Blockchain Basics: An Introduction To The New Digital Economy And How People Are Getting Rich With Cryptocurrency by Patrick Jefferson

Author:Patrick Jefferson
Language: eng
Format: azw3
Published: 2017-08-08T07:00:00+00:00

Chapter 4: Cryptocurrency

This is the name given to any digital currency that is deemed secure because of cryptography— or a particular kind of encryption method that’s perfect for the whole blockchain process. What’s amazing about cryptocurrencies is that any central authorities do not govern them. They are organic and are a fantastic system on their own, and they cannot be manipulated by the government or anyone not involved in blockchain in any way— keeping your funds always in check!

One thing about cryptocurrency transactions, though, is that they might be used for illicit activities— such as tax evasion, or even money laundering. But the good thing about these is that they allow to parties to easily send and accept funds from each other, even in cryptocurrency form, and only with minimal transaction fees. There are many uses to cryptocurrency, including crowdfunding and online voting. After all, people find it easier to spend online currencies instead of real ones— they don’t cause too much hassle, too.

The only huge risk, though, is the fact that there is no central repository for any of these cryptocurrencies. This means that if a computer crashes, every transaction might be wiped out. This does not often happen, though since, as mentioned earlier, only high-grade hardware and software are used to make these transactions happen.

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