What is Crypto Currencies and Online Transactions

First of all what are Cryptocurrencies all about?

Cryptocurrencies, as one of the first  products  and advancements in blockchain  technology, are virtual currencies that use Cryptography for secure  payments and investments. Bitcoin is the most established and widely used of the crypto currencies, relying on two key technologies: Public key and Private key cryptography, to store

and spend money and cryptographic validation of transactions. The following  diagram  demonstrates the bitcoin transaction process. 

 

Crypto Currencies and the use of blockchain technology has delivered significant benefits to specific transaction  uses, but major obstacles exist to the widespread use of this  from of transactions across the network, the computational burden high data storage costs and cultural issues inherent in the wider use of the technology. The anonymity aspect of Bitcoin transaction could also be problematic as more formal governance and regulatory compliance and approval is sought. The lack of no single central owner for the Bitcoin network makes oversight difficult and is likely to be another barrier for formal governmenance and wider regulatory compliance and approval in the future.