01-11 What is Crypto-Currency? - Benefits and Technology
The Benefits of Cryptocurrency
Cryptocurrencies make it easier to transfer funds between two parties in a transaction; these transfers are facilitated through the use of secure “keys” called Public and Private Keys for security purposes.
These fund transfers are done with minimal processing fees, allowing users to avoid the steep fees charged by most banks and financial institutions for wire transfers.
Crypto and Blockchain Technology
Central to the appeal and function of Bitcoin is the Blockchain technology it uses to store an online ledger of all the transactions that have ever been conducted using bitcoins, providing a data structure that is cryptographically secured against possible threat from hackers and is copied across all computers running Bitcoin’s software.
Every new block generated must be verified by the ledgers of each user on the market, making it almost impossible to forge transaction histories.
Many experts see this blockchain as having important uses in technologies, such as online voting and crowdfunding, and personal records. Many major financial institutions see potential in cryptocurrencies to lower transaction costs by making payment processing more efficient.
So Why all the Hype
The anonymous nature of cryptocurrency transactions makes them well-suited for a host of illegal activities, such as money laundering and tax evasion.
However, cryptocurrency advocates often value the anonymity and security very highly.
More to the point, it provides access to international flow of money to people from oppressed regions of the world.
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