The Untold Power of Cryptocurrencies

In News
Cryptocurrencies

Due to the popularity of cryptocurrency, the bitcoin boom becomes unstoppable. The enticement created among businessmen and ordinary people is so profuse that it became a trend around the world. Even in the UK, job seekers dream of working in a bitcoin company due to the high salary the cryptocurrency provides as its value becomes higher.

 

How did cryptocurrency start?

As we all know, it was Satoshi Nakamoto the person (or group) responsible for the introduction of the first successful cryptocurrency. He called it Bitcoin and defined it as a ‘peer-to-peer electronic cash system’ which is absolutely decentralized. It was in 2009 that Bitcoin took center stage for cryptocurrency when the systems of the 90’s (Beenz, Flooz, and DigiCash) failed to establish a system that will prevent fraud, financial difficulty, and promote harmonious employer to employee working relationship.

What is cryptocurrency anyways?

Cryptocurrency is a virtual or digital currency especially designed to function as a medium of exchange. It makes use of cryptography that involves the mechanism of transposing regular plain content into unreadable and the other way around.

The cryptography is a way of accumulating data and transferring it in a unique form with the intention of hiding the texts from unauthorized people from reading and processing. Aside from data protection against theft or illegal revision, it can also be used as user identification.

There are different types of cryptocurrencies including Bitcoin, Ethereum, and Ripple to name a few. Among these virtual currencies, Bitcoin is the most recognizable and dominant. It’s value for every coin skyrocketed to $7,000 in November of last year.

 

What are the things in store about cryptocurrency?

There are many ways that you can do when you invest in virtual currencies.

Spend it like cash. Several merchants, both offline and online accept bitcoins as mode of payment. Some of them include Overstock and Newegg, bars, and restaurants. You can even book flights and hotels using bitcoins aside from purchasing jewelry and even pay for a college degree. (Imagine that!)

Invest with cryptocurrency. Majority of people accept the fact that cryptocurrency is a good choice for investment and are made into millionaires investing with Bitcoin.

Accept it as a mode of payment for your business. If you own a business and seeks possible new buyers, accepting cryptocurrencies as a mode of payment might produce more customers and profit. Each payment can be acquired through touch screen apps or hardware terminals.

Since cryptocurrency has been widely accepted around the world, South Korea is looking forward to it. The Southeast Asian country has plans of adopting the use of virtual currency although regulations are already set in. South Korea’s e-commerce company, Wemakeprice will soon enable cryptocurrency payments and has plans as well to collaborate with Bithumb.  


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