The future of money: Cryptocurrency and the new economy

Cryptocurrency has grown in popularity over the past few years, and its value has skyrocketed as more and more people begin to use it. But what exactly is cryptocurrency? What can it be used for? And where does it fit into the larger economy? This article answers all of these questions and more, providing an overview of cryptocurrency and the economic impact it’s likely to have in the future.

What is cryptocurrency?

• Cryptocurrency is a digital or virtual currency that uses cryptography for security. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services.

What are altcoins?

• In the simplest terms, altcoins are cryptocurrencies other than Bitcoin. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Altcoins are often created to improve upon the original Bitcoin design or to fill a specific need that wasn’t addressed by Bitcoin. Some popular altcoins include Ethereum, Litecoin, and Monero. While there are hundreds of different altcoins available, they all share one common goal: to provide a digital currency alternative to traditional fiat currencies.

Exchanges and wallets

• If you're interested in buying or using cryptocurrency, you'll need to set up a digital wallet. Most exchanges will require you to verify your identity with a passport or other government-issued ID. Once you've set up your account, you can add funds using a traditional payment method like a bank transfer or credit card. Then, you can use those funds to buy cryptocurrency on the open market. Finally, be sure to store your cryptocurrency in a safe and secure wallet.

How do altcoins work?

• In the most basic sense, altcoins are alternatives to Bitcoin. They are digital assets that use cryptography to secure their transactions and to control the creation of new units. Altcoins are decentralized, meaning they are not subject to government or financial institution control. Instead, they rely on the network of users who support them. Because there are so many different altcoins, it is difficult to say how they all work together.

How can I buy bitcoin?

• Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.

What are other uses for cryptocurrency?

• In addition to being a digital currency, cryptocurrency also has the potential to be used as a digital asset. This means that it can be used to purchase goods and services, or trade for other assets, like gold or silver. Additionally, cryptocurrency can be used to create smart contracts. These are contracts that can be executed automatically and do not require a third party, like a bank, to hold or manage them. Finally, some people believe that cryptocurrency has the potential to replace fiat currency (paper money) altogether.

General concerns about cryptocurrency

• Cryptocurrency is a digital or virtual currency that uses cryptography for security. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services.
  There are several concerns about cryptocurrency, including its volatility, lack of regulation, and potential for illegal activity. Cryptocurrencies are also vulnerable to hacking and fraud.

Guys just beware of the scammers and happy investing in crypto currencies :)