This year has seen the rise of cryptocurrency, often referred to as “Bitcoin.” Bitcoin is a digital asset that can be used as money, allowing you to spend or save your coins using a “wallet” software without an intermediary. Although Bitcoin was created in 2009 by an anonymous person or group known only by the pseudonym Satoshi Nakamoto, it's impossible to know precisely who Satoshi is because he doesn't appear in any records.
Since 2009, various cryptocurrencies have been developed. These include Litecoin, a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone globally, and Ethereum, a platform that allows developers to create decentralized apps that run on blockchain technology. In July 2014, the New York State Department of Financial Services proposed regulations for businesses that interact with Bitcoin. Among the regulations proposed is one stipulating that all companies operating in New York state must license or register with the Department as Money Transmitters.
Cryptocurrency sets a new economic era as it has only been around for a short amount of time and has already impacted multiple industries worldwide., Utah-based company, has been accepting Bitcoin as a payment method for almost two years. After only four months of using Bitcoin on their website, overstock.com saw their revenue double. Overstock plans to use cryptocurrency even more after the initial investment is paid off. Overstock is just one of the many companies that have recently started accepting Bitcoin as payment for goods or services.
Therefore, cryptocurrency is like the fiat money we spend for our daily expenses without control from the government and other agencies. What is associated with fiat money is central financial control that leads to debt, inflation, economic instability, interest, unanswerable fees, among others. Therefore, being a third party, financial institutions are dependent on keeping, securing, and monitoring everyone's funds.
However, the dependency and funds keeping with the third party has been eliminated with the cryptocurrency's coming. The peer-to-peer transaction formats provided in cryptocurrency, where people can exchange a coin for another or exchange a currency for fiat money without charges and interests, provide a new financial and economic era. The fiat money system is entering a transition period as technological advancement, and increasing participation will transform the way we do business. Investmenthoney is the best platform which may help you make a right decision for you.
Cryptocurrency allows everyone to make their own rules; it offers people, especially those living in less developed countries, to participate in the global economy and provide relief from financial crises like inflation, unemployment, and hyperinflation. Cryptocurrency can also help reduce corruption and oppression by providing a way for people to obtain better financial services despite their geographical location.
Cryptocurrency is also accurate at providing transparency and anonymity to transactions, making it more secure than our current banking system. Cryptocurrency is like cash, but it does not require a bank account or a long list of regulations such as reporting for tax purposes. Some advocates claim that cryptocurrency could revolutionize the banking industry by providing more financial options and reducing friction between transactions, decreasing transaction costs considerably.
