Cryptocurrency as a decentralizedcash alternative is a kind of investment, but there has been a good share ofsevere and scam coins in the cryptocurrency space. There have been several market moves, and ithas forever been a promise and peril situation in the cryptocurrency market.

While in the year 2018,cryptocurrency problems were becoming commonplace, but now the exchanges areexpanding, and we are at a point in time where Bitcoin and othercryptocurrencies like the Ether are evolving to become a mainstream phenomenon.

In the past year, the trend wassuch that exchanges were compromised and software programs were stealingBitcoin. There were compromised exchangeswhere the traders were witnessing the founders running away with funds.

It was severe trouble for thoseinitial coin offerings and those who were offering new currencies. There were accusations of fraud, and somecollapsed. The price of the Bitcoinplunged to the lowest ranges.

Despite all this, a lot ofactivity is happening with cryptocurrencies. In the current year, the spot price of Bitcoin has recovered. There are tons of benefits for the cryptocurrencybusiness as they can create trading technologies which will conducttransactions which are unique to the industry. There was no need for a central authority, and it was one of the biggestproblems.

The current action trend in themarket is indicative of that at one point in time cryptocurrency might become asignificant player in society.

The significance of the launch ofLibra from Facebook is indicative of the fact that there are good ways to thinkabout cryptocurrency.

The most important fact is thatbanks need not introduce cryptocurrency. A central bank need not control Their exchange rates. It is about the counterparties agreeing tohonor the contract which involves exchanging value.

So, cryptocurrencies are evolvingas a means of value storage, a method of enacting transactions, and a documentwhich records transactions. The partiesto the transaction are kept honest without a central authority utilizing acryptographic function which encodes the successive operations in the form ofhashes and codes. The whole system isnetworked in a way that a single computer will not be able to reverse theprocess.

While Bitcoin is the dominantplayer in the market, considering the weaknesses and strengths of Bitcoin, manywill prefer to choose some other cryptocurrency with some variations in the attributions.