Cryptocurrency, what is it? I bet many of us may know the term but not much after that. Well, you are not alone in that. This post will demystify the subject by providing you with facts about Cryptocurrency. With better information one is able to make an informed decision to invest and look for a cryptocurrency broker uk who can help them. Below is more information on cryptocurrency.
What is Cryptocurrency
This is digital currency using encryption for money generation and verification of transactions. Cryptocurrency transactions are recorded in a public ledger called Transaction Block Chain. The new creation of this digital currency is called mining.
Facts you should know about Cryptocurrency
The conventional currency has its ups and downs. That is why the creation of a digital form was invented in the first place. Many people are buying into the idea of Cryptocurrencies, and you may too join the bandwagon; but not until you know a few facts about the relatively new industry.
Bit Gold is the first type of Cryptocurrency
To many people, Bitcoin is the first kind of digital currency to hit the virtual market. That is probably because Bitcoin has been the most successful. However, before it, there was Gold coin. This was the first decentralized form of digital currency ever to hit the market. It was developed and worked on by Nick Szabo for the period running from 1998 to 2005.
There is a bunch of Cryptocurrencies
At the beginning of 2015, there were 500 types of Cryptocurrencies all active in online markets. The major ones include Bitcoin, Litecoin, Peercoin, Primecoin, Ripplecoin, Ethereum, and Namecoin among others. In this list, only 10 of these currencies had a capital actualization of $10 million in the same year.
As of 2017, the total market capital stake of all Cryptocurrencies stands at $60 million. In essence, the Cryptocurrency is not just a fad but a real market force. Despite the challenges that it faces, it is here for the long haul.
You can use these currencies to buy a lot of stuff
Apart from a few exceptions, Cryptocurrencies are acceptable in many parts around the world. Many online stores such as Amazon, PayPal, eBay, Sears, Apples, and scores of others accept Bitcoin for transactions. On that list is Dell, who recently announced that they would be accepting Bitcoin from customers. They are now the biggest company to make a move and open the way for others to join the league.
Whoever made Bitcoin is not known
Satoshi Nikamoto is the name that pops up when you try to look into Bitcoin, the most popular and successful Cryptocurrency. However, no one has ever done the follow up to know whether or not Nikamoto is a real person. It is still a mystery on the creator, and it has become an internet folk legend.
They are not regulated by government
Cryptocurrencies are for the anarcho-capitalists and libertarians. The players have successfully kept government out of their game. However, early indications show that keeping out government is not that successful at all. Governments and law enforcers are finding a way into this trade, and once they do, it may come down tumbling. But who knows?