What’s Cryptocurrency??
Cryptocurrency is a digital currency that uses cryptography to secure transactions and control the creation of new units. Cryptocurrencies are decentralized, meaning they are not controlled by any central authority.
The first cryptocurrency which was created in 2009 was bitcoin which many experts believe as currency of future. Bitcoin is a peer-to-peer system where transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain.
Bitcoin has also come under criticism for its use in illegal transactions, its high electricity consumption, price volatility, thefts from exchanges, and the possibility that bitcoin is an economic bubble.
However it has also been praised for its ability to bring financial independence to people living in countries with unstable currencies. Seeing to this boom now RBI has decided to launch its own cryptocurrency which will be a legal tender.
Importance and Pros&Cons of cryptocurrency
- Independent of Inflation:
It has been seen in recent years people(specially the younger generation) are more inclined towards cryptocurrency also during Covid times need of electronic currency or cryptocurrency was most felt.
- Transparency in transactions:
- It is a faster way to make transactions:
- The transaction fees are lower
- It is more secure than cash or cheques
Cryptocurrency, Changing the Digital Marketing Landscape?
Cryptocurrency has changed digital marketing because it provides a new way for marketers to reach their target audience through social media platforms like Facebook and Twitter as well as through blogs and other websites that accept cryptocurrency as payment for advertising space or content creation.
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