Over time, people’s needs and wants have proven to be insatiable as there is always a desire to know and do more, hence the birth of CRYPTOCURRENCY.
In 2009 someone (or a group of people) that goes by the pseudonym, Satoshi Nakamoto created Bitcoin, a cryptocurrency. It was created in the wake of the 2008 global financial crisis as a way for people to control their money themselves, without having to rely on companies, banks, or governments and their fees and controls.
Cryptocurrency uses cryptographic protocols or extremely complex code systems that encrypt sensitive data transfers, to secure their units of exchange.
We have over 6000 types of cryptocurrency and unlike the regular currencies like USD, Euros, Pounds, Naira, Rupees tied to authority, cryptocurrency is not controlled by an economy. The currencies controlled by an economy can lose their value due to the rise in inflation but cryptocurrency which is moved by demand and supply through its exchange and tradings cannot lose its value. Unlike banks which require a middle man, cryptocurrency supply and values are controlled by the activities of their user and complex protocol built into their governing codes.
You see, considering how much the world is growing to be digital, cryptocurrency might take over online transactions. Let me tell you how it works. Each crypto is stored in its database called BLOCKCHAIN. If money is sent to the wrong wallet, it is almost impossible to get it back so it takes extra carefulness to operate a cryptocurrency account. Regardless, your money appreciates in return if left for a long period of time.
Just as the world is moving from petrol and diesel to electric cars like Tesla, Cryptocurrency is gradually taking over online transactions as multiple sites offer cryptocurrency as a mode of payment. Also, most people don’t feel safe entering their bank details on a site so cryptocurrency breaches that gap. It takes minutes to send huge amounts of money anywhere in the world via cryptocurrency.
Cryptocurrency ranges from Bitcoins, Litecoins, Ethereum, ripple, stellar and so many others. It is safe, reliable, and trustworthy.
Written by Oluwatosin Omolale