Assalamualaikum, I hope everyone is doing well. I am also fine by the grace of Allah. In my last blog I have discussed the basics of Recruitment. Today we going learn a bit different topic. It’s called the digital money known as Cryptocurrency.
Cryptography is a technique used to safeguard and authenticate transactions as well as manage the generation of new units in a sort of digital currency known as cryptocurrency. Cryptocurrencies, as opposed to traditional currencies like the US dollar or the Euro, are decentralized, or not under the jurisdiction of a bank or a government.
The most well-known and popular cryptocurrency is Bitcoin, which was developed in 2009 under the pseudonym Satoshi Nakamoto by an unidentified individual or group. Since then, tens of thousands of
alternative cryptocurrencies, or altcoins, have been developed.
The usage of a decentralized ledger known as a blockchain by cryptocurrencies is one of their distinguishing characteristics. Due to the blockchain’s network of nodes; ability to independently verify each transaction, this technology enables the secure and open recording of transactions. This makes it challenging for any one person or organization to trick the system or change transaction data.
The restricted quantity of cryptocurrencies is another significant feature. Because the majority of cryptocurrencies have a limited or maximum supply, they cannot be perpetually created like conventional fiat currencies. This is intended to stop inflation and preserve the currency’s worth over time.
Peer-to-peer transactions or exchanges are two ways to buy and sell cryptocurrency. Additionally, some retailers accept cryptocurrencies in exchange for goods and services. Cryptocurrencies are still not widely
used as a means of payment, and some people consider their volatility and lack of regulation to be potential downsides.
Cryptocurrency use and popularity are still expanding despite these obstacles. Blockchain technology is being investigated for its possible applications in different industries, and many investors and traders
consider it as a promising investment opportunity.
Governments and regulatory agencies have started to examine cryptocurrencies more closely in recent years. Even some nations have begun to create their own digital money, referred to as central bank digital currencies (CBDCs).
In general, cryptocurrency is a sophisticated and quickly developing technology with both advantages and disadvantages. It’s crucial to conduct study and comprehend the potential ramifications before
becoming involved, just like with any investment or financial decision.
As a digital currency, Bitcoin uses encryption to safeguard transactions and preserve its value. It is decentralized, has a finite supply, and uses blockchain technology for transparency and verification. Although its use is increasing and its acceptance as a common payment method is still limited, researchers are looking at its potential applications across many industries. Before getting engaged in cryptocurrencies, as with any investment or financial decision, it’s crucial to do your homework and comprehend the potential ramifications.
In my next Blog, I will be going back to HRM. Till then,
“KHUDA HAAFIZ”
Submitted by,
MD. Ishraque Anjum Shimul
Intern, Admin & HR department,
Youth School for Social Entrepreneurs