Crypto-Economy and Technology

Long post Alert....

Technology is quite an amazing technique that keeps developing and growing each day. I can’t really say am a tech-savvy but I know quite a few one and two things about it. So far it’s all good, not long ago I heard of bitcoin, which was a very innovative payment network and a new kind of money. So I really wanted to know how this bitcoin thing works. I found out that its part of cryptocurrency which is a digital or virtual currency that uses cryptography for security, whatever that meant I really didn’t understand it. This made me research more about it. Well few people know about cryptocurrencies and I decided we should learn together.

So this is what I found, the bitcoin founder Satoshi Nakamoto wanted to invent what many people failed to create before digital cash, and he found a way to build a decentralized digital cash system after several attempts failed in the nineties. The main aim was to avoid double spending which is usually done by a central server which keeps a record of the transactions but in the cryptocurrencies, there are no central servers, it was a peer-to-peer network. For this to work, one has to have a payment network account, transactions and balances. Every peer has to have every record of transactions and balances. Cryptocurrencies are entries about token in decentralized consensus-databases called CRYPTOcurrencies because it’s secured by cryptography. Cryptocurrency makes it easier to transfer funds between two parties, these transfers use public and private keys for security purposes. You know how we get charged by banks or financial institutions when we doing wire transfers? Now cryptocurrency made it easier by allowing users to avoid the steep fees we get charged. This was impressive. There is JP Morgan Chase, it’s an American multinational investment bank and financial services company headquartered in New York City, for so long have had interest with this firm and surprisingly it sees potential in cryptocurrencies and makes payments processing more efficient. Isn’t this just awesome, now two things that I really have interest in end up in the same platform.

Cryptocurrencies are not secured by people or by trust but by math, but this does not mean they are immune to threat of hacking. In bitcoins’ short history, the company has been subject to over 40 thefts, including a few that exceeded $1 million in value. Still, many economists and observers look at the cryptocurrency as a hope that a currency can exist that preserves value, facilitates exchange, fast and secure from political influence. Mostly due to its revolutionary properties cryptocurrencies have become a success, even though digital cash didn’t attract a critical mass it still is a comfortable mean of payment with a worldwide scope and, bitcoin had and still has something that provoked enthusiasm and fascination, something that felt more like religion than technology.

 Well did you know that there are other more developing cryptocurrencies in the market, while bitcoin remains by far the most famous cryptocurrency and most other have zero non-speculative impact, investors and users should keep tab on several cryptocurrencies such as ethreum, ripple, litecoin, monero, ethreum classic and dash just to mention a few. The market of cryptocurrency is fast and wild and every day a new cryptocurrency emerges. Markets are dirty and cryptocurrencies are here to stay and change the world this is already happening. People are protecting themselves against the devaluation of their national currency by buying bitcoin.

Well enough of todays’ technology, I’ll write more about this in my next post…let me know what you think…….