Cryptocurrency: A short story
So, they say there’s money online these days and if you were to build a time machine and go back even just 10 years and buy just 5 bitcoins then you would be rich by now. But alas!
Well, let me tell you what it exactly is. You have probably heard of IPO’s or Initial Public Offerings. These are shares that your parents invest in or talk about investing in most of the time but cannot because your cat needs that manicure. But anyways, these are “shares”. Probably heard of it in your mathematics as well. So, similar to IPO’s are ICO’s. These are Initial Coin Offerings where a technology starts a currency for trade. And the ICO’s are also used to develop the technology further. Meaning they just created money out of thin air but not quite. Actually, they did but how can you even accept that? Because the majority does. This is the exact reason why your $10 can get a bucket of chicken at KFC. Because everyone who has it (and doesn’t for some strange reason) has agreed that it is worth it. And the piece of paper is now money. See what they did there?
Now, we’ve all heard of a friend of a friend of a friend who used 1000 bitcoins to buy an underwear and now regrets it because 1 bitcoin has a value of 11415 American Dollars. See, it’s serious because I did not even use the dollar sign. What we see here is the growth of bitcoins and other such cryptocurrencies and how they’re taking over the market. With such high risks and valuations, it is necessary to get a sort of a “bank” in order to control the flow of this money.
Drumrolls please
ClearCoin: Cannot get any clearer than this!
With a multibillion dollar economy at work, ClearCoin is a platform for traders and advertisers to perform various acts of business with transparency and a better tracking mechanism. Though the name sounds quite similar to a cryptocurrency like bitcoin or litecoin perhaps, ClearCoin is surely something much bigger than a single cryptocurrency. It is a market which puts these cryptocurrencies in play. In analogy, if cryptocurrencies were actors, ClearCoin is the stage. But no metaphor could describe the advancement in online trading that ClearCoin promises to the world.
Why ClearCoin?
In 2017 alone, hundreds of billions of dollars were added to the market capital of Cryptocurrencies. Of this, ClearCoin is said to manage $563 billion. With so much worth, the cryptocurrencies need to be delegated with confidence. And in order to do that, there needs to be a safe medium of transfer. In addition, with the high amounts, there is bound to be frauds. Such frauds were experienced in a number of $16 billion. But thanks to ClearCoin, this number is being handled and controlled.
Moreover, ClearCoin uses Blockchain technology. What is so special about the block chain technology? It provides transparency which means everyone knows where the money is going and how it is getting there.
Also, Blockchain technology also includes a large array of Cryptocurrencies and it is open to all levels of business. Therefore, it is a level playing field for all kinds of businesses thus creating enthusiasm for advertisers and traders and encouraging competition for the overall growth of Cryptocurrency technology.
Problems/Misconceptions with ClearCoin
The transfer might seem convoluted at times since the blockchain trading requires certain steps to transfer the money. Furthermore, the process can be very slow in terms of Bitcoin transaction therefore rendering it tedious and inefficient at times.
But! There's always a but!!
There have been various other cryptocurrencies including Ethereum and Eris with reduced transfer time thus making it a better option for ClearCoin transfer.
So, to sum it up:
• ClearCoin is a platform for trading cryptocurrency
• It is transparent and so is fair market and anybody’s game
• It allows a wide range of cryptocurrencies and a large number of investors making it a level playing field
• Though the wait for transfer of some high value cryptocurrencies can seem cumbersome, the technology is improving like any other to counter the problem and to get through to more traders and consumers.
Thank You!!
This post was inspired by the Writing Contest Organized by @originalworks which can be seen here:
The following references were used:
https://www.youtube.com/c/ClearCoin
https://clearcoin.co
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