Internet money, otherwise called cryptocurrency refers to a kind of money that is generated from codes and exits digitally. It does not have a tangible form such as coin or note and is also not backed by any central bank or government institution.
This kind of currency is still in its infancy. The first such currency was manufactured in 2009. It has however been gaining popularity all over the world in the recent months.
In the discussions that follow, we are going to let you know all that a starter in the field ordinarily ought to know.
HOW BIG IS THE CRYPTOCURRENCY MARKET?
There are around 13 million active users of cryptocurrencies worldwide as at the moment. There are however 15 million users of the blockchain technology on which cryptocurrencies are based. This, therefore, means that there are 2 million people who are potential users of the currency but have not yet been reached.
As of the year ended 2017, there were approximately 3.0 billion people (roughly 40% of the world’s population) with access to the internet or mobile phones worldwide. Further to that, 2.2 billion of those people do not have access to traditional forex exchanges. It is clear from this that the cryptocurrency has a huge potential for growth that is yet to be tapped.
KINDS OF CRYPTOCURRENCIES
There are several kinds of cryptocurrency in circulation today. The following are the main ones:
Similar to Bitcoin in almost every aspect, this cryptocurrency was developed by MIT/X11 license and officially released on 7 October 2011. It is faster than Bitcoin (it processes blocks of transactions every 2.5 minutes as opposed to Bitcoin’s 10 minutes).
It is an open-source and public distributed computing platform that is based on the blockchain technology. It utilizes the Ethereum Virtual Machine (EVM) to execute scripts in an international network of public nodes. It is also designed in such a way as to minimize any chances of fraud, censorship or third-party interferences.
Unlike most other cryptocurrencies, Zcash is designed with the privacy of its users in mind. Its payments are effected on a public blockchain infrastructure. It, however, gives its users the option of altering their privacy settings in such a way as to conceal the identities of the sender, amount, and recipient. It has a fixed total supply of 21 million units.
Dashcoin is a multi-faceted cryptocurrency. This is to mean that it may be modified and operated by individuals and governance institutions at the same time. It is this trait that sets it apart from other currencies of its kind. With this cryptocurrency, you can send perform transactions instantly, carry out private transactions, and perform other chores that add value to it.
Based on the Ripple Transaction Protocol, this cryptocurrency is a real-time gross settlement system. This simply means that it does not subject its transactions to any waiting period or bundle various transactions together. As such, it is comparatively faster and more efficient than most other cryptocurrencies.
Monero is your everyday cryptocurrency. It is designed to run on the common operating systems such as Android, Windows, Linux, MacOS, and FreeBSD, to mention but a few! It was created in April 2014 and lays specific emphasis on privacy. All its transactions are recorded on a public ledger.
Bratty Sis is technically not a currency yet, but the whole project would be a perfect for creating the world’s first adult series financed by blockchain. Bratty Sis is creating of Nubiles and features self-centered and spoiled step-family members that hook up with their brothers. Very taboo, very graphic and top quality in today’s adult world. Sounds too crazy? Remember, cryptocurrencies world is opened for all kind of projects! Visit http://brattyfamily.com to find out more about this one.
BENEFITS OF CRYPTOCURRENCIES
Regardless of their different kinds, all cryptocurrencies confer the following benefits:
Given that they are highly encrypted, they are less prone to fraud, hacking, and any other form of unauthorized access. Because of this, you are assured of maximum safety and security at all times. You are less likely to have your funds stolen.
Reduced Incidences of Identity Theft
Closely related to the above is this benefit of reduced incidences of identity theft. Owing to their highly encrypted nature, unauthorized persons are less likely to access the identities of the sender, recipient, and the amount in transit.
Lower Transaction Charges
Since no middlemen are involved in their transfer, they attract comparatively lower transaction charges. This means that you also stand to save a great deal of your money by settling for them. You disposal income is also expected to be higher.
The lack of middlemen and their decentralized nature also expedites the pace at which the transactions are effected. They are devoid of any delays or unnecessary hassles. This being the case, your average waiting time is greatly diminished.
RISKS AND CHALLENGES FACING CRYPTOCURRENCIES
Highly Complex Nature
Cryptocurrencies are not your ordinary notes and coins. You require technical know-how and ownership of advanced pieces of equipment such as supercomputers to be able to utilize them. Most deserving persons will generally find themselves locked out of the system.
Unlike ordinary notes and coins that can be printed at will, cryptocurrencies have limited supply. Bitcoin and Zcash, for instance, each have fixed supplies of 21 million units. Other than that, they are also dished out on a first-come-first-served basis with some portion reserved to their founders. This means not just every other person can possibly leverage their benefits.
Hostile Legal Regimes
Not every country or legal jurisdiction accepts cryptocurrencies. A number of countries worldwide have passed laws that either criminalize or limit the ownership and applicability of cryptocurrencies. This has subsequently curtailed their acceptance and applicability.
It goes without saying that the pieces of information we have provided above are not all that the subject matter of cryptocurrency entails. It is thus in your best interest to consider carrying out further research. It is only in that way that you will be able to find out all that the field pertains. In all, these are the currency of the future. You should hence make it a point of possessing at least one.