Cryptocurrencies today are a trend throughout the world due to various reasons. But are they going to be the future of the money and payment systems? Let us look into the same in the following lines.
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We all must have heard of the term Bitcoin somewhere in our life. I bet, no matter what profession you belong to, you must have heard the word. The sudden increase in the value of Bitcoin has brought the focus of the entire world to it. The majority of the entire population never knows that there was something like Bitcoin till that day. Bitcoins are nothing but the most popular cryptocurrencies ever today. You are all interested to know more about these? Continue to the upcoming lines.
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A brief history of Cryptocurrencies
The story started in 1983 when David Chaum tried making cryptographic money called ecash to withdraw notes from the bank. This cash was specifically encrypted and is untraceable by these organizations—banks, government, etc. After this, various updates and transformations took place.
Finally, in 2009, the first decentralized cryptocurrency—Bitcoin was created by Satoshi Nakamoto (claimed). Later various other such currencies like namecoin, litecoin, etc created.
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How do Cryptocurrencies work?
Cryptocurrencies are one of the modes of digital currencies. What makes it different from other digital currencies? The unique feature of cryptocurrencies is the blockchain technology that makes them different from others.
How does Blockchain technology work?
Blockchain technology is characterized by the decentralization of assets. What does this mean? This technology distributes risk to various systems in the world. Thus, if one of the systems gets hacked, others are still safe and thus don’t add to the issue to the entire market. Doesn’t it sound interesting? Yes, it is interesting and this technology creates a sense of enthusiasm and interest to many people today.
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Are cryptocurrencies legal?
Till 2020 no country in the world has legalized the transactions of cryptocurrencies. However, investing in cryptocurrencies is not treated as a crime. It can be treated as an asset in which people can invest. However, two countries including Cuba legalized their transactions in their country. After the sudden increase in the value of bitcoins, people started showing interest in various cryptocurrencies available. For today, it can only be seen as an investment mode and not as currencies.
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How do cryptocurrencies get their values?
This is the area where we can get a clear comparison between cryptocurrencies and stock market shares. Both these are valued based on the number of demands they have. While cryptocurrencies are expected to be the future of currencies in the world, they can be seen on the view of assets of value only for now. On the other hand, shares offer the person a part of the company’s equity or ownership.
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Insights
By now, I hope you all understood the basics of cryptocurrencies. For more queries please be free to comment the same. I will be sharing a series of articles regarding cryptocurrencies. These include how to transact cryptocurrencies, the best time to invest in them, and other updates and news. By now it is important to understand that cryptocurrencies are unique and have their sets of advantages and disadvantages. Thus dealing with these needs care and utmost attention.
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