Wealth creation through cryptocurrency

Cryptocurrency is a medium of exchange that uses what is called cryptography to execute. Cryptocurrencies are classed as alternative currencies, or digital monies compared to fiat money or paper money. In 2008, in a landmark paper, a Japanese, Satoshi Nakamoto, said he could make secure transactions or send money across to someone without a bank as an intermediary. That bank charges were often too high. People thought it was not possible. So, in 2009 he developed Bitcoin. It was the first decentralized  cryptocurrency. Skeptics called it a scam. But it was working. Those skeptics watched Bitcoin rise in value from 0.1 cents to more than 1000 dollars in two years. Bitcoin was a success to say the least. Today there are more than 600 cryptocurrencies, or altcoins as an alternative to Bitcoin. Cryptocurrencies use blockchains or distributed ledgers to do transactions. The blockchain is like the internet for cryptocurrency. The coins are created through a process called mining, just like mining gold. There is a mathematical algorithm involved. But Bitcoin had some problems. It was like a cult thing. Since it was born in 2009 there are just 250,000 people. It was not accessible to everyone.  Also, it required sophisticated software to mine and you had to be technologically savvy. Bitcoin transactions were anonymous, which means you don’t know who is doing the transactions. So, it can be used to finance terrorism. So, it could not be integrated into today’s financial system. Read more at http://sunnewsonline.com/