DEMISTIFYING CRYPTOCURRENCY
What is cryptocurrency?
A countable number of people understand the concept of cryptocurrency. However the idea of cryptocurrency has been catching up in recent times.
Cryptocurrencies came up as an alternative commodity of another discovery. The inventor of the first cryptoccurrency did not intend to develop it. In 2008, he proclaimed that he had come up with “A peer to peer electronic cash system.” He was aiming at developing something that the world had not developed yet, before the electronic cash transfer was invented. His name is Satoshi Nakamoto. It’s in this process that he invented the first cryptoccurency (Bitcoins). Satoshi tried to develop an electronic money flow channel without having a common unit. It’s that judgment that gave birth to cryptocurrency-virtual cash.
What are cryptocurrencies really?
If you ignore all the buzz surrounding cryptocurrencies you will find out that cryptocurrency is just restricted records in a database that you can’t alter devoid of accomplishing particular unique conditions. This definition comes up as too conventional but it serves the purpose best.
For example, cash in your bank account: it is just records in a database that can only be altered following particular condition. Take actual cash (notes and coins): they are nothing more than regulated records within an open public database that can be only altered in a condition that it matches that you substantially possess the coins and notes? Money is just a concept around a verified entry in various kinds of databases of accounts, balances and transactions.
Fundamentally, cryptocurrencies are just records of a token in devolved consensual databases. Cryptocurrencies are basically anchored on cryptography. However, cryptocurrencies are not safeguarded by people or trust, but by the mathematics of the markets. Cryptocurrrencies have both monetary and transactional properties.
Cryptocurrencies have become revolutionary and the success globally cannot be ignored. Bitcoins, is the single cryptocurrency that has fascinated a critical number of users, more than any other form of cryptocurrency.
Crytocurrencies are virtual gold. They are virtual money safe from political influence. They are both quick and safe media for transaction on a global scale as they are private and anonymous for transactions on black markets and other illegal platforms.
Although Bitcoin is a more prominent cryptocurrency and various other cryptocurrencies have had little effect in the cryptocurrency world, stakeholders and financiers don’t completely ignore other forms of cryptocurrencies.
There are various forms of cryptocurrencies as listed below
- Bitcoins
- Ethereum
- Dash
- Augur
- NEM
- waves
