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What Are Cryptocurrencies?

Why Do We Need Cryptocurrencies? Are they Accepted Globally

Cryptocurrencies are digital assets based on decentralized control, which is opposite to the current banking system. Whilst in the banking system each transaction between two peers is facilitated,controlled, and monitored by a centralized body, cryptocurrencies employ distributed ledger technology where all nodes are updated to keep a ledger of information about the transaction. This allows these transactions to be safe from any frauds and since no centralized system monitors these transactions, they remain private.

Cryptocurrencies like Bitcoin, Litecoin, Ripple, Ethereum, Tether, and many more becoming increasingly popular around the globe. Did you know that leading businesses like Dell, Microsoft, Dish, and more accept cryptocurrencies for payment? If such huge corporations are accepting them, rest are bound to follow. One of the most popular benefits of using them is that they allow instant international transactions as opposed to banks that may take from 3 to 5 days. This completely changes everything. In respect to transferring money, cryptocurrencies are email and banking systems are snail mail. Another reason for which cryptocurrencies stand out is their high emphasis on privacy. One can anonymously own and do transactions of cryptocurrencies without giving away loads of information in comparison to files of data that banks need as KYC.

Cryptocurrencies are often misunderstood as internet money but calling it so is just like calling your smartphone a selfie camera. Currency is just one of the applications of a cryptocurrency just how the camera is just one feature of a smartphone. To learn more about various cryptocurrencies and their global acceptance, check out this infographic from Total Processing or keep reading below.

Cryptocurrency has become a global phenomenon and something that seems confusing to most. The most widely recognised cryptocurrency is Bitcoin, which has reached a transactional volume of 2000.000 + a day. Cryptocurrencies aren’t going anywhere, they’re evolving and developing at an extremely fast rate.

What makes cryptocurrency so special?

Is it a digital currency that is built with cryptographic protocols that make transactions secure and difficult to fake. It is not controlled by any central authority and therefore it is theoretically immune to government control. It’s an easy way to conduct transactions without high fees. After confirmation of a transaction, it cannot be reversed. The transactions happen instantly making them fast even when sent globally. The funds are locked in a cryptography system. It offers security as only the owner of the private key can send the currency. It’s available to anyone. Anyone can download the software and start sending and receiving money.

bitcoin

Who is accepting cryptocurrency?

Large companies such as Microsoft, Dell and Dish are now accepting forms of cryptocurrency as payment. What started as a peer to peer monetary transfer, has now become a part of business and industries such as the tech industry. Some companies are starting to mine crypto-coins such as Bitcoin, in an environmentally friendly manner. The Moonlight Project aims to use only clean, sustainable energy sources to create Bitcoin and Ethereum cryptocurrencies.

Blockchain-based smart contracts also aim to help reduce the pressure heaped on small-to-medium businesses. They aim to avoid countless processes of invoicing, inventory, payroll and secure transactions. Instead, they offer smart contracts that enables SMBs to create, validate and approve contracts to suppliers, clients or customers.

Who’s pioneering in cryptocurrency (and who’s not)?

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Market insights

Christel Quek - Chief Commercial Officer, Co-Founder, BOLT.Global shared their thoughts on Bitcoin’s market movements.

Bitcoin hits $9,000 for the first time since May 2018 “Bitcoin has climbed past $9,000 - a record high since May 2018, reacting to reports of Facebook’s plans to unveil a digital currency. Investors are scrambling back into crypto assets such as bitcoin and other alternate tokens, over optimism that they are becoming widely accepted and adopted by mainstream entities. Facebook’s entry into the crypto space perhaps signifies the biggest network potential for digital currencies, capable of reaching into billions, and therefore indicates an upcoming shift in mainstream finance.

Drawing on this sentiment, investors scrambled into popular crypto currencies, pushing bitcoin by 9.4%, Litecoin by 4.4%and Ethereum by 4% from Friday’s close. Bitcoin has been up by 130% in 2019 so far, unshackling from the crypto-freeze of 2018. At BOLT, we are encouraged by the market responses and Facebook's entry into the crypto currency space. This may see further revival and growth of digital tokens this year, as more developments emerge. I wouldn’t discount a degree of volatility of course, as hobbyist investors engage in profit taking and perhaps governments attempt to legislate digital finance.”

The above 26 Jun 2019 blog was written by Rebekah Moss

 

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