Every country has a specific currency such as USD for America, Rupee for India, Yen for Japan etc. These currencies are available as paper money. We can also see it as an online or liquid money in many country. On the other hand, there are more than thousands digital currencies in the world which is known as Cryptocurrency. Nowadays, the most popular currency for online transaction is cryptocurrency.
What is Cryptocurrency?
A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It is controlled by a decentralized system which is opposed to centralized electronic money and central banking system. The system works through a distributed ledger technology, typically a block chain. The world’s first decentralized cryptocurrency is Bitcoin that was released in 2009 by pseudonymous developer Satoshi Nakamoto.
Brief history of Cryptocurrency:
David Chaum, the American Cryptographer, gave the idea of digital currency in 1983. Later he implemented it through Digicash which was the early form of cryptographic electronic payments.
What can you do with cryptocurrency?
- Buy goods through online:
With cryptocurrency anyone who has balance in his/her online wallet, can buy any goods through online transaction securely. In the past, it was not accepted currency to the merchants. But now the situation has widely changed.
As a valuable and accepted currency, people have the chance to use it for their travelling. A renowned travel agency, the website cheapair.com, has been accepting bitcoin since 2013 from where you can purchase flights, hotels, car rentals and cruises.
Nowadays, many schools in the world have started to accept cryptocurrency as a form of payments. According to www.futurism.com, “The University of Nicosia” in Cyprus was the first school in the world to adopt bitcoin in 2013. Universities in Switzerland, Germany and the United States of America have also announced to accept this currency as a form of payment.
- Buy a Lambo:
Last but not least, you can also buy a Lamborghini by using your cryptocurrency.
Even you can purchase many things by using it such as art, fine wines and house.