The Birth of Cryptocurrency and the Future of Financial Transactions
Although cryptocurrency was not widely accepted, it slowly gained its momentum and now, many other businesses even accept it as a form of payment or exchange. The very same thing is slowly happening to new crypto currencies. Although the profits are not guaranteed and the software running them is open-source, many still try to vie to acquire these currencies as another means of investment.
This project was started primarily to answer the lingering complains of people whose money and assets are held by one centralized unit (and often intervened by the government itself) and whose transfers are limited and frozen at a timely basis.
If this kind of merge between technology and finance continues to improve over time, it will be no wonder if more and more people will divert their attention to acquiring these best ripple xrp coin wallet. Like everything else, the slow but steady approach of crypto currency could result to major changes in the way finance has been seen and treated in the past.
More people are opening their minds to the existence and stability of such platforms and many are craving to break away from the scrutinizing eyes of the governing bodies involved in the storage and exchange of their assets.
Bitcoins have become a very well known and popular form of currency over time. Though, what exactly is Bitcoin? The following article will go over the in’s and out’s of this currency that popped up out of no where and spread like a wildfire. What makes it different from normal currencies?
They are held electronically and nobody has control over it either. Their produced by people and businesses, creating the first ever form of money known as best cryptocurrency wallets. While normal currencies are seen in the real world, Bitcoin runs through billions of computers all around the world. From Bitcoin in the United States to Bitcoin in India, it has become a global currency. However the biggest distinction it has from other currencies, is that it is decentralized. This means that no specific company or bank owns it.
Who created it?
Satoshi Nakamoto, a software developer, proposed and created Bitcoin. He saw it as a chance to have a new currency on the market free from central authority.
Who prints it?
As mentioned earlier, the simple answer is nobody. Bitcoin is not a printed currency, it is a digital one. You can even make transactions online using Bitcoins. So you can’t churn out unlimited Bitcoins? Absolutely not, Bitcoin is designed to never “mine” more than 21 million Bitcoins into the world at one time. Though they can be broken up into smaller amounts. One hundred millionth of a Bitcoin is called a “Satoshi”, after its creator.
What is Bitcoin based on?
For appearances mostly and conventional use, Bitcoin is based on gold and silver. However, the truth is that Bitcoin is actually based on pure mathematics. It has nothing to hide either as it’s an open source. So anyone can look into it to see if it’s running the way they claim.
What are Bitcoin’s characteristics?
1. As mentioned earlier, it is decentralized. It is not owned by any specific company or bank. Every software that mines the Bitcoins make up a network, and they work together. The theory was, and it worked, that if one network goes down, the money still flows.
2. It’s easy to set up. You can set up a Bitcoin account in seconds, unlike the big banks.
3. It’s anonymous, at least the part that your Bitcoin addresses are not linked to any sort of personal information.
4. It’s completely transparent, all of the transactions using Bitcoins are shown on a large chart, known as the blockchain, but nobody knows it’s you as no names are connected to it.
5. Transaction fees are minuscule, and compared to a bank’s fees, the rare and small fees Bitcoin charges are close to nothing. It’s fast, very fast. Anywhere you send money too, it generally will arrive in minutes after processing.g. It’s non-repudiable, meaning once you send your Bitcoins away, they’re gone forever.
Bitcoin has vastly changed the world and how we see money. Many people are left wondering if it’s possible to live off of Bitcoins. Some have even tried to buy ripple with credit card. Even so, Bitcoin is a part of our economy now, a unique kind of currency, and it isn’t going to go away anytime soon.