An age-old saying, “Ships are always safe at the harbor, but that’s not what ships are built for” substantiates the positive effects of taking risks. Introduction to Cryptocurrency involves making money too, while undertaking risks of varied magnitudes, depending on the type of investments and transactions done in pursuit of those investments.
Capital markets, a platform for trading and one of the most popular platforms for making money also has great risks associated with it. There have been numerous instances where individuals or organizations have lost billions in capital market investments and tradings, but in spite of the risks at hand, it is still widely accepted that the art of making money, in fact, good money, share market investments leave its competitors and adversaries way behind.
Considering the ever-increasing globalized and digitized world which getting more and more technology dependent with every passing day, human life is also evolving faster to match up with the changing times. One such example of change is electronic money or e-money which would be the topic of discussion in this course Introduction to Cryptocurrency.
Introduction to Cryptocurrency and Evolution
To understand digital currency or Cryptocurrency, one needs to understand what cryptography is. It is more like, wrapping up an object to be delivered to a particular recipient by a sender who wraps the object in a way so that only the designated recipient can get to see what’s inside. Such a concept in technology is called cryptography. Modern-day electronic communications applied this technology for ensuring the security of data or information transmitted over electronic networks.
Cryptocurrency, unlike physical currency bills of different denominations, involves transactions done over decentralized systems where the transactions are verified by the same decentralized system apart from maintaining the records and whereabouts of such a transaction.
Digital Transaction safety
Considering the undeniable need for digital security that needs to be in place so that the process goes through seamlessly, more so safely, and prevents any unwarranted or risky cyber interference, cryptography is put to its optimal use to ensure safety and security for the stakeholders involved. Incase of Cryptocurrency, all the transactions, and their associated records are maintained in a digital and distributed ledger known as Blockchain.
In the next session of Introduction to Cryptocurrency, the advantages and disadvantages of digital currency will be discussed detail apart from focusing on the technology which runs the show.
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