Exploring Cryptography: Business Use, Advantages and Disadvantages
VerifiedAdded on 2023/06/12
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Essay
AI Summary
This essay explores the concept of cryptocurrency as a digital asset designed for use as a medium of exchange, employing cryptography for encryption and transaction security. It delves into the decentralized control system of cryptocurrencies, contrasting it with centralized electronic finance and banking systems, and highlights the role of blockchain technology as a public distributed ledger. The essay discusses the advantages of cryptocurrency, such as instant payments and the elimination of intermediaries, alongside its disadvantages, including security concerns and high energy consumption for mining. It also addresses the varying legal status of cryptocurrencies across different countries and their potential impact on future business markets, focusing on transaction fees and the use of timestamping structures. This document is available on Desklib, where students can find a wealth of academic resources, including past papers and solved assignments.
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