Cryptocurrency: The Rise of Giants
Dollar, Euro, Naira, Pounds and many others are all physical currencies. What they all have in common is that they are physical currencies and they are controlled by government bodies. Another thing to note is that they cannot be spent in different locations, that is, they are limited to a specific location (or specific locations) that adopts them.
Cryptocurrency: The What and The Problem It Solves
Cryptocurrencies are virtual currencies that solves the problems of currency restrictions. This means that cryptocurrencies are currencies that are expected to be available everywhere and anywhere in the world. This is if it already does not exist in every part of the world.
Not only does Crypto (also known as cryptocurrency) solve the Universal Currency Challenge, it also helps to improve the Cashless Policy System whereby you do not have to possess the dominant currency of another country when going into the country.
To buttress this point, the Cashless Policy has been in existence for a while. This also means that you do not have to move around with physical currencies (notes, coins etc).
Well, cryptocurrency improves it to a largeee extent because,
You do not have to travel into different countries with any form of physical currency or go through the hassle of trying to change maybe Naira to Dollar or Dollar to Naira because we all have a Universal Currency System.
Sweet stuff right 😊😊
Well, let’s talk about examples of cryptocurrencies
Cryptocurrency: Its Examples/Types
The existence of cryptocurrency has been made possible because of the creation of Blockchain and its technologies. See my article on Blockchain: The Bedrock of Everything Crypto and Web3.
Some examples of cryptocurrencies with their acronyms include:
Bitcoin(BTC), Etherium(ETH), Litecoin, Tether, USD Coin, Binance Coin(BNB), Terra(LUNA), SOLANA(SOL), Cardana(ADA) and Avalanche(AVAX).
Cryptocurrency: Its Technical Explanations
Cryptocurrency received its name because it uses encryption to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers (Blockchain).
The aim of this encryption is to provide security and safety
Crypto Wallets: Crypto Wallets are essential tools for storing cryptocurrencies securely as well as to protect and validate transaction information.
Blockchain: Blockchain is a shared digital collection of records of informations, digital events and or transactions that is distributed over a network. Read More
Smart Contracts: Smart contracts are simply programs [computer understood instructions] stored on the Blockchain [virtual ledger] that run when predetermined conditions are met/satisfied.
They are typically used to automate the execution of an agreement so that all participants can be immediately certain of the outcome without the involvement of any third-party (intermediary) or without the involvement of time loss.
Conclusion
I don’t do well with conclusions. Maybe because i do not want you to go but well, i’ll do it anyway.
In the article, i talked about:
- What Cryptocurrencies are
- The benefits
- Its Examples
- Some technical explanations for better understanding
Yepp, that’s all.
See you in my next article. Jeremiah misses you already 😩😩
Remember to share especially if you gained value from it.
Byeeee.
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