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Explain the cryptocurrency technology

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Reference no: EM132412328

Question: 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.

Questions:

  • First, explain the cryptocurrency technology in general.
  • Second, discuss the potential benefits and risks using cryptocurrency technology in e-commerce. And also discuss the benefits and risks of cryptocurrency tech in commerce in two to three questions.

Reference no: EM132412328

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