crypto currency news and comment

This is one of the most frequently asked questions out there. What is cryptocurrency? To make it simple, cryptocurrency is a digital version of money where the transactions are done online. A cryptocurrency is a medium of exchange just like your normal everyday currency such as the USD, but designed for the purpose of exchanging digital information through a process known as cryptography. The first ever-successful cryptocurrency emerged from the invention of Bitcoin , by Satoshi Nakamoto. This was then followed by the birth of other types of crytocurrencies competing against Bitcoin.

The reason why cryptocurrencies are such in demand right now is because Satoshi Nakamoto successfully found a way to build decentralized digital cash system. What is a decentralized cash system? A decentralized system means the network is powered by its users without having any third party, central authority or middleman controlling it. Neither the central bank, nor the government has power over this system. The problem with a centralized network in a payment system is the so called “double spending”. Double spending happens when one entity spends the same amount twice. For instance, when you purchase things online, you have to incur for unnecessary and expensive transaction fees. Usually, this is done by a central server that keeps track of your balances. Apart from the cryptocurrency network is verysecure and is run through a decentralized network, there are other properties which projects why cryptocurrencies may be the most talked about topic in town. It is now viewed as a...

Cryptocurrencies can be spent for different purposes and the best part is, all transactions are completed online! There are 3 different transactions that can be performed when using cryptocurrency: 1.     Bitcoin Trading Bitcoincryptocurrency trading can be very profitable for both professionals and beginners. The market is new, where arbitrage and margin trading is widely available. The currency’s high volatility has also played a major role in bringing new investors to the trading market. 2.     Personal Spending You can use Bitcoin to purchase almost anything! From buying cars to travelling the world. 3.     Crowd Funding Cryptocurrency also provides the chance for you to give back to society. How? By crowd funding. You are able to be part of someone’s success story by donating to a crypto crowd funding project.

There are over 800 cryptocurrencies, but we will only discuss the top 5 prominent currencies in the market. The 5 cryptocurrencies are Bitcoin, Ethereum, Litecoin, Monero and Ripple. For this report, we are going to cover only two of the Cryptocurrency – Bitcoin and Ethereum . Bitcoin : This is the first ever cryptocurrency invented and remains by far the most sought after cryptocurrency to date. Bitcoin is known as the digital gold standard in the cryptocurrency network. As explained in the previous module, Bitcoin is the pioneer of Blockchain Technology that made digital money possible. It is the first ever decentralized peer-to-peer network powered by its users without any central authority or middleman which means, no unnecessary costs are included in the digital money transaction. Over the years of Bitcoin’s existence, its value has fluctuated tremendously from zero to over $2000 per bitcoin to date. Its transaction volume has also reached 200,00...

As a digital asset that serves users online, Cryptocurrency has many appealing benefits. Some of this is thanks to the Blockchain Technology previously mentioned. It is a strictly monitored process with encrypted transaction and control thus, making this online money a thing for the future. There are 4 top advantages ofCryptocurrency but for this report, we are going to talk about only 2. No Third-Party Involvement : The first advantage of Cryptocurrency is its well-known ‘No Third-Party Involvement’. There’s always a pattern when using traditional money to buy yourself a new property, setting up your own business, or buying a new car. One way or another, the process requires a third-party involvement. We are talking lawyers, owners and some others external factors such as, delays, documentations and extra fees. This in general will consume unnecessary time, money and energy to the point of giving up. A good example of this scenario would be you...

Another prominent advantage of Cryptocurrency is its risk is lower than traditional currencies. In this era, most people rarely have their cash in their possession now. Instead, they have an array of credit cards, debit cards and other payment cards available as their nations’ method of payment. Nothing’s wrong with that, except however if the store’s connection to the server is disconnected or their machine is out of service, and you who do not possess any cash just ended up holding the line. The thing about these cards are, any purchase you are making, you are giving the end-receiver access to your full-credit line. No matter how small the amount of the transaction is, the fact that you are giving someone your card to gain access to your account is already a form of ‘breach’. Most of this ‘breach’ is considered secure nowadays using differing safety measures like ‘PIN enabled’ or ‘Pay wave’ methods. Then, the store initiates payment by ‘pulling’ the d...

Now we will finally touch upon the future of Cryptocurrency. These digital currencies have been said to be able to capture the world of online finance. With the blockchain technology behind it, the future of Cryptocurrency is showing a prosperous potential. Starting 2017, the alternative currencies will need to watch its prices closer than usual. Studies show that Bitcoin experienced a drop in its price. It seems like a cheaper cryptocurrency by the name Ether, reached its highest at $40 a unit. That’s right. Although the mechanism behind Ether prevents it from being used as a direct payment method, this cryptocurrency seems to have brighter future ahead. This is all thanks to its smart contract concepts. On the other hand, cryptocurrencies who is concerned over privacy are starting to gain more prominent favor amongst users. Bitcoin, unfortunately despite their security measures, it continues to have loopholes that can be exploited for access to user...