Cryptocurrency or in another way Crypto, is a digital currency and You can buy products or services with cryptocurrency. Crypto or digital currencies use an online ledger with a powerful encrypting technology to supply security and safety for their Financial transactions and trades. Here in shetcoiner website, we are going to tell you what is the purpose of crypto?
These online ledger is also called Blockchain. The safety of all transactions and trades are maintained to a very, very strong extent in blockchain. The main target and reason of cryptocurrency is to have a good and safe trade. At the moment, Bitcoin (Wiki) is the most popular cryptocurrency in the international market that was introduced in 2009 by some unknown person named satoshi nakamoto.
This year, Bitcoin Reached the highest Price of itself from the beginning that was near 65 thousand dollars. This price that was more than 60 thousand dollars is the highest price that any cryptocurrency has ever experienced.
What is the Purpose of Cryptocurrency? Earning profits or helping world Economics
Cryptocurrency is a concept that Satoshi Nakamoto Introduced it to us in an online programing forum. Satoshi Nakamoto acknowledged that he is working on a project that is named cryptocurrency. The purpose of inventing Cryptocurrency by Satoshi Nakamoto was to make a new way of purchasing and paying for the people in the world that is done with a peer to peer way(P2P), doesn’t need an interface, is fast and has less price for using it.
Cryptocurrency was far from its goals for a while. The main purpose of Crypto’s existing, was to make a peer to peer payment with features like being unknown and fast, staying safe and being Decentralized. But nowadays a lot of active users of Crypto Are Complaining about Bitcoin getting far from being Decentralized, peer to peer and having high wage which is not the purpose of Cryptocurrency.
In the following content of this article in shetcoiner, we intent to introduce and explain the main reasons of Cryptocurrency and Bitcoin.
1. P2P (Peer to Peer) Money
The dream of paying money in a peer to peer way without needing any interference of banks or governments, was one of the greatest dreams of programmers and computer engineers of the world. Before the release of white paper from Satoshi Nakamoto for Bitcoin, a lot of programmers and engineers and encrypting experts tried to make a Cryptocurrency. But all of them failed because of some problems that was in their way. But peer to peer money was made when Bitcoin was Introduced and that was the original purpose of cryptocurrency.
Satoshi Nakamoto had said (wiki):
Bitcoin: A Peer-to-Peer Electronic Cash System
2. Decentralization
What is the purpose of crypto? Decentralization is one of the biggest goals of Bitcoin and Cryptocurrency. The centralization of cryptocurrency allowed very few individuals and organizations, mostly government, to own. But Satoshi Nakamoto Introduced Bitcoin with the Feature of Decentralization that was made in 2009 and grown over time and reached it goals.
3. Transaction low fee
High priced transactions had wages in all of the banks in the world that was usually overpriced. Such that you should have paid a lot for the wage of all bank systems in the world for a big transaction. low fee price for transactions, was one of other main purposes of Cryptocurrency. This feature of Cryptocurrency was one of its first goals and was introduced as Crypto’s properties to the investors of it that needed to transfer huge money with low fee prices.
Conclusion
In this article, we talked about that what is the purpose of crypto? and we introduced the 3 main purposes of Cryptocurrency and Bitcoin and tried to answer your question that what is the purposes of Crypto in a short and helpful way. If you still have any questions about this topic, feel free to ask it in shetcoiner comment section and we will answer your questions.
