What is the point of Cryptocurrency?

“Whenever the price of cryptocurrency is rallying, people start spending a lot more.”– said, Erik Voorhees, an American entrepreneur and founded of bitcoin startup Coinapult and crypto exchange ShapeShift.

The cryptocurrency is a digital currency used by many companies. It uses the blockchain to run its working and it provides safe and private transactions between two companies.

Cryptocurrency is owned by everyone:

Cryptocurrency is very similar to our traditional currency or national currency we use with few different fundamentals.

The regular traditional currency which we use is regulated by the government body and all that represent debt now. Everyone who carries the currency of their respected country has been issued an ”IOU” from their countries.

Also remember that the cryptocurrency is not owned or regulated by anyone, not even by the country or even the central bank.

Most of the traditional currency is operated by a centralized ledger and there are chances that it can be manipulated. But cryptocurrency works on a decentralized method means you can manage your transaction records.

Almost impossible to forge a cryptocurrency:

Cryptocurrency is operated through distributed ledger which works on a blockchain system. Blockchain is one of the important keys to run digital currency. Every block in the chain contains some data and all are formed in the encrypted data patterns. The ledger or the database of blockchain is distributed around thousands of computers.

So, it becomes virtually impossible for someone to forge a block, because you have to manipulate each and every block in the chain which is not possible.

Confidential transactions:

When we use the traditional currencies that are issued by the government of the country, we can do private transactions or we can use physical cash to pay something. But if you try to withdraw a large amount of physical cash then a flag will be raised and will be reviewed by central authority.

A cryptocurrency is totally different. It works on a well-designed maths that is used to track the exchange between two people. All these things work anonymously where the exchange of cryptocurrency is between two parties is more private. There are digital wallets in which the cryptocurrency is held electronically, these are anonymous wallets with a private key that only the owner of wallet has and the currency is exchanged digitally.

Cryptocurrency security grows through time and value:

If we talking about hacking or manipulating the cryptocurrency, you will need lots of money and enormous amount of power but the end it will be useless.

In earlier period, it was easy to gain majority of control in cryptocurrency as cryptocurrency itself was small. But now, the security of cryptocurrency has been developed very strong. As the number of companies started working with cryptocurrency has increased, so it is right to say that the cryptocurrency is safe to use.

Mogul Productions Reviews is a decentralized film financing platform is one of the examples of company that uses cryptocurrency in dealings.  Mogul Productions Reddit was created to disrupt traditional funding methodologies in the film industry by empowering users to take an active role in the creative process.