CryptoCraftsman I am here to help explain to you what Cryotocurrency is and how you can profit from it.
The alternative to traditional currency. Cryptocurrency is digital currency (digital money). It uses cryptography to make it a secure currency for all of us to use. Cryptocurrency is difficult to counterfeit because of this cryptography security feature. A defining feature of a Cryptocurrency, is that it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
What this can mean for you The Cedi has been dropping like a lead balloon for decades with no solution in sight. This is essentially a tax or to be blunt a theft of our money.
The Bitcoin solution
The background of Cryptocurrency
The first Cryptocurrency to capture the public imagination was Bitcoin, which was launched in 2009 by an individual or group known under the pseudonym Satoshi Nakamoto. As of March 2018, there were over 16. million bitcoins in circulation with a total market value of $144 billion. Bitcoin’s success has spawned a number of competing Cryptocurrencies, such as Litecoin, Stellar Lumens, and NEO to name a few.
Cryptocurrency Benefits and Drawbacks
Cryptocurrencies make it easier to transfer funds between two parties in a transaction; these transfers are facilitated through the use of public and private keys for security purposes. These fund transfers are done with minimal processing fees, allowing users to avoid the steep fees charged by most banks and financial institutions for wire transfers.
Central to the genius of Bitcoin is the block chain it uses to store an online ledger of all the transactions that have ever been conducted using bitcoins, providing a data structure for this ledger that is exposed to a limited threat from hackers and can be copied across all computers running Bitcoin software. Many experts see this block chain as having important uses in technologies, major financial institutions such as JP Morgan Chase see potential in Cryptocurrencies to lower transaction costs by making payment processing more efficient.
However, because cryptocurrencies are virtual and do not have a central repository, a digital cryptocurrency balance can be wiped out by a computer crash if a backup copy of the holdings does not exist.
Cryptocurrencies are not immune to the threat of hacking. In Bitcoin’s short history, the company has been subject to over 40 thefts, including a few that exceeded $1 million in value.
Still, many observers look at cryptocurrencies as hope that a currency can exist that preserves value, facilitates exchange, is more transportable than hard metals, and is outside the influence of central banks and governments.