What is a cryptocurrency?
For those new to the word cryptocurrency, the new payment system based on advances in technology may seem daunting. As the cryptocurrency is becoming more and more popular according to the current state, it is essential to talk about it: exactly what is a cryptocurrency?
Cryptocurrency is a digital currency created by a network of computers that solve complex mathematical problems. The first such cryptocurrency was called Bitcoin. Ccryptocurrency means currencies that use encryption to secure each transaction or to create new units. There are more useful (Bitcoin) and more useless (Shitcoin).
We can associate cryptocurrencies with a technology based on which they work, called blockchain technology.
The question arises, where the cryptocurrency should be stored or where is it stored usually?
We need a wallet to store it, but we don’t refer to a traditional wallet here. A virtual wallet needs to be created that can be associated with multiple addresses, so the wallet forms the bridge between the wallet owner and other users. Each address can have its own balance, so an infinite number of addresses can be created, even for each of our unique transactions. Interestingly, the wallet can be stored online, offline, maybe even on paper or on separate hardware.
How a cryptocurrency gets its value?
It is difficult to produce and its quantity is limited, but it is also important that it is based on a more sophisticated technology. These factors give its value. Cryptocurrencies are still quite difficult to interpret at the moment, their use was rejected in the past, and nowadays it has turned into a kind of super money.
Banks have also noticed cryptocurrencies since it is a relatively unregulated area for the time being. For once, it is certain that there will be quite a few legal issues to be clarified about the cryptocurrency in the future, as it is unlikely to disappear, so it must be regulated to avoid abuse.
What will happen in the future?
It is quite difficult to judge the future of cryptocurrencies accurately, but it is important to note that current statistics predict that cryptocurrencies are worth reckoning with. Bitcoin ATMs are already available in Hungary and the number of acceptance points is slowly but surely growing. It is still used mainly for investment purposes, but there is also huge potential for its other uses. However, in order for it to become a well-established and widely accepted specific currency, it is absolutely important for it to be covered by coherent regulation and framework.
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