized digital mechanisms without a central authority. In a decentralized cryptocurrency mechanism, money is issued, managed and supported by a collaborative community peer network. Its ongoing activity is known as mining on peer machines. Successful miners receive coins in recognition of their time and resources. Once used, the transaction information is sent to the blockchain on the network under the public key, preventing the same user from spending each coin twice. Blockchain can be thought of as a cash register. Coins are secured behind a password-protected digital wallet that represents the user. The supply of coins in the digital currency world is predetermined and not manipulated by individuals, organizations, government agencies or financial institutions. Cryptocurrency systems are known for their speed, as transactional activity via digital wallets can realize funds in minutes compared to traditional banking systems. It is also largely irreversible, further reinforcing the idea of anonymity and further eliminating the possibility of tracking money back to its original owner. Due to their salient features, cryptocurrencies have also become a trading mode for numerous illegal transactions. Currency rates fluctuate in the digital coin ecosystem, just like real-world financial markets. As the supply of coins is limited, the value of coins increases as the demand for the currency increases. Bitcoin is the largest and most successful cryptocurrency ever, with a market cap of $15.3 billion, a market share of 37.6% and a current price of $8,997.31. Bitcoin entered the forex market in December 2017 and was trading at $19,783.21 per coin until it suddenly collapsed in 2018. This decline is due to the rise of alternative digital coins such as Theorem, Puccini, Ripple, EOS, Bitcoin and Mint Chip. With hard-coded supply limits, cryptocurrencies are believed to follow the same economic principles as gold. Prices are determined by limited supply and fluctuating demand. Its sustainability is yet to be seen due to constant exchange rate fluctuations. As a result, investing in cryptocurrencies is currently more speculative than everyday financial markets. In the course of the industrial revolution, this digital currency was an integral part of the technological upheaval. From the casual observer's perspective, this surge may seem evocative, ominous, and mysterious at the same time. Some economists remain skeptical, but others see it as a flash revolution in the financial economy. To put it mildly, digital coins will take away about a quarter of the currencies of developed countries by 2030. This has already created a new asset class alongside the traditional global economy, and in the coming years, crypto finance will create a new set of investment vehicles. Recently, Bitcoin may have tumbled to shine the spotlight on other cryptocurrencies. Some financial advisers have stressed the government's role in fighting the secret world and regulating central government mechanisms. However, some advocate maintaining the current free flow. The more popular a cryptocurrency is, the more scrutiny and regulation it attracts. This is a common paradox that plagues digital banknotes and undermines the primary purpose of their existence. In any case, the lack of intermediaries and oversight is very attractive to investors and dramatically changes day-to-day trading and international banks. After 2030, regular transactions will be dominated by the cryptocurrency supply chain, reducing friction and increasing economic value between tech-savvy buyers and sellers. If cryptocurrencies want to become an integral part of the existing financial system, they must meet very different financial, regulatory and social standards. To provide basic utility to the mainstream monetary system, it must be hack-resistant, consumer-friendly, and well-protected. It aims to maintain the anonymity of its users so that it does not become an avenue for money laundering, tax evasion and internet fraud. This is a must for any digital system, so it will be a few years before we understand whether cryptocurrencies can really compete with real-world currencies. The success (or failure) of overcoming cryptocurrencies will determine the future fate of the monetary system. Dive into the world of much debate and hard-coded secrets of the next monetary system, cryptocurrency