Cryptocurrency
Technology has come up to a new level – from digital phones, tablets, computers, and now the Digital Currency or known as the Cryptocurrency the new generation. Many people use debit and credit cards instead of physical money coming from their pocket wallets to pay for their purchases, but there is more than a card to pay for your commodities in
this millennium, and it is actually the ‘Cryptocurrency’. Not everyone knows what cryptocurrency is, some even think that this is a scam, and some people think it’s not true until they know how is it done. There are many types of cryptocurrency, Bitcoin or BTC is the most popular especially for beginners. Next to bitcoin is Ethereum, Litecoin, Ripple, Dash, IOTA, Monero, Zcash, Cardano, Stellar, NEM, NEO andiron. The said cryptocurrencies have their sorts of similarities and differences when it comes to uses, trading, and policies. Japan has officially opened its door to digital currencies as a means of payment right
next to real money. Japan and South Korea drive high traffic of cryptocurrency exchanges according to CoinMarketCap, in fact, SouthKorea is making major improvements as of 2017 for more safety transactions in the Bitcoin World.
Some say that cryptocurrencies tend to be bad because of their bubble-like characteristic. There are also people who find it very useful, in fact, some make money from it while in the four corners of their houses. There are lots of merchandisers and big companies that are now accepting virtual money as a form of payment for every purchase done. Booking flights and buying software online is also covered by virtual money, you can now book flights and purchase software from Microsoft using Bitcoinswith hassle-free transactions.
Cryptocurrency is a virtual currency that uses cryptography to secure every transaction made, thus counterfeiting this kind of currency is very impossible to do because of this security feature. The invention of the so-called digital currency is not really intended by Satoshi Nakamoto the inventor of Bitcoin, which is the first cryptocurrency.
In 2008, Nakamoto said that he has developed a “Peer-to-Peer Electronic Cash System,” and announced the first release of Bitcoin in 2009, which is an electronic cash system that prevents double-spending. Bitcoin is completely decentralized with no central authority or server. The first cryptocurrency to run online as a virtual is Bitcoin – launched in the year 2009 under the pseudonym Satoshi Nakamoto. As of February 6, 2016, there are about 15.2 million Bitcoins circulating in the world. Cryptocurrency is just like real physical money, you can keep it, spend it, and even do investments with it. However, cryptocurrency can be wiped out by a system crash if a backup copy doesn’t exist, since it is virtual money and it doesn’t have any central repository.
Cryptocurrencies are designed to decrease the production of money – The first cryptocurrency Bitcoin has an ultimate cap of 21 million BTC in total. Mean to say, there are only 21 million Bitcoins that can be mined, once the bitcoin miners unlock this total number of BTC the supply will be totally tapped. Having on-hand digital money requires ‘Mining’, while others use it to trade theirs. People behind this gigantic invention still remain a secret, no one knows who is Satoshi Nakamoto is – can’t even figure out if it’s a group or a single individual behind it.
