What is CryptoCurrency? Simply put… It is Internet Cash, a Decentralized Currency and a transaction method that is gaining popularity because it is a private, fast and secure way to spend, send and receive money through the internet.
It has low or no transaction fees, regardless of the amount. More and more people around the world are becoming familiar with CryptoCurrency every day, the most popular being the Digital currencies Bitcoin and Litecoin. Cryptocurrency represents the promise of a financial system without a middleman, one owned by the people who use it and one safeguarded from manipulation by governments and banks.
The root word ‘crypto’ comes from the Greek, meaning ‘hidden’ or ‘private’. Cryptocurrency, then, means money that is made hidden and private—and therefore secure—by means of encryption, or coding.
All aspects of cryptocurrency are protected by long and complicated blocks of computer code, each of which is unique to the item or person it’s protecting. As an investor, or someone taking part in a transaction, you’re identified by a one-of-a-kind code, as is the person or company with whom you’re doing business.
Many people identify CryptoCurrency as Digital Currency, and rightly so. Many of us have come into contact and used CryptoCurrency through the millions of online transactions and purchases we have made without knowing that we are using Digital Currency.
CryptoCurrencies can be bought and sold on exchange sites or they can be ‘Mined’ by people themselves. ‘Mining’ is a process performed with a special type of software, quite often using a specially configured computer, to solve an algorithm. By doing that, you create a Coin.
How many ways can you benefit from being a part of the CryptoCurrency World? You are going to be surprised, to say the least.
Advantages over traditional money
First and most important is the fact that digital currencies, like Bitcoin for example, are not linked directly to the laws, rules or regulations of any government, corporation or bank. The interest rates, fees and surcharges you may have to pay on your bank account or credit card in no way effect your cryptocurrency.
As a matter of fact, at the heart of digital currency is a sense of rebellion against these fees, some of which are so deeply buried in fine print as to be considered ‘hidden’! Along those same lines, the rate of inflation that can potentially diminish the purchasing power of government-issued legal tender doesn’t dent the value of any alternative currency you hold.
Digital currency affords its users complete anonymity. When you make a purchase with your ATM or credit card, your personal information—your name, physical address and often other identifying data—is attached to each and every transaction.
As more media attention is being paid to the many ways personal information is being used without our knowledge or permission, people are starting to get annoyed by just how much is known about them by complete strangers.
Businesses, banks and governments can use this data to track you and take note of your purchases. For those who are saying, “Enough!”, digital currency offers an alternative. All cryptocurrency transactions are secure, and don’t carry any personal information at all.
Digital currency is ideal for international use. Using credit cards or bank accounts for international transactions can be problematic; since they’re linked to the legal tender of a specific government, exchange rates, interest rates, and country-to-country transaction fees can bog down the process—and make it a lot more expensive, too.
Cryptocurrencies aren’t bound to the rules or status of any one government’s currency, so international transactions tend to go a lot more quickly and smoothly when they’re used.
There are no surprise fees or waiting periods. Banks, credit card companies, and online payment services can delay certain transactions or apply surcharges and fees—often without their customers knowing, unless they squint to read the fine print.
This often winds up being bothersome and costly to both consumers and businesses. Cryptocurrency carries smaller—and more transparent—transaction fees, and purchases and transfers can be approved in minutes!
CryptoCurrency is very ideal for investment. An example is Bitcoin. t has appreciated in value from $0.01 USD in 2009 to $425.00 in 2016, as I am writing this, Today’s value is $646.00. If you had acquired $100. worth, when they were valued at 1 cent each, where would you be today?
As we welcome the new year 2018, the possibilities offered by CryptoCurrency should be embraced. This is the currency that will rule the future! The very first CryptoCurrency was Bitcoin, made in 2009.
It is now accepted as Global Currency and is currently being accepted as a form of payment at over 400,000 companies. Some of them you may be familiar with… Overstock, Dell, Expedia, Virgin Atlantic, Fiverr & PayPal. Even so, CryptoCurrency is still a virgin industry with a lot of possibilities for pioneers!