What is blockchain?
What is cryptocurrency?
A cryptocurrency is a form of digital payment which started out in 2009 when Satoshi Nakamoto invented Bitcoin, which originally started out as a “peer-to-peer electronic cash system”. Satoshi saw the various centralized attempts made towards creating a cashless transaction system and how they failed, and looked to create a decentralized system, which would not be governed by any authority or body. Since cryptocurrencies are decentralized, there is no one server on which everything is stored. Instead, each and every system on the whole network participates in the process of encryption and carrying out each transaction. Whenever an entity solves mathematical problems/cryptographic puzzles, they get rewarded with cryptocurrency. This mechanism is called mining. Cryptocurrency transactions are irreversible, meaning once a transaction is done, it cannot be undone. Transactions are also done using aliases. No one uses their real identity while doing transactions with cryptocurrency.
Future of crypto market
While cryptocurrency has a lot of benefits and advantages over fiat currencies, cryptocurrencies have also been subject to a lot of scrutiny over some of the very factors it is otherwise praised for. For instance, cryptocurrency transactions are made using pseudonyms, and no one uses their real name or identity while making transactions. While the security aspect is admirable, it opens the door to illegal activities possibly taking place with the cryptocurrency, if not monitored. Many websites on the dark web use cryptocurrency as a form of payment for illegal weapons, drugs and other items through cryptocurrency exchanges. In such situations, due to the encryption of cryptocurrencies, law enforcement agencies are not able to trace the source and destination of these transactions. Bitcoin, being the flagship cryptocurrency, has faced a lot of the aforementioned scrutiny. Now, however, many alternatives to Bitcoin have presented themselves over the years. Cryptocurrencies like Litecoin, Ripple, TRON, Dogecoin and Ethereum have emerged as frontrunners in the cryptocurrency market. In order to be more widely accepted by governments and law enforcement agencies, cryptocurrencies would need to be easy to understand for the masses, and protect users’ identities while not giving them a safe haven to perform activities like money laundering. While some of these are against the core fundamentals of cryptocurrencies, a middle ground can surely be found.
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Crypto projects done by Flitwebs- Flitwebs has been a pioneer in the cryptocurrency market and has implemented several projects. Here are four major projects :-
Flitpay is a Bitcoin exchange that allows you to do peer-to-peer exchanges with minimum transaction fee. Flitpay uses PAN card to verify its patrons, making it a fully legal and legitimate process. You can also recharge your DTH account or mobile using Flitpay
Namo BTC Wallet
Namo BTC Wallet is one of the easiest platforms made by the best cryptocurrency exchange company in India. You can send Bitcoin to your phone contacts and you can receive Bitcoin from your contacts as well. Namo BTC Wallet eliminates the need for any one Bitcoin address
Flitx is a Bitcoin exchange where you can buy and sell Bitcoin along with many other cryptocurrencies like Litecoin, Ripple, Dogecoin and Bitcoin Cash. With Flitx, you can make transactions with a minimum transaction fee and instant processing time.
Btcora is a cryptocurrency exchange that provides visual representation of data of price trends along with many new cryptocurrencies. Anyone can list a coin of their choice on Btcora, provided one can provide the name of the blockchain, name of the project and Reddit and Bitcointalk threads containing details of the project.