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Internet Currency Definition

In late 2008, little did the pseudonymous developer Satoshi Nakamoto know that his side invention was going to change the digital landscape. Internet currency or cryptocurrency is decentralized cash that can be used to carry out transactions on a digital forum. In order to control the creation of internet currency, such as coins, and to confirm that the whole transaction process is completely secure, it is encrypted using cryptography techniques. The currency can be used for the online transaction as well as Peer-to-Peer (P2P) transactions.

History

The first decentralized cryptocurrency was created in 2009 by the name of Bitcoin. The transactions involving Bitcoins are recorded on an exponentially growing list, called Blockchain, which is encrypted for customer anonymity. It is also used for customer identification in the form of encrypted electronic signature. Once the transaction is initiated, the process of confirming the transaction and adding them to blockchain is called mining. A ‘miner’ is expected to solve a complex computational problem in order to add a ‘block’ to the blockchain. This complex process makes sure that it is not easy to add or remove a block easily. The transaction is made permanent once the process is complete. Other cryptocurrencies such as Ethereum, Litecoin, and ZCash have entered the fray that operates on similar methodology as Bitcoin.

While Internet currency continues to spread like wildfire, the question of worldwide standards and legality remains. While countries like the USA have accepted internet currencies as digital assets, there are also countries like China that haven’t. Banks and businesses too have started to pay close attention to internet currencies and its potential impacts on the banking sector.  Additionally, the usage of internet currencies on deep web for illegal activities makes it a bane as it is a boon.

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