Who uses cryptocurrencies Why

Cryptocurrency

1. Term: Crypto currencies are digital (quasi) currencies with a mostly decentralized, always distributed and cryptographically secured payment system. They include Bitcoin and Litcoin. In certain countries, cryptocurrencies have emerged as a serious alternative to payment among private individuals. While you used to get virtual money by providing computing power and network infrastructure, today you usually have to acquire it with conventional means.

2. features: The purpose of crypto currencies is to enable cashless payment transactions without the dependence, supervision or cooperation of banks and authorities. In some places they are supported, in some places fought, for example by government agencies. The currency units are generated in a fixed number in the relevant community by prior arrangement. Blockchain is the system behind the cryptocurrencies. The transactions are recorded and described with it. Changes are saved on different computers and are therefore difficult to manipulate.

3. Criticism and Outlook: Cryptocurrencies are controversial in business and science. They are susceptible to software bugs, tampering with organizations and courses, and data theft. Data loss can also occur, both from human and technical failure. Last but not least, cyber criminals who paralyze systems with malware can often be paid with Bitcoin. Conversely, dependencies can be avoided. Information ethics and business ethics are dedicated to moral questions of crypto money and see both opportunities and risks in the peer-to-peer concepts.