A quick guide to understanding cryptocurrency

CRYPTOCURRENCY – Technology has come-up into a new level – from digital phones, tablets, computers, and now the Digital Currency or known as the Cryptocurrency of the new generation.

Many people use debit and credit cards instead of a physical money coming from their pocket wallets to pay for their purchases, but there is more than a card to pay for your commodities at this millennium, and it is actually the ‘Cryptocurrency’. Not everyone knows what cryptocurrency is, some even think that this is a scam, some people think it’s not true until they know how it is done.

There are many types of cryptocurrencies, Bitcoin or BTC is the most popular specially for beginners. Next to bitcoin is Ethereum, Litecoin, Ripple, Dash, IOTA, Monero, Zcash, Cardano, Stellar, NEM, NEO and Tron.

The said cryptocurrencies have their sorts of similarities and differences, when it comes to uses, trading, and policies. Japan has officially opened its door for digital currencies as a mean of payment right next to real money.

Japan and South Korea drives a high traffic of cryptocurrency exchanges according to Coin Market Cap, in fact South Korea 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 made. Booking flights and buying software online is also covered by virtual money, you can now book flights and purchase software from Microsoft using Bitcoins with hassle free transaction.

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.


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Coyalita Linville

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