Cryptocurrency is nothing more than digital money that is created (or “monetized”) independently of central governments. Unlike currencies, cryptocurrency is used (or “be”) by all users using the same user-friendly website or software. Like internet commerce of the past, you can use cryptocurrency (because it is digital) to buy, sell, lend or pay in cryptocurrencies like bitcoin (and other virtual currencies).
Why is cryptocurrency cool?
Why is cryptocurrency cool? With cryptocurrencies, anyone around the world can buy a cake from a bakery, receive milk in an endless stream from a monastery, buy wood from a wood pit and more. The regular person can also use cryptocurrency. While the trust tends to be in fiat currencies, the trust in cryptocurrency is built on trust to the digital wallet system. You can only use cryptocurrency with a Bitcoin Wallet or a Deloitte or Verified Mastercard wallet.
So what’s the big deal?
Now that you know what cryptocurrency is all about, let’s look at what makes it cool!
The first reason cryptocurrencies are cool (or at least a topic you ought to know more about) is the new way the world is changing. Most of us moved away from old traditions and tries to live in the world of virtual dollars. To do that, we need to use cryptocurrency. This is a great change because not all businesses accept fiat currencies.
We live in an age where digital currencies seem to be breaking the biggest financial firms. When they try to make fiat currencies look interesting, we can look for other digital currencies to grow. Our money is becoming somewhat fuzzy.
For instance, bitcoin claims that it equals “cash in your wallet”. Once you get around the fact that you need a wallet for virtual money, your wallet becomes less ambiguous. The overall explanation is that a Bitcoin wallet can be described as a wallet that holds two types of digital money: “mass payment money” and “elastic payment money”.
Instead of using bitcoin as your sole payment method, you can use it in a variety of other ways that save a lot of money. In certain situations, a user can use cryptocurrency to pay bills or debit card fees. No longer are you tied to your bank account or having access to fiat currencies, because coins and bank accounts is so 2012.
A cryptocurrency is like the world’s most valuable mint because you can buy and sell it. Compared to sending money by paper or electronic transfer, which was widespread in the past, it is a bit like sending money digitally.
All that is required is a mobile phone (yes, smartphones can do all that), a pen and a place to store it. By 2024, close to 50 percent of the world’s population will own a smartphone. And for those who do not have smartphones or a budget big enough to buy one, just open a phone app! You can buy a smartphone in India, China and other high-growth developing countries.
The future of money
While there are a lot of changes going on with how we manage our money, there are a lot of changes going on with the way we manage our governments as well.
The countries we trust most to protect our money and keep it secure like the U.S. government, the Swiss central bank and other central banks, the Bank of England and elsewhere. Even the developers of digital currencies like cryptographer Bruce Schneier have a very central secret password. Let’s just say that their passwords are much more secure than the political debates about cryptocurrencies.
Compared to a president or a sovereign, governments are not dependable, strong or stable. We need to hand that responsibility to the strong digital currencies like bitcoin and its predecessor (mining). As we make these markets smaller, more “democratized”, more powerful and decentralized, the world needs cryptocurrencies to protect its wealth and its resources.
Cryptocurrencies are just democratizing much of what we already do. While there are a lot of questions about the stability and legal status of these digital currencies, there is a lot of question in this debate, too.
In May 2019, the World Bank (accused of promoting bitcoin) indicated that its currency could be legal-money like fiat currencies. To some extent, we need cryptocurrencies as protection against government or central banks.
How many passwords you need to prove that you are a responsible person, or the right person to have access to your money? In a majority of states, digital currencies are accepted at institutions like banks and ATMs. While it won’t take away the $1000 bill, it is definitely something to start to see a change in how we handle money.
Bitcoin and other virtual currencies are about giving us a chance to create value. You can use your cryptocurrency to buy things that other people can only dream of. Once we catch on, we are going to see a lot more wealth created
Bitcoin is one of the most iconic and mysterious crypto currencies that has entered the mainstream. Cryptocurrencies are not new, this is true but the whole cryptocurrency idea has seen its first peak and there seems to be no slowing down the rise in bitcoin transactions.
Bitcoin (BTC) has made many incredible stories and controversy around the world including being used as a tool to finance the death of Saddam Hussein. With almost 38 million exchange accounts, over 140 million one-of-a-kind coins, transactions are being made very often.
"Bitcoin has been the case study, great example of money worth billions. And it's just a temporary erasure of value, whilst the bitcoin itself reflects the entire blockchain world". - Professor Steven Kaplan, Bloomberg Blog
How does the bitcoin currency work?
The differences between bitcoin and other cryptocurrencies
People buy in just like any other commodity, the problem with other cryptocurrencies has been the charging fees or charge when you check out, or spend Bitcoin. This is not the case with bitcoin! The real difference is the conduct rule. "Bitcoin is used virtually no - free without fees, but there are fees for transactions. The transaction fees are between 1% to 4% and are that much higher for larger transactions, and this is also not a real problem". - Randall Rothenberg, Ripple
The negotiation rules is also unique to bitcoin. There is no code that you need to follow to have access to the currency. In other words you can withdraw your currency from your bank if it's not valid, while any cryptocurrency is basically a private, untraceable wallet. Bitcoin can be bought and sold at government regulated exchanges and with a variety of bitcoin exchanges. You can also buy and sell tokens. This is a new method of payment known as private trading, where you buy a token for this activity.
But how does it not get hacked?
If any money is lost due to cryptocurrency attacks, the culprits are often the same. "Bitcoin is very simple, bitcoin is very secure. In fact it's the only currency that hasn't been compromised by hackers".
Bitcoin has grown in value for a number of reasons, including more trust and security, which is evident in how users feel about bitcoin. Notable clients include:
Businesses using Bitcoin to invest in crypto assets
Making a bunch of investments with a trusted currency.
Bitcoin is trusted more than its competitors such as the litecoin, ethereum, and other cryptocurrencies
There's currently only a limited number of participants accepting bitcoin for crypto based investments.
Linking bitcoin to secure private APIs
You can manage your bitcoin investment portfolio with a few simple clicks of a button. By utilizing private APIs, you can build your own chain of trust and access to your account. The best version of this is building your own application, which can allow users to transact safely and securely without the need for an individual using the latest digital currencies.
What comes next
Although this particular cryptocurrency is becoming increasingly popular, they are not a one-way street and there are many possibilities to be exploited. It's possible to invest in bitcoin with more than 7,000 different cryptocurrencies, and the more unique the cryptocurrency, the more interest the cryptocurrency has.
About Ripple
Ripple is the first major crypto currency exchange. Ripple's mission is to be the world's leading cryptocurrency exchange and digital asset marketplace. Ripple's technology enables cross-border payments for billions of dollars a day.
We now have over 7.0 million users and over 2,800 partnering exchanges with $150 billion of inter-Clearing transactions currently processed daily. Ripple-related tech solutions increase transaction speed, enable intra-asset payments, and reduce settlement times.
Our token is the token for the Cross Border Payments Protocol (CFTP), which allows our partners to seamlessly transfer assets across borders in real-time.
0 Comments