Cryptocurrency | What is it?

	What is it?

The current trend on the digital market that companies, investors, and common people talk and go crazy about. But, what is it even anyway? Is it really worth your money in investing? What are some of the known “coins” that they use? Before we get to the exciting parts, let us do the honors of introducing you to the world of Cryptocurrency.

Some have defined cryptocurrency as a decentralized digital money or virtual currency that was designed to be used on the internet which is secured by cryptography, making it impossible to double-spend or counterfeit. A bit complicated? In layman’s terms it is a digitized version of our physical money that we can use on buying and selling things online, much as we do online shopping or banking. In 2008, the first and by far the most well-known cryptocurrency was launched, Bitcoin.

In understanding and using cryptocurrency we should take note of seven things:

PRIVACY

During transactions of paying in cryptocurrency, you are assured that the personal information that you provide to the merchants are secured. Meaning, that your financial information is protected from other third parties such as banks, credit-rating agencies, etc. from leaking out, giving you assurance that there is a little risk of your provided information from being compromised or stolen.

SAFETY

The powering network that Bitcoin uses has never been hacked. As its core software is open-source and all systems being accessed by all, countless cryptographers and computer scientists can examine all aspects of the network. Further strengthening the system as time goes by.

SECURITY

Almost all types of currencies or “coins” such as Bitcoin, Tezos, Ethereum, and other more are secured with the use of the technology called “Blockchain”, which is constantly checked and verified.

TRANSPARENCY

All transactions done in crypto are published publicly. Giving guarantee that there are no manipulations, change of money supply, or any types of discrepancies done during the transactions.

PORTABILITY

All of your money on your cryptocurrency account will always be available and with you wherever you are. Your money would not also be affected in case there are any major events on the world wide financial system’s intermediaries.

IRREVERSIBILITY

There is no reverse of transactions in cryptocurrency. Meaning, that once the money was withdrawn from your account, there is no more chance of it going back. In the case of a merchant, this lessens the chance of being defrauded. As for the customers, this could likely lead to cheaper transactions, avoiding the high processing fees of credit card companies.

TRANSFERABILITY

Fast and efficient transactions can be easily made in using crypto wherever you are. As transactions are done online, long queues for money transfer seems like a thing of the past.