A Sneak Peek Into the Brief Summary of Cryptocurrency

Cryptocurrency enables easier transaction of funds directly between two groups or parties in the absence of any third party.

A cryptocurrency is a digital or virtual currency, it is secured by cryptography which makes it impossible to simulate or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology. Cryptocurrency caters to the promise of making the easier transaction of funds directly between two groups or parties without the need for any third party like bank or credit card company. Different forms of incentive systems like proof of stake or proof of work, public keys, and private keys are used to secure these transfers. 

In modern cryptocurrency systems, a user's "wallet," or account address, has a public key, while the private key is known only to the owner and is used to sign transactions. Transaction of funds is completed with minimum fees required for the processing which allows users to avoid the steep fees that are charged by banks or other financial institutions for wire transfers. 

Top trends:

• Defi is considered to be one of the key drivers for the accelerated adoption of digital storage of assets or tokenization.
• With the growth of stable coins, more investors are investing in them to protect themselves from usual crypto market volatility.
• NFT(Non-fungible tokens) is quite useful for people who wish to trade items as they can avoid the complex onboarding process of a centralized platform to trade them.
• DEXs allow crypto owners to transact directly, without the need for any intermediary.
• Central banks will also be a part of the game with the introduction of Central Bank Digital Currencies (CBDCs).