In today's highly digital world, the ways you can do different things - stay connected with family and friends, do business, learn, and of course - act have changed dramatically. Over the years, advances in technology have given us the convenience of online payments. Online trading is possible with credit or debit cards, with payment services such as PayPal or with crypto currencies.
Cryptocurrencies are digital assets that act as a medium of exchange and use cryptography to secure transactions and control the creation of new currency units. Cryptocurrencies are usually classified as a subset of alternative currencies, also known as digital or virtual currencies. In contrast to standard monetary and centralized banking systems in the world, cryptocurrencies are controlled decentrally - using blockchain transaction databases.
BitCoin became the first cryptocurrency in 2009. Interestingly, the inventor of BitCoin, Satoshi Nakamoto, didn't want to invent an alternative currency, but it came about as a by-product of another invention. His original plan was to develop a fully decentralized electronic cash system with no server or central authority. But over time, BitCoin has grown in popularity despite numerous attempts to develop new cryptocurrencies (most of them are called Altcoins by Alternative and Bitcoin, showing their kinship to BitCoins).
Why are cryptocurrencies so popular?
As one of the main driving forces behind BitCoin’s rising value is its widespread use around the world, with many now choosing to make payments through BitCoin rather than using other methods. For consumers, the option of using BitCoin means, in addition to higher security compared to a credit or debit card, due to the significantly lower risk of identity theft and fraud when trading online, more user-friendliness and convenience. The popularity with consumers is also growing as the adoption of BitCoins by businesses increases. Nowadays, BitCoins can also be used to trade in real life - from restaurants and cafes to real estate companies and other establishments that accept BitCoins. It is more than likely that as the value and popularity grows, the number of companies and retailers accepting BitCoins will continue to grow. Among other things, one can point out various other advantages of BitCoin:
Quick and cheap transactions – when transferring BitCoins, transfer fees are significantly lower compared to other conventional types of money. In addition, international money transfers can take from several days to more than a week to be complete, whereas BitCoin transaction is generally comple within an hour. This is due to BitCoins being completely global and subject to very few laws or restrictions of any country's central banking institution;
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