Cryptocurrency and the future

Cryptocurrencies are not just used for payments anymore but have become a popular investment tool that has gained momentum in recent years. There have been many rumors surrounding Bitcoin and other cryptocurrencies regarding their potential to disappear or be banned altogether.

1. Bitcoin (BTC)

Bitcoin (BTC) was created in 2009 by a pseudonymous person using the name Satoshi Nakamoto. He published his paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in 2008 and released the first version of the software that would become known as bitcoin in January 2009.

1. Ethereum (ETH)

Ethereum is a decentralized platform that runs smart contracts. Smart contracts are digital agreements that automate business processes between individuals without third parties or government intervention. In 2013, Vitalik Buterin sketched out the design of Ethereum, but didn’t find widespread interest until 2016.

1. Litecoin (LTC)In 2011, Charlie Lee developed Litecoin from its predecessor Dogecoin. While not nearly as popular as BTC, LTC has gathered momentum since then. On April 25, 2019, Litecoin passed $100 billion market cap making it the fifth largest cryptocurrency by market cap.

Ripple

Ripple is a digital currency that allows people to send money instantly worldwide at almost no cost. Created in 2012 by Chris Larsen and Jed McCaleb, Ripple is built upon open-source software called Open Source Initiative-approved XRP Ledger. The most popular use of ripple right now is for cross border transfers. Ripple has recently become a target for hackers who manipulate transactions to steal money.Cryptocurrencies are electronic currencies that use cryptography to secure transactions, control access, and verify transfer. They were created in 2008 as a result of increasing concerns about centralized banking systems, government-issued fiat money (I.e. USD), and inflation. Unlike traditional currencies, cryptocurrencies aren’t controlled by any central bank or other central governing body. Instead, they are distributed cooperatively through what is called “peer-to-peer consensus” – meaning that no single person controls them. Most people get involved with cryptocurrency mining – where computers solve complex algorithms to release blocks of currency into circulation. Mining allows consumers to get paid for their participation in this global financial system.

In 2013, Bitcoin became the first digital currency to achieve widespread usage. Since then, others have been developed to better compete with Bitcoin. While some have failed, many remain viable solutions that continue to innovate and improve upon blockchain technology. In addition to being a highly efficient means of exchange, crypto-assets like Bitcoin create a completely decentralized network that can operate without human oversight, making it perfect for commerce online.

At its simplest level, cryptocurrencies are just pieces of software. However, they do much more than that. They have built-in encryption technologies that allow users to send data securely across the internet. They are also designed to give users complete control overtheir funds. Because of their ability to track and record every transaction, they are particularly well suited for business use cases in accounting, finance, and auditing.