The definition of cryptocurrency and its purpose is discussed below. Cryptocurrency is a digital coin not authorized or allowed as a medium of exchange by the government. This currency uses powerful cryptography to protect online transactions and shopping online. The advantages and disadvantages are also more important to find out more information.
Purpose of cryptocurrency are as follows:
- The main purpose of cryptocurrency is to have a decentralized currency accepted around the globe.
- Generally, cryptocurrency is to serve as digital currencies that can be used for payment of transaction charges when calling functions on blockchain.
- Any cryptocurrency is intended to offer a new anonymous means of transaction.
- It is either to serve as a store asset, serve as a means of investment or used as real money for daily transactions.
- To provide separation of money and state.
- It is also used to extract money from naive, credulous people eager to quickly get rich.
- To provides a peer-to-peer version.
- Crypto Currencies are a model for the organization of behaviors.
- Crypto Currencies are organizing stupid or non-viable behaviors.