What is Cryptocurrency?
The questions about what is Cryptocurrency is all about are slowing
What is Cryptocurrency?
More and more people around the world are starting to understand what cryptocurrency is all about. There are over 40 companies listed on the world market selling coins of one type or the other, so the message is getting out.
However to assist those in the learn stages the following will help.
What is Cryptocurrency and Mining?
Cryptocurrency is digital form of currency which is being used increasingly all over the world including in Australia.
When comparing the types of traditional currencies a cryptocurrency is much more efficient in terms of usage and has much lower transaction costs than the traditional banks.
The very first cryptocurrency became known to the world back in 2008/9 when Bit Coin started trading. Since then many more companies have listed on the global market.
It should be noted when BitCoin first launched you could buy the coins for about 0.01 euro, now days the coin are linked to market and range in price from $3000 to $3600 Euro each.
This site www.localbitcoins.com/ shows where you can buy and sell Bit coins and how much you will need to pay.
Coinspace is one of the new players and offers so much more than the existing coin traders, Giving members a wonderful opportunity to be able to buy and mine coins before launching onto the global market. They do this by opening the door to allow members to access the coins at a rate much lower than the coins already trading. In other words using your computer to earn them money while they sleep!
However once Coinspace reaches launch stage, this is going to quickly change as the coins will steadily increase in value until they reach or surpass the current values.
Which means those that created accounts NOW or who have already created accounts and have purchased CoinSpace S Coin Packages are going to very well indeed it could be said that many of these people will become millionaires!
It is sometime misundersatnd by people as they consider cryptocurrency only as virtual money or a transaction system. Not so! If one looks closer they will see that while the monetary aspect is very important that is only the start!
One needs to realize that cryptocurrencies and the blockchain are absolute groundbreaking internet technologies and money is only a very small part of the fantastic possible applications for this technology.
We all know what money is? But why do we need it?
Down through the centuries people have bartered with one another as a form of exchange. Now days that form of exchange or trading is somewhat different because we use money, cash, credit cards and so on.
Then we use banks or money moving businesses to help us move money from place to place country to country. So today the movement of money has become incredibly complex everyone trades with everyone worldwide. So why do we need money, because we use it to facilitate trade.
Unfortunately some of this trading is hidden form us and we need to keep records. So we need the help of other parties that we can trust, middlemen if you like? So we use bookkeepers, accountants, banks, governments and of course cash, paper money and so on to help us facilitate and approve our transactions.
Cryptocurrency and How the Blockchain Work?
Getting onto what cryptocurrency is and how it really works.
First of all we need to understand about the Essence of Cryptocurrency & Blockchain Technology.
Cryptocurrency should be considered to be a software and as such, the software enables a group or networking of computers working together, maintaining collective bookkeeping from entries made from the internet.
It is most important to understand that this bookkeeping is not closed nor is it control of one party or a central authority such as a bank. On the contrary, it is very public, and available in one digital ledger which is fully distributed across the group or network. (That's not to say everyone can see your personal information.) This is called the blockchain.
Now it gets a bit tricky as In the blockchain every single transactions is logged, including other information regarding the time and date, participants and of course the amount of every single transaction.
Each node (and there are many thousands of them in the network) has full ownership of a full copy of the blockchain. All and every transaction is verified by the cryptocurrency miners and they maintain the ledger. It should be said this calculated on the basis of very complicated state of the art mathematical principles.
The mathematical principles that are applied by the software ensure that all the nodes automatically and continuously concur about the current position of the ledger and every single transaction in it.
It needs to be noted that should anyone attempt to corrupt transaction the thousands of nodes will not agree, nor will they arrive at a consensus, so they will refuse to incorporate the transaction in the blockchain.
In this way every transaction is public and thousands of nodes unanimously agreed that a transaction has occurred on a particular date and at a register a time. It is just like your personal accountant is watch over every transaction. So what this means is everyone has access to a shared single source of truth. Very clever!
Cryptocurrency is considered to be the smarter currency
Understanding the benifits of using Cryptocurrency
Real cash money will not just disappear quickly, but it is going to be effected as cryptocurrency is smarter programmable money and people are starting to use it more and more.
Cryptocurrency has extra security, the transaction costs are much cheaper than the banks. When you pay a cheque from another bank into your bank, the bank will often hold that money for several days. In fact no central authority has control, so banks cannot take it away, or charge you any fees. For those who find their trust in the traditional banking system unravelling, cryptocurrency is a big benefit.
Then there are other businesses that move money will charge a fee not so with cryptocurrency. You can use cryptocurrency to send Money to anyone anywhere in the world, almost instantly, without the help of a middleman charging fees.
People cannot steal your payment information from merchants, because they are unable to find or source the information to steel!
One of the issues with regular currencies is that governments are able to print as much of it as they like, and as often as they like and in many cases they do!
If countries do not have the funds to pay off the national debt, then they can simply print more. If the economy is unstable, then governments can take newly created money and inject it into the economy, of course this causes the value of the country's currency to decrease.
The Blockchain Technology ledger does not care if a cryptocurrency represents particular amounts of Dollars or Euros, for that matter anything else of value, including a property.
Users are able to decide what a unit of cryptocurrency represents. A cryptocurrency like one of the many on the open market today is divisible in to 100 million units, thus each unit is individual, identifiable and programmable.
What this means the cryptocurrency owners is are able to assign properties to each individual unit, users are able to program a unit to represent one dollar a Euro, cent, even a share in a company or digital certificate of ownership.
So it is understandable that the cryptocurrencies and blockchain technology could be used for much more than just money or payments. Cryptocurrency are able to represent many different kinds of property
A company is able to control its spending in the same way. By simply programming budgets for all their business requirements, purchases, like machinery and materials, salaries can be include and so on. The respective money is now specified and cannot be spent on anything else. By automating these situations leads to considerable decrease in bureaucracy.
To neglect the idea of Cryptocurrencies in today's world is like neglecting the idea of Internet, which by the way some people dismissed as a scam.
People who take the time to learn and understand the cryptocurrency technology are people who will develop a very clear picture how it all works, will also see the benefits for mankind. It could possibly be called the people's money.
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