The Emerging Age Of The Cryptocurrency

What do you know about Cryptocurrency ?

The age of Cryptocurrency emerges, the noise made by the Bitcoin and Ethereum cannot be ignored anymore, and potential investors began to look at Crypto as a lucrative opportunity.

What is Cryptocurrency ?

“A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.”

-Definition by Wikipedia.

 

Cryptocurrency Background

Bitcoin was the first decentralized cryptocurrency and valued through supply and demand on the online exchange markets. It was released back in 2009 by an unknown programmer (or programmers) named Satoshi Nakamoto.

There are numerous amount of new Cryptocurrenies since the rise of Bitcoin: Ethereum, LiteCoin, Ripple, Zcash, Monero and more.

The most unique feature of the Cryptocurrencies is that most of them (from my own research) are decentralized. Means they aren’t being controlled by any bank, government, country or any monetary system. The price changes due to supply and demand with occasional incidents regards the Cryptocurrency. For example, Bitcoin experienced a rise after Japan’s recognition of Bitcoin as a currency. Additionally the Philippines also officially legitimized Bitcoin as payment method and so is Australia.

 

Cryptocurrency Today

Did you know that 10,000$ Bitcoin investment in 2010 now worth estimated 200$ Million ?

Today, many online services, websites and online stores accept Bitcoin as a payment method.

It getting recognition as valid payment method. This is much of the reason Bitcoin’s value increases rapidly (Although it had some major downfalls too). The huge increase in Bitcoin’s value over the last months began to raise interest among potential investors.

Bitcoin is taking the major market cap of the Cryptocurrencies market. However, the Ethereum begins to push forward and there are even speculations that Bitcoin might not be the biggest digital coin forever.

 

Exchange and wallet

To make things more simple, let’s review the tools that are required to obtain the largest Cryptocurrency, Bitcoin.

Investing in Bitcoin is not a typical investment like stocks, bonds or real estate. There is no company, government or country that controls the nature of the Cryptocurrency but supply and demand. You can’t just call your bank or log into your bank account and start your Bitcoin exchanges. You also required to have the right tools to obtain Bitcoin, such as digital wallet and exchanger (like Coinbase). Since you can’t put Bitcoin in your cash wallet where it’s safe, you have to maintain security for your digital wallet.

The common process is buying Bitcoin with USD (or EUR, GBP etc) at market exchanger like Coinbase, transfer the Bitcoin to your digital wallet (very common one is Blockchain) by providing your digital wallet’s address and then you can hold the Bitcoin or use it for purchasing products/services at online websites which accept it as a payment method.

 

Learn more about Cryptocurrency

I made a lot of research to learn about Cryptocurrencies and the way they are work on the internet. I found that the information is either lacking, too complex or divided between different sources.

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