Table of ContentsIntroductionAdvantages and DisadvantagesBitcoin MiningIntroductionA cryptocurrency is a digital asset in which encryption techniques are used to regulate the generation of monetary units designed to function as a means of exchange that uses cryptography to secure its transactions, control the creation of additional units, verify the transfer of funds Is its organic character; it is not issued by any central authority. Well, the nature of cryptocurrency transactions makes them well suited to a multitude of criminal activities, such as money laundering and tax evasion…!Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”? Get an original essay The first cryptocurrency to capture the public imagination was Bitcoin, which was launched in 2009 by an individual or group known under the pseudonym Satoshi Nakamoto. As of September 2015, more than 14.6 million bitcoins were in circulation, with a total market value of $3.4 billion. The success of Bitcoin has given rise to a number of competing cryptocurrencies, such as Litecoin, Namecoin, and PPCoin. Advantages and Disadvantages Advantages: Cryptocurrencies facilitate the transfer of funds between two parties in a transaction. These transfers are facilitated by the use of public and private keys (encryption and description) for security purposes. These fund transfers are carried out with minimal processing fees, allowing users to avoid the high fees charged by most banks and financial institutions for wire transfers. Bitcoin is the blockchain it uses to store an online ledger of all transactions using bitcoins, providing limited threat from hackers. Blockchain has important uses in technology. Transaction costs by making payment processing more efficient. Prices are based on supply and demand. Cryptocurrencies are not exposed to the threat of hacking. More transportable than hard metals, and escapes the influence of central banks and governments. You do not need to share your identity, location or transaction details. Once payment is made, you cannot perform a chargeback. You are the master of your money. You can keep it in your wallet and use it as you wish. No third party is involved like a bank. When you talk about transactions using cryptocurrencies, there are no limits. You may be in another part of the world. Making payments using cryptocurrencies is very simple. Disadvantage: Cryptocurrencies are relatively new and come with a learning curve. People end up investing without proper knowledge and lose money. People don't know how to use cryptocurrency and therefore open themselves up to hackers. Few websites and businesses still accept digital currencies. Very few countries have legalized the use of cryptocurrencies. There is a risk of losing your wallet. If you have stored money in the form of digital currency on your phone or computer, you better remember your password. If you pay someone by mistake using cryptocurrency, then there is no way to get a refund of the amount paid. Bitcoin MiningThe Bitcoin network is witnessing a lot of transaction activity. Keeping a record of these transactions helps users track what was paid and by whom. Transactions made during a given period of time are..