Cryptocurrency-A term that has taken the world by storm. Its being termed as the biggest revolution since the advent of the internet. Though a vast majority of the world population is still unaware of what is coming their way, speculation is rife that cryptocurrency and blockchain technology will replace the current fiat currency banking system.
In simple terms blockchain allows a person to send virtual money to another person without the need for an intermediary such as a bank or financial institution. This is called peer-to-peer transaction. The virtual currency is then stored in virtual or physical wallets (hard drives). The advantages of this technology is that it is transparent, cannot be duplicated, cannot be forged, cannot be faked, requires no intermediary, happens very fast (in about 30 minutes) anywhere in the world and transaction charges are negligibly low.
Blockchain technology can be used for a slew of other non financial transactions such as record keeping but it is the crytocurrency aspect that has really taken the world by storm. Today there are 900 odd currencies being used with Bitcoin being the first and most popular one among them.
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