Cryptocurrency has easily become the internet language of today, but it wasn’t always so. When Satoshi Nakamoto first created the system in 2009, a lot of people were not enthusiastic about it. However, their skepticism did not kill the dream, and at the end of 2017 the whole concept became a big reality. While you may be familiar with the idea of cryptocurrency, you may want to know what exactly it is.
Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. All of these operate independently of a central bank and as such have not been integrated into the banking system or even the government. Instead, cryptocurrencies nowadays are used for the occasional online transactions, or even Bitcoin gambling; “https://bitfortune.net” has an entire list of websites that you can bet on with the cryptocurrency. However, cryptocurrencies are becoming more popular every day, and it is only a matter of time before they become a universally accepted medium of exchange.
Bitcoin was the first decentralized currency created in 2009 and today it provides various outlets for personal wealth that is beyond restriction and confiscation. There are now thousands of other types of cryptocurrencies out there.
Although some people still have their reservations about crypto, this has not in any way hindered its progress. In fact, at the end of April 2018, cryptocurrencies had an estimated worth of 278 billion USD with a daily volume record larger than 500 billion USD. One could say it is no wonder, why those who have taken the risk and invested in cryptocurrencies are massively winning.
Josh Wardini
Professional freelancer and webmaster.
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