A is a medium of exchange similar to traditional currencies such as the US dollar, but it is designed for the exchange of digital information. According to Investopedia.com, cryptocurrency is a decentralized "digital or virtual currency that uses cryptography for security," making it difficult to counterfeit. Governments cannot take coin price away from you because it is not issued by a central authority.
Digital currency has rapidly gained public attention in the last few years. Here are some compelling reasons why. Everything is going paperless, from investment to money transfer. Cryptocurrency is the newest and most promising addition to the digital payment sector.
How did it all begin?
In 2009, Bitcoin was the first decentralised cryptocurrency to be introduced. Over the last five years, Bitcoin has outperformed gold, generating a 155 percent annualised gain versus gold's 6 percent annualised loss. Its July 2010 price of 0.06/coin USD is now worth over 4000.00/coin USD, making it one of the most significant investment phenomena in modern history. Since 2009, blockchain technology has grown in popularity. Not only as a result of the massive increase in Bitcoin's value, but also as a result of increased investor awareness and trust.
Recently, major financial institutions and technology firms such as Intel, Barclays, and Walmart have put their faith in the promise of cryptocurrencies such as Bitcoin and Ethereum. As a result, countries with weakening currencies have begun to use digital currency in place of traditional notes that have depreciated.
Blockchain technology has also enabled businesses to alter their digital operations. Companies sell their digital tokens through Initial Coin Offerings (ICOs). While many companies raising funds through ICOs are unregulated and lack legitimacy, established Silicon Valley companies such as 1World Online already have a working product.