Crypto currency (Crypto currency) is a digital medium of exchange that uses cryptography to secure its transactions, generate units of currency and verify the transfer of funds in such a way that it is free from central or government control. Crypto-currency can be formed as money that appears online and can be used digitally. In other words, crypto currency can be referred to as alternative decentralized money.
Over the last couple of years the crypto currency is gradually becoming so popular that some expert has predicted the extinction of fiat money. This is because the use of digital or crypto money has reaching advantages and benefits over the use of fiat money. cryptocurrencies are operated digitally and are hardly counterfeited or reversed illegally by the Sauder. It uses a “push” mechanism that allows the crypto currency holder to Saud exactly what he or she wants to the recipient as such the system aids the easy identification of theft. Also crypto currency usage is not bounded by national difference as in the case of fait where the difference of money is vague.
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Crypto-currency has a network of block chain technology that can manage the transaction and database of everyone who has an online access or who has financial experts that manages their online crypto-currency dealings. This is to say that crypto-currency speaks a universal language because it is not limited by exchange rates, interest, transaction charges or national borders and it accounts for transparency and ease in business and monetary dealings.
Bitcoin, which was launched in January 2009, is regarded as the first decentralized digital currency or crypto-currency. It was designed by a Japanese man who claims to be Satoshi Nakamoto. Satoshi Nakamoto describes Bitcoin digital currency as: A pear to pear electronic cash system. Today, with over 200,000 merchants and vendors accepting bitcoin as a means of payment, and with an estimated 2.9 to 5.8 million using crypto currency bitcoin, and a market cap of us$243.4 billion, bitcoin is regarded as the world’s largest crypto-currencu.