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The Era of Cryptocurrency

May 14, 2018 POSTED IN BusinessLifestyleTech BY blogger
14
May 2018

Trust is an essential aspect of human existence. But this essential element today is fast eroding. We have citizens that don’t trust their governments and the administration, businessmen losing trust to do business with others , the financial system and the media being tagged as artificial and fake today. And in such an atmosphere of distrust, there is a rather intriguing solution that is an encryption technology known as the ‘blockchain’ that could actually change lives for the better.

Now, Blockchain in simple words is continuously multiplying the list of records known as blocks that are connected to each other and are made secure through cryptography. Just like ledgers, each of these blocks has a cryptographic hash of the previous block and have a time stamp and a date. And they are designed in such a way that once the transaction is made between two parties it becomes unmodifiable and permanent.

Unlike the mainstream banking systems or electronic transactions which are highly centralized systems and controlled by an entity but cryptocurrency doesn’t operate that way. There are no individuals or institutions that control them rather it is a decentralized system that operates like an open ledger accessible to the public. And like the governments issuing new currency, cryptocurrency doesn’t work that way. This type of decentralized system of cryptocurrency was first developed by an anonymous individual or group going by the name Satoshi Nakamoto. They developed the Bitcoin, which allows transactions to take place without any intermediary or middlemen hence ensuring transparency. They have been created as a reward for a mining process and can be used to exchange for other currencies or products and services. Regarding the legality of cryptocurrency, it varies from country to country. While some countries encourage their trade yet others have banned them.

Given are some top websites that accept cryptocurrency:

1- WordPress

2- Reddit

3- The Pirate Bay

4- The Internet Archive

5- Dish Network

6- Microsoft

7- CheapAir

Well, some say the future is cryptocurrency while others foresee the economic system collapsing if it switches to cryptocurrency. But there are still many who say it would have both positive and adverse