Blockchain Technology

Cryptocurrency's main technical innovation is block chain technology. This is the first system to use distributed timestamping.

Pro's of cryptocurrency

The first blockchain was conceptualized by an anonymous person or group known as Satoshi Nakamoto in 2008 and implemented the following year as a core component of the digital currency bitcoin, where it serves as the public ledger for all transactions on the network.

The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spend problem without requiring a trusted authority or central server. 'The Bitcoin' Blockchains are a new technology that is poised to revolutionize the world of business.

If you haven't heard of blockchains, they are essentially a distributed ledger that is enforced by disparate nodes in a network rather than by a centralized authority. Many cryptocurrencies are based on blockchain technology.

A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

One of the perks of cryptocurrencies is that they can be mined by anybody with an Internet connection. Mining famous cryptocurrencies, on the other hand, necessitates a significant amount of energy, sometimes equivalent to that of entire countries. Mining has become concentrated among large corporations with revenues in the billions of dollars due to high energy prices and the unpredictability of the industry. According to an MIT research, 10% of miners are responsible for 90% of the country's mining capacity.

Right now, you'd think there aren't any downsides to cryptocurrency, right? You'd be surprised to discover that there's a con for everything.

Con's of cryptocurrency

Cryptocurrencies have a number of drawbacks, despite their promise of being an anonymous method of transaction. They leave a digital trail that agencies like the Federal Bureau of Investigation can analyze (FBI). This enables governments and federal agencies to track average people's financial transactions.

Cryptocurrency is increasingly being used by criminals for nefarious activities such as money laundering and illegal purchases. The instance of Dread Pirate Roberts, who managed a dark web bazaar for drug sales, is well-known. Cryptocurrencies have also grown popular among hackers who use them to spread ransomware.

While cryptocurrency blockchains are extremely secure, other crypto repositories, such as exchanges and wallets, are vulnerable to hacking. Over the years, many cryptocurrency exchanges and wallets have been hacked, resulting in the theft of millions of dollars worth of "coins."

In essence, what I'm trying to convey is that there is a con for every pro.