Our World is constantly changing for the better, and cryptocurrencies are definitely a Huge Step towards that better future. In 2018 cryptocurrencies are a global phenomenon that almost everyone knows or at least heard about.
Cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
There had been many unsuccessful attempts at creating a digital currency during the 90s. There were many different reasons for their failures. All of those systems utilized a Trusted Third Party approach. This means that the companies behind them had to verify the transactions and because those companies failed, the creation of digital cash system was seen as a lost cause.
In early 2009, an anonymous programmer or a group of programmers under an alias Satoshi Nakamoto introduced Bitcoin. Bitcoin is described as ‘peer-to-peer electronic cash system’ and it means it’s completely decentralized. There are no servers involved and no central controlling authority.
There has been a proliferation of cryptocurrencies in the past decade and there are now more than 1,000 available on the internet. Bitcoin soared as high as $20,000 before losing 30 percent of its value just before Christmas.
Here’s a great demonstration from Blockgeeks of how Cryptocurrencies work:
Now that we know a little bit about CryptoCurrencies and how they work, Here’s what some great people among us have said about CryptoCurrencies:
Thomas Carper, US-Senator:
“Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.”
Bill Gates, co-founder of Microsoft, investor and philanthropist:
“Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.” [SOURCE]
Richard Branson, founder of Virgin Galactic and more than 400 other businesses:
“Well, I think it is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin. — People have made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off of volatility too.” [SOURCE]
Al Gore, former Vice President of the United States:
“When Bitcoin currency is converted from currency into cash, that interface has to remain under some regulatory safeguards. I think the fact that within the Bitcoin universe an algorithm replaces the function of the government …[that] is actually pretty cool.” [SOURCE]
Eric Schmidt, executive chairman of Google:
“[Bitcoin] is a remarkable cryptographic achievement… The ability to create something which is not duplicable in the digital world has enormous value…Lot’s of people will build businesses on top of that.” [SOURCE]
Peter Thiel, co-founder of PayPal:
“PayPal had these goals of creating a new currency. We failed at that, and we just created a new payment system. I think Bitcoin has succeeded on the level of a new currency, but the payment system is somewhat lacking. It’s very hard to use, and that’s the big challenge on the Bitcoin side.” [SOURCE]