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Cryptocurrency

Radha Bhavsar, Staff Writer

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Cryptocurrency

Cryptocurrency means encrypted digital money, also known as tokens, digital cash or virtual currency created from a code. It’s not like an american dollar or a british pound. It’s all online and the government has nothing to do with it. They are backed by their networks they come from. Each network has it’s unique way of producing and distributing cryptocurrencies. They are restricted to enter. You need to fulfil specific conditions to access them. The invention of cryptocurrency is to prove what the future would be without a central authority or server.

There are many different cryptocurrencies. The most famous ones are Bitcoin and Ripple. They all share the same characteristics:

  • They work one way. Once you send them you cannot retrieve them back.
  • They are anonymous. It means anyone can open a it, an ID is not necessary. It has various stages of anonymity depending on the currency you use.
  • They are available everywhere.
  • You don’t have to ask for permission to use cryptocurrency. It is a software that anyone can download for free. After you installed it, you can receive and send cryptocurrencies.
  • Also, they are built securely and uses a cryptography program.

Now more businessmen, travellers, computer techs etc. have basic knowledge about cryptocurrency. It’s a big thing now. Everyone wants to apply it in the market but, actually it was around a long time ago. Cryptocurrency was created in late 1800s by Satoshi Nakamoto. In fact, the first cryptocurrency made was Bitcoin.

Now everyone thinks why was cryptocurrency made when we have paper money? There are many benefits of cryptocurrency over paper money. One being the fact that it is untraceable. It can end corruption and you can’t make fake cryptocurrencies. Many criminals print fake money but, in cryptocurrency you cannot do that. Another benefit is that it is an investment. You can make some profits by just purchasing some cryptocurrency if the value raises. Once an amount has been purchased, you can spend it wherever, whenever, on whatever you want. There is little to no government regulations on it so it cannot be taxed or tracked. Cryptocurrencies are also simple and many are widely accepted, no need for other methods of payment if you can pay someone from across the world with one such as bitcoin. Many people will accept it as a payment.

How it works is, it uses a peer to peer network. Someone requests you a transaction. A transaction is a business deal. The requested transaction is transmitted to computers with networks or nodes. That network will validate the transaction and the user’s status. After it’s valid, the transaction will be combined with other transactions to create a new block of data for ledgers. A ledger means a collection of financial accounts of a particular type. The new block will be joined to an existing blockchain. Then the transaction will be verified. For example, you send some Bitcoin to someone, you’re creating and sending a restricted entry into the Bitcoin network. The network makes sure that you haven’t sent the same entry twice and that you didn’t try to send two people the same Bitcoin. The peer-to-peer network solves this problem (you sending the same Bitcoin to two people).

Money is really important to live in this generation. Cryptocurrencies will be a rise to a new economy. It would be a great investment for our future. You know where your money is going and the best part is the government has no hands in it. The banks and the government realize that this new invention it taking their control away. Some businessmen have already accepted it and revolutionized their way of earning more money. There is also no way of robbery because you need a specific code to enter your network. So folks sleep with your doors open! 

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Cryptocurrency