It’s no secret that the most popular words in last few years are blockchain and cryptocurrencies. These have become buzzwords that everyone has been on about and this technology took the world by the storm. One of the cryptocurrencies, bitcoin, went sky high and made people who knew how to make the right moves at the right time, rich overnight.
All of a sudden, everyone is into cryptocurrencies. Wanting their piece of the cake and a chance to get their hands on tons of cash. For some, it worked for others not so much. But the truth is, wherever you go, it seems that you just can’t run away from cryptocurrencies. Just a couple of years ago, only those who were into programming and similar stuff knew about such terms as cryptocurrency or blockchain but nowadays, more and more people are constantly talking about it.
Well, in case you didn’t know, crypto and blockchain are shaping the world as we speak. They’re changing the order of things and we’re still to see the consequences of these changes. The first thing that’s clearly visible is that you can’t seem to move anywhere without seeing something or someone referring to the blockchain technology or cryptocurrencies.
The clear evidence that something very important is going on in the world right now is the fact that the world’s leading experts are currently divided on the subject of the future cryptocurrencies are bringing and how it will impact our world. One thing is certain at this point so far, the financial world is feeling all the shockwaves cryptocurrencies are sending its way and there is no doubt that it will change the world. How and to what degree, it remains to be yet to be seen.
A global phenomenon
The truth is that most people have heard about cryptocurrencies but they are not well aware of what they are, how they work and what they actually do. Authorities, companies, governments, banks and the public are still breaking their heads about it. Simply put, CC is nothing more than a type of digital currency. It has two main properties, it’s anonymous and secure. It’s only usable online. What makes it so secure is the cryptography used to encrypt it.
Cryptography is a programming process of breaking codes. It’s a way how to convert information into a code that is unhackable. And unchangeable in order to track and facilitate online transfers and purchases. That means that these transactions can’t be reversed or faked. The best thing about this is that it is completely decentralized. So there is no third party or any kind of intermediaries at all.
That’s why it’s so efficient and better than any global currency we know. More reliable too, and these cryptocurrencies are available to anyone. Such technology will allow more cost-efficient and faster bank transfers, increase global remittances and the power of e-commerce while providing stability and giving power to the people for the first time.