The finances and its medium have been pretty much the same
for a long time now. However, with the technological advancement that is
happening at a rapid pace, the whole paradigm is shifting towards a digital
era. This includes finances as well and with it, comes the introduction of
cryptocurrencies.
Cryptocurrency can be defined as the future of finance, which will change the ballgame of how we manage our finances in the future. Bitcoin is the first cryptocurrency that was introduced, and in 2009, the first bitcoin was mined. Since then, there have been a lot of variants of cryptocurrencies such as Litecoin, Ripple Ethereum, etc. All of these transactions are using the blockchain technology, which is a digital ledger for all the transaction of finances made through the internet.
Cryptocurrency is a secure and encrypted network so that the
finances are protected from malicious users. The blockchain network backs up
the security of bitcoin as it the record-keeping technology behind it. By 2013,
a single bitcoin value reached $1000, and from then it just started to grow
even more. The price fluctuated in the middle years but the cost of a single
bitcoin at the time of this writing is 9392.67 USD.
Today, the cryptocurrency provides generic advantages to its
users and offers a convenient way for payments, storage and security of their
assets and there a lot of other ways that you can use your cryptocurrencies.
For more details, take a look at the following infographic
about the cryptocurrency.
Infographic by: visualcapitalist.com
