Cryptocurrencies, predominantly spearheaded by the Bitcoin, have taken the financial world by storm.
Cryptocurrencies (or “cryptos,” “coins,” “altcoins”) are an umbrella term used for all digital mediums of exchange that implement a cryptographic framework and security features.
Cryptos are completely in the “cloud,” meaning that they have no physical form but only a digital/virtual value.
The first crypto ever created was, as expected, the Bitcoin. Anyone who purchases a Bitcoin has a virtual Bitcoin wallet that automatically synchronizes all Bitcoin transactions with the Bitcoin database.
Users are constantly hosting this transaction log much like torrents are peer hosted, making it near impossible for authorities to crack down upon. Due to this synchronization, all transactions that take place through one’s Bitcoin wallet portal are automatically logged on the hosted transaction log and protected through cryptography.
Money can instantly be sent between wallets and more importantly, each transaction comes with a private key — a secret code allowing users to prove ownership of Bitcoins.
Embrace It or Get Left Behind!
Today, though there are over a thousand cryptocurrencies— taking Bitcoin’s original source code and tweaking it — only a handful are accepted by retailers as a method of payment.
The top three on the list are Bitcoins, Litecoins, and Peercoins — and many more are on the horizon, including SCoin (from CoinSpace) considered the more “stable” of the cryptocurrencies due to their scripts fast approaching its mine limit.
You Can Have All The Knowledge In The World, But No Enthusiasm… Then Nothing Will Change! The World of Money is Changing With New Energies & Opprtunities For The Those Who Take….