Description
Cryptography is defined to as the process of securing communication between two or more individuals who are transacting in an insecure environment. Cryptocurrencies use the decentralized control to facilitate the transaction between one person to another. This type of control ensures that each cryptocurrency uses a blockchain - a free exchange database -, which functions as a disseminated ledger (Graydon, 2017). Bitcoin was the first decentralized cryptocurrency to be created in 2009. This form of digital currency works by using encryption methods to control the creation of units of money and validating the exchange of funds. Moreover, it functions independently from the central bank.
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Running head: CRYPTOCURRENCY AND ECOMMERCE
Cryptocurrency and Ecommerce
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Course
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CRYPTOCURRENCY AND ECOMMERCE
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Cryptocurrency and Ecommerce
Introduction
Cryptocurrency points to a virtual or digital technology that uses cryptography for
security. Moreover, e commerce presents a perfect starting point through which analysis and
implementation may come. Since technology comes with the mentioned security feature, it is
difficult to obtain a counterfeit of the virtual product at any moment. Also, they may get defined
as online systems that allow for safe transfer and payment of services using the internet.
Additionally, various encryption algorithms like hashing functions get deployed in achieving
cryptocurrency goals and operations. The blockchain technology is widely used as a form of
decentralization mechanism to access current crypto operations across all networks for that
matter. It comes with an organic allure thus not issued by any central authority and free from
government manipulation and interference like other currencies in the market.
The very first cryptocurrency was the bitcoin. It came to existence around 2009. To date,
it serves as the most popular and the most valuable in guaranteeing the best outcome when
dealing with this kind of technology. As we speak, many companies have devised approaches
and strategies to imitate the bitcoin or instead come up with a new allure in this business angle at
any given level. Several issues accompany the implementation and development of the virtual
currency application. An example points to the few regulatory frameworks that accompany its
operation. Then, there is the aspect of the pros and cons of developing such an app. The benefits
highly depend on its security features while the drawbacks point to the lapses in its security.
Notably, the following analysis seeks to evaluate the pros and cons of cryptocurrency
development and also bri...