Cryptocurrency evolution in present world

audure
audure
Jul 28, 2017 · 3 min read

Historically, politicians have always fought for the power to create money out of thin air, so they can increase their spending without having to directly increase taxes. The staggering growth of political power throughout the Twentieth Century — the century of war — was largely made possible by replacing money limited by gold with paper currencies, which can be printed at will by government-controlled banks. Cryptocurrencies are the first self-limiting monetary systems in the history of mankind, and could be our greatest chance to check the growth of political power since the Magna Carta. Join Stefan Molyneux, the host of Freedomain Radio — the most popular philosophy show in the world, as he reveals the hidden political and military power of government currencies, and shows how cryptocurrencies could be greatest revolution in human history, and the foundation of a truly free and prosperous planet.

What is cryptocurrency?

Cryptocurrency is a digital currency that is created through the use of encryption software. This approach is a solution to security and control issues that prevented a purely digital currency from being successfully developed in the past. If you hear someone talking about one of these currencies, it’s almost certainly in a cryptocurrency format. This type of digitally created and secured money is currently in a period of very cool experimentation, so let’s take a look at how it work, why it’s popular, and where cryptocurrency is heading in the future.

How people can ‘Earn money’ by using Cryptocurrencies:

Mining: One may mine a specific Cryptocurrency to solve mathematical problems and receive rewards awarded by the network. Mining is a process by which a miner validates a transaction and records it into the Blockchain. Fees are paid by the sender of each transaction to have their transaction recorded within the Blockchain.

Investing: As is with any stock, Cryptocurrencies are no different. Cryptocurrencies are subject to change in value based on Supply and demand. Investing in Cryptocurrencies bear almost the same risk as stock markets given that Cryptocurrencies aren’t insured and would be subject to fluctuations, however predefined supply algorithms usually play an important role (Bitcoin’s four year halving).

Each token issued within the network is immutable and can be backtracked which makes counterfeiting impossible. The main reason a Cryptocurrency gets so much credit is because of the underlying technology behind it which is the Blockchain.

A Blockchain is nothing but a series of compiled blocks each bearing a connection to the previous block leading all the way up to genesis block. Hence you’d literally be able to backtrack each and every transaction that occurred from day 1.

The sender pays to have the transaction recorded within the blockchain without which the transaction wouldn’t be recorded and if no proof of transaction exists, the transaction effectively didn’t happen.

Transactions are recorded after a miner has validated it and the remaining miners are allowed to check the validity of this record without having to mine it themselves which makes it extremely easy to check if the transaction indeed is true and did happen.

Once the transaction is recorded in the block and this block is added to the Blockchain, this transaction is immutable as well since each and every person on mining has a copy of this block attached to the Blockchain and the slightest change would mean that everyone’s copy of the transaction would have to be overwritten requiring immense amount of computing power that is inaccessible to a common man.

This sense of immutability provided by the Blockchain is what makes Cryptocurrencies unique and valuable.

audure

Written by

Audure is an International CryptoCurrency Service Providing firm based out of Australia. Audure claims to have team of World Expert traders for Digital Currency

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