Dear Steemit friends,
Do you know cryptocurrency?
Cryptocurrency came up as a secure, anonymous method of paying for online items digitally. It’s a technique of converting information into an un-crackable code that tracks purchases.
Technically, cryptocurrency ws created by computers solving complicated math problems and algorithms, a process referred to as “mining.”
Some online enthusiasts mine cloud cryptocurrencies by dedicating computing power to solving these problems, and they can also be purchased directly. All records are documented on a distributed public ledger called a blockchain.
Today, many people choose to use cryptocurrencies for a few different reasons. The most fundamental reasons are due to online inherent security.
As we all know, online transactions shouldn’t be faked, and there is much stronger security behind cryptocurrencies than behind traditional currencies. The currencies are also decentralized, so it’s impossible to hack.
The security mean that cryptocurrencies have been associated with the "dark web,” a portion of the internet where people conduct illegal purchases and other illegal items. So far, there are many legitimate uses of cryptocurrencies, however there are reservations because of the negative connotation due to the dark web.
Currently, cryptocurrencies are completely legal. However, some governments take reservations for this trend and suggest that this could be illegal, due to its ease of being used as a money-laundering tool, which would significantly diminish its value.
Meanwhile, there are digital geeks that are optimistic of cryptocurrency.
For example, Bill Gates, the founder of Microsoft said, that "the future of money is digital currency." He also stated that cryptocurrency like Bitcoin because it shows how cheap it can be for now and it can be better than currency that you don't have to be physically in the same place and for large transactions, currency can get very inconvenient and unsecure.
Also, Eric Schmidt, CEO of Google, said that Bitcoin is a remarkable cryptographic achievement something that is not duplicable in the digital world that could lead to enormous value.
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Next is, Cryptocurrency Trend #2: History of Cryptocurrency and its trending value.