Salient Features of Cryptocurrencies that make them Truly Special for the Users

 Salient Features of Cryptocurrencies that make them Truly Special for the Users

A cryptocurrency is defined as a digital currency that is highly secured by cryptography thereby making it almost impossible for anyone to counterfeit. Many cryptocurrencies of the world are decentralized networks based on blockchain technology, a distributed ledger being enforced by network of computers. The most defining feature of these virtual currencies is that they are mostly not issued by any central authority, thereby rendering them theoretically resistant to government manipulation or interference. 

In 2008, an individual namely Satoshi Nakamoto invented the first cryptocurrency namely Bitcoin, with publication of a white paper namely “Bitcoin: A Peer-to-Peer Electronic Cash System”. Apart from Bitcoin, Ethereum, Litecoin, Ripple, EOS, Cardana are some of the popular cryptos available in the current market. As of 2019, there are nearly more than 2900 cryptocurrencies that are being traded with a total capitalization of over $221bn. 

JD Coin is a new entrant of the crypto world and it has already created a strong footing in this emerging field.  The best thing is that it uses faster processing and sustainable technology and works on a mathematical formula to calculate the exact nonce or nonce closer to create the hash and complete a transaction during mining. This makes the whole process four times faster than traditional mining process. 

Here are a few key features that make these cryptocurrencies special and also much-sought-after:

Decentralized and Absence of Central Authority

In case of traditional fiat currencies, banks and central authorities control financial system. However, with cryptocurrencies such as JD Coin, BitCoin, all these transactions are processed as well as validated by open and distributed network. Unlike these centralized authorities, most of the cryptocurrencies are decentralized on the distributed networks of computers which are spread worldwide, also called nodes. These transactions are rightly verified by the network nodes through cryptography as well as recorded in public distributed ledger known as blockchain. In fact, transaction is rightly circulated across peer-peer network and is also replicated by each and every node, thereby reaching large percentage of nodes within seconds. 

Most Effective

Use of a special peer-to-peer database signifies that there is no need for central authority or third-party intermediaries to process as well as validate transactions. All the users may transact as well as exchange cryptos directly with one another through decentralized system and each and every transaction may be verified on blockchain. This signifies that one with internet may exchange valuables around the world just with few clicks of button. Moreover, costs of transactions using cryptocurrencies are lower than doing transaction through inter-continental bank transfers. 

Safety & anonymity are maintained 

Because there is need for central authority, users do not need to identify themselves while transacting with the cryptocurrency. Whenever a transaction request is submitted, decentralized network can check out the transaction, verify it and also record it on blockchain accordingly. Cryptocurrencies use private key as well as public key system in order to authenticate all these transactions. This signifies that users may make anonymous digital identities as well as digital wallets in order to transact on decentralized system as well as be able to validate transactions in a secure way. 

Prevents currency manipulation 

Popular fiat currencies such as Euros and Dollars have unlimited supply because the central banks issue as many numbers of fiat currencies as they want. The central banks usually manipulate value of countries’ currencies as integral part of its financial policies. Maximum countries manipulate the currency to become inflationary for a certain period of time. This inflationary nature of the fiat currencies signifies reduction in value of currency over time. Therefore, the holders of fiat currencies would have to bear cost of decreased value as well as face ambiguity of currency manipulation. Compared to fiat currencies, most of these virtual currencies have limited as well as pre-determined supply of cryptocurrency that can be coded into underlying algorithm whenever it is created. For example, JD Coin has a maximum supply of 84 million and when this limit is reached, no more JD Coin is mined. Cryptocurrency creates scarcity deliberately in order to avoid currency manipulation by all possible means. 

Immutable as well as Irreversible 

The transaction of cryptocurrencies is immutable and irreversible and it means that it is quite impossible for anyone else other than owner of respective private key to move digital assets and that transaction can never be changed after it is recorded on blockchain. While it becomes impossible to alter transaction, secure cryptography makes it difficult for any kind of modification since it needs to change most of the nodes in blockchain. In fact, to avoid fraudulent transactions that cannot be reversed, transactions are recorded transparently on blockchain and also become open to public. 

A Brief Note on Key Features of JD Coin 

Useful technology: Due to the usage of faster processing and sustainable technology, transaction volume is faster than conventional mining. Its transaction volume is also 84 million and the time of transaction is 1 JD Coin in just one minute. 

Transparency: It provides all the details on its official website. Be it contact details or other legal information, everything may be available from this site. 

Authenticity: With the objective to work solely for the investors, JD Coin creates an effective work plan and ensure that investors get maximum ROI. 

Credibility: JD Coin fully abides by the norms of government agencies and organizations

Superiority: In order to confirm that all the transactions are safe, it has also developed a special Anti-Money Laundering program for the benefits of the users.

 

Dorothy Moore

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