Digital and Cryptocurrency defined
The world was taken by a storm when the emergence of a new form of payment system drew the attention of uncountable number of people in the financial market. Credit is given to Satoshi Nakamoto the inventor of Bitcoin. His dream to create and evolve a new form of digital cash flow became a huge reality as many who initially resisted the new digital currency revolution had no option than to yield to the rapid popularity of the Bitcoin and other forms of cryptocurrencies . Today, the cryptocurrency list continues to grow thereby giving birth to variety of these new forms of money and some online marketers leveraging their Reddit accounts such as bitcoin reddit.
What is digital currency?
According to Wikipedia, “is a type of currency available only in digital form, not in physical (such as banknotes and coins). It exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer-of-ownership. Examples include virtual currencies and cryptocurrencies or even central bank issued "digital base money". Like traditional money, these currencies may be used to buy physical goods and services, but may also be restricted to certain communities such as for use inside an online game” The ripple effect of cryptocurrencies worldwide can be described as "ripple cryptocurrency"
What is cryptocurrency?
According to Jan Lansky, a cryptocurrency is a system that meets six conditions:
- The system does not require a central authority, distributed achieve consensus on its state .
- The system keeps an overview of cryptocurrency units and their ownership.
- The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units.
- Ownership of cryptocurrency units can be proved exclusively cryptographically.
- The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units. (Source: Wikipedia)
For many investors and online business entrepreneurs, wishing to increase their earnings, trading in cryptocurrencies such as Bitcoin is the new “online goldmine”.
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