What is Cryptocurrency & Why You Should Know
When I first heard the term cryptocurrency I seriously thought it had to do with video games and had no idea what it was. Like a lot of topics I took to the internet to learn more and boy was I surprised. Here are some things I learned:
What is cryptocurrency? Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.
In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.“ His goal was to invent something; many people failed to create before digital cash.
Why should you be interested and know more about cryptocurrency? Cryptocurrency funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency. Strong cryptography and the magic of big numbers makes it impossible to break this scheme. A Bitcoin address is more secure than Fort Knox. So in a day and age of identity theft and breaches in nearly every single system known to man, this idea seems relatively simple to me and also totally safe.
Many people are cryptocurrency traders such as Mark Dukas. Now I am sure the next question is what in the world is a cryptocurrency trader? To me the easiest definition of this would be to compare to the stock market. There is a cryptocurrency market and people such as Mark Dukas Charlotte help individuals learn as much as they can to profit the best money they can.
Learning more about cryptocurrency is really high on my list of things to do now because it seems like a great way to not only protect my other assets but also something to learn with the digital age evolving faster than ever. Who knows where this could lead and while sometimes new technology is scary, I am excited to see that there is a way to have money on hand other than cash/credit cards and bank accounts where people can easily access my very personal information or wipe me clean of our hard earned money.
Have you ever used cryptocurrency? If so let us know in the comments. What are your thoughts on this topic? I am anxious to hear what everyone thinks because to me this is such a big deal and is really going places quickly.