What is ‘Cryptocurrency’
Crypto is a virtual digital currency, a cryptocurrency. It utilizes cryptography as a method of security and renders it incredibly difficult to counterfeit. Among one of the most significant characteristics of all cryptocurrencies is the fact that it is not issued by any central authority.
This means that there can be zero manipulative intervention from outside interests, for instance, Central Banks or Governments. Additionally, cryptocurrencies have a defined issuance, a scarcity value, that overtime, when used in the world economic markets, can make them an extremely valuable asset to own.
Secure Features Of Cryptocurrency Transactions.
Irreversible – Once a transaction has been validated it can not be reversed in any way, shape or form, period. If you send money overseas, you send it and it’s done. It arrives, end of story, without any type of intermediaries or middlemen taking a fee or imposing a charge for their services.
Pseudonymous – No transaction executed is connected to or visible by real-world identities, be it by Banks or any type of authorities. You can receive your cryptocurrency, for instance Bitcoins, on ‘addresses’. Addresses are effectively random chains of around 30 characters disseminated throughout the Blockchain.
It is, whoever, plausible to gage and evaluate transaction flows but it is not possible, if the blockchain is truly used as intended, to connect the real world identification of the User, to the chains of data addresses.
Fast and Global – Transactions are performed instantaneously throughout the network and are validated incredibly fast. All of these transactions are executed within a global network of computers so the specific geographic location of the User is immaterial.
It matters not, regardless of whether you send a Bitcoin to your neighbour or to someone half way around the globe, the transaction is executed in the same time frame and without any intervention, hold-ups or intermediary charges.
Secure – Cryptocurrencies are locked in public key cryptography systems and only the owners of the private key can access or send their own cryptocurrencies. Powerful cryptography and mass dissemination throughout the blockchain makes it impossible for fraudsters to steal from the system. A Blockchain address is undeniably one of the most secure pieces of data you can possibly imagine.
Consent – You own it, you use it as you please. No external power can charge you for it and you don’t need to ask consent to use it. Blockchain is a software that everyone can download and install completely free.
After it’s installed you have the capacity to send and receive cryptocurrecies. Not a single person can prevent you as there is no gatekeeper but the owner, the gatekeeper being you.
Who Controls The Supply And Issuance Of Cryptocurrencies?
Controlled supply – Cryptocurrencies are typically limited by the number of tokens issued. With Bitcoin, supply decreases over a period of time and will ultimately reach a final issuance that is anticipated to be somewhere in the year 2140.
All cryptocurrencies regulate the supply of the token through a coded schedule. The supply of any crytocurrency can therefore be calculated for any given day.
Debtless Currency – Conventional currency, often referred to as FIAT currency, for instance the US Dollar, issued by a Central Bank and is issued with an immediate debt attached to it. It is effectively a ponzi scheme based on a system of IOU’s. Cryptocurrencies, however, are issued without any debt attached. They are as definable as hard money as is Gold.
In many ways, cryptocurrencies embody a very real threat to the ‘status quo’ of how business enterprise is presently performed. The innovation of the Blockchain for its part is ushering in a new redefined era of Trade and Commerce. It requires zero oversight by authorities or the cost burden of third party intermediaries.
Not only that but the secure nature together with authentic privacy embodied by the Blockchain enables it to be applied to a plethora of applications including; Secure Email, Instant Messaging and truly secure rapid WebHosting.
There is an entirely new private digital world coming to the internet … that makes possessing cryptocurrencies ever more appealing and valuable.