Adisa Israel Ayodeji

WHAT IS CRYPTOCURRENCY? Cryptocurrency can be best defined as a digital means that has been created to serve as a form of exchange. It works with cryptography so as there will be security in all of its transactions. The security deployed in cryptocurrency makes it very possible for you to checkmate the formation of extra units and also to aid in the verification of assets transfer. In simpler terms, cryptocurrency is a type of digital currency or virtual currency. So, it is like the regular conventional currency but unlike the conventional currencies, cryptocurrencies are employing the tool of decentralization. What you have in cryptocurrencies is decentralized control as opposed to a centralized banking system as it is obtainable in conventional currencies. The decentralization of the control of cryptocurrencies is supported by blockchain. The blockchain is a system that holds the database of public transactions. The birth of cryptocurrency The dire need to have a secured communication and transaction during the Second World War II gave birth to cryptography. But with the evolution and recent discovery in computer science and mathematical theory, it has evolved to become a more secure means of communication, information and exchange of money online. Bitcoin has been regarded as the first cryptocurrency to be created, having to be in existence since 2009. It is the first decentralized cryptocurrency. After its creation, we have seen the light of several other cryptocurrencies. These several cryptocurrencies are generally known as altcoins – alternative coins. The upsurge in cryptocurrency creation Since the launching of the first digital decentralized currency – the bitcoin, there has been an increase in the creation and launching of other cryptocurrencies. Currently, there are over 1410 digital currencies in the world. Every day, there seems to be a creation of a new digital currency. This is to show that cryptocurrency has come to stay and also to douse the general public opinion that cryptocurrency is a scam. Statistics The cryptocurrencies global markets have risen so big that it is posing a great threat to the conventional banking system. There is even a general prediction that in the next few years, cryptocurrency will take over the banking system as there won’t be need of individuals making use of the banks. This prediction looks positive and possible in the nearest future as people all over are embracing cryptocurrencies on a daily basis. The rate of love for cryptocurrencies has skyrocketed in recent times. The market capitalization for cryptocurrency as at January 2018 is put at several billions of dollars. This is a proof of how strong it has grown. Cryptocurrency has found its rightful place in the lives of individuals globally as they use it frequently outside the conventional banking system and government-owned institutions for exchanges. Records show that the overall market capitalization for cryptocurrencies as at December 2017 is bigger than 600 Billion dollars. Cryptocurrency wallets Cryptocurrency wallets keep safe the private and public address or keys which are used in the spending and receiving of cryptocurrencies. You are always safe and protected with cryptocurrency wallets.