What cryptocurrency is all about?
Currencies only began in about 2,500 years ago and ever since have been a great enabler of democracy and social mobility. By making it easier to capture value for goods & services that ordinary people provide and by creating a means of storing value today that can be used in the future currencies have literally changed society and the world.
Currencies enabled the creation of the first modern corporation, the modern stock markets and then few regulators that oversaw all of this because the minute you have markets you have people who manipulate them new traders out to make money that they hear everybody else is making.
Currencies also have debt markets and this credit has lifted millions out of poverty by allowing people to invest in the capital equipment that they otherwise could not afford today that can yields the profits tomorrow.
Cryptocurrencies have become one of the most burning topic in the financial industry. It is a digital asset that is designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units.
Let us talk about most relevant Cryptocurrency:
Bitcoin: The virtual banking currency of the internet. Bitcoins are created by Mathematical Computations and policed by millions of computers users called miners. Today Bitcoins are controversial because they take the power of making money from central federal banks and give it to the general public. Buying and mining are the two procedure in order to access bitcoin. Bitcoin can be obtained by accepting them as a payment or buying them from people or directly from an exchange.
Various bitcoins transactions can be transacted from various software’s, apps and various other software platforms. The process of creating bitcoin is called mining. Bitcoin mining is the process by which miners who leverage high-powered computer software verify the transactions by solving complex math algorithms.
The value of Bitcoin keeps on changing regularly. There are more than two billion dollars’ worth of bitcoins in existence today. As of now in 2017 around 10 billion dollar bitcoins have been created.
Cryptocurrencies such as Bitcoin still have numerous significant obstacles to overcome today before they could totally replace currency system in future. Cryptocurrencies have some internal challenges to overcome. It is also still unclear whether blockchain technology could be successfully adapted to use the cases which require very high speed with high volumes and would be poorly suited for any application which required some degree of challenges.
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