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Advantage of Cryptocurrency? Why have money in the bank when it can be making you money?
The inventor of the most famous cryptocurrency today – Bitcoin – attempted to build a “peer-to-peer electronic cash system”. This had been tried many times before but the main point of difference between Bitcoin and previous efforts like Digicash was that it was to be entirely decentralised. Without an overarching entity controlling the currency, the notion of “trust” would be removed from the system.
To combat “double spending”, the major flaw in all digital cash systems at that point, Bitcoin inventor Satoshi Nakamoto proposed a revolutionary technology known as the blockchain to record all the transactions made with his currency.
For any single balance, transaction, or change to the network to take place, there would need to be consensus amongst those validating the network – the miners. Since Bitcoin’s invent, many other programmers have attempted to use the model and tweak it to provide what they consider to be a more functional form of digital cash.
Other crypto currencies include Litecoin, Monero, Ether, and New Economy Movement. Many of these efforts tailor their currency for a special purpose. Speed, price, and privacy, are among the most common.
How is it used?
Using such a new technology, it may be that crypto currency has not been used for its eventual use case. Still, today it is used for many purposes. These include, but are not limited to the following: remittances, trading, investment, payment for goods and services, private monetary transactions, gambling, and as a hedge against national currencies suffering rapid devaluation (Venezuela, Greece for example).
As the entire crypto currency space expands, it is likely that we’ll see additional uses joining this list. Already there are young services like Steem It, which sets to revolutionise the way content is paid for on social media, as well as services like Musician which seeks to find a more equitable way of paying artists without the need of middlemen.
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