A cryptocurrency is a digital form of money that provides a new way for peers to receive funds from anywhere in the world. It is a relatively new virtual currency, based on cryptography. That being said, many corporations are trying to take advantage of this new currency. Companies such as ClickDirectPay, are using their acceptance of cryptocurrencies as a way to stand out, and provide an easy way for buyers to pay with digital coins.
Cryptocurrency gets its name because it is built on cryptography. Cryptography is a form of security that is based on mathematics rather than people or trust. This is one of the things that makes cryptocurrency so different from government currency and funding. Because it is based on math, it is extremely unlikely that a bitcoin address is compromised or counterfeit.
When Bitcoin was announced in 2008 by an anonymous creator under the name Satoshi Nakamoto, it was revealed as a “peer-to-peer electronic cash system.” Satoshi created Bitcoin as a digital cash system, which many others had attempted to do, but failed. The most important part of Satoshi‘s invention was that it was a decentralized digital cash system. Because a decentralized cash system is separate from any central authority, it cannot be manipulated by the government. In only ten years, over 17 million bitcoins were in circulation with a value of $140 billion. Because fo this success, competing currencies such as Litecoin, Namecoin, and PPCoin have developed. Cfdpremium.com
Part of what makes Bitcoin appealing is its blockchain technology. This allows users to store an account of all previous transactions conducted using bitcoins. This exposure considerably limits the threat of hackers and can be copied across nearly all computers running bitcoin software. it is known as blockchain technology because ledgers of each user on the market must verify every new block generated in bitcoin. This makes it nearly impossible to forge transaction histories. Many experts see this blockchain as an opportunity for other technologies, such as voting. Some major financial institutions, such as JP Morgan Chase, see potential in cryptocurrencies’ ability to lower transaction costs and increasing efficiency. Deltafxmarkets.com
What makes transactions with cryptocurrency unique is that they are irreversible. After confirmation, no transactions can be reversed. The transactions are also pseudonymous, meaning no transactions or accounts are connected to real-world identities, so you can remain anonymous. Bitcoins are located on addresses with random chains of thirty characters to keep buyers, sellers, and transactions quiet. The network is also global and a transaction can be done in just a couple of minutes. The security of cryptocurrencies is locked in cryptography so no one aside from the owner can send cryptocurrency.
Cryptocurrencies are revolutionary due to it’s permission less and irreversible nature. It is entirely separate from government and bank control and no one needs any special permission to use it. As money with a limited, controlled supply that is uninfluenced and unable to be manipulated by a government, bank, or any other central institution, cryptocurrencies take away banks’ control on inflation or deflation.
Cryptocurrencies function as digital gold. They are a form of money that is secure from political influence. Money that will preserve and increase in value over time. Cryptocurrencies are a fast and comfortable means of payment with global range offering privacy and anonymous means of payment.