Cryptocurrency is considered to be a global phenomenon. It originated from an anonymous programmer under the name of Satoshi Nakamoto in 2009. It is described as “peer to peer electronic cash system” which was completely decentralized. Meaning, there is the absence of servers and no central controlling authority.
An example of a cryptocurrency network is the famous Bitcoin. There is the presence of a public ledger wherein all transactions made within the network is seen by everyone. All account balances are made available for every user to see. It saves all transactions made between the sender and the receiver and the amount of coins involved.
In the cryptocurrency network, miners confirm transactions by cryptographic puzzles that will be solved by miners. They are made legitimate and are spread within the network. They will be added to the database and will be irreversible and unforgeable once transaction is complete. The miner will then be paid with transaction fees and will also receive a “reward”.
In the past, it was so difficult to find companies and businesses that accept cryptocurrency. However, at present, the number of merchants recognizing cryptocurrency has greatly increased. Many online and offline retailers are now accepting Bitcoin as payment. Many users has save money on electronics because of this. Bitcoins can now be used as payment for online to buy website traffic.
Bitcoins can also be accepted as payment for flight tickets, hotel bookings, computer accessories and parts and even pay for a college degree. Bitcoins are now widely accepted in shops both online and offline. There are also gift card selling websites that accepts different cryptocurrencies. With the use of gift cards, you can shop online and buy anything that you desire. The Apple company has authorized 10 cryptocurrencies as mode of payment in their App store. There are also marketplaces that recognize and accept cryptocurrency as payment.
Other cryptocurrencies that are gaining popularity nowadays are Ripple, NEO, NEM,Litecoin, and Ethereum.
Cryptocurrencies are the hottest investment today. There are reported stories about people becoming millionaires because of their Bitcoin investments. However, it is a risky investment because it is partly unregulated. Its market value fluctuates.