Cryptocurrency is quickly becoming a global phenomenon and considered the future of online banking. Cryptocurrency is money that exists virtually and has no physical form. While still not completely understood and used by most people, many banks, governments and online retailers have moved towards cryptocurrencies as a quicker and more efficient approach to online banking. The first and probably most notable cryptocurrency are Bitcoin, which was invented by Satoshi Nakamoto in 2009. Since developing the revolutionary currency, Nakamoto seemed to have disappeared out of the public eye, but his creation just keeps growing.
Cryptocurrencies are like digital gold that is secure from any political influence. This virtual money will remain valuable, and in fact, increase in value over time. Cryptocurrencies are also fast and global, allowing easy transactions all over the world. Also, these transactions are secure and anonymous, making it a choice for many users wanting to make private sales.
A major advantage to cryptocurrencies is that they have little or no fees and can be transferred between individuals all over the world. Cryptocurrencies are not controlled by any authority or government agency; instead, the network is made up of bitcoin miners, another word for traders who mine the currency and a public ledger, which ensures that every transaction is registered.
Characteristics of cryptocurrencies
Transactions are irreversible – A transaction cannot be reversed once confirmed. Once your money is sent, there is no way to reclaim it if you realise you have sent it to the wrong person. In this way, there’s no safety barrier.
Transactions are anonymous – Transactions and accounts are not connected to any real identification. Therefore, users can remain anonymous during operations, making cryptocurrencies ideal for online casino players wanting to keep their identities a secret.
Transactions are fast, efficient and global – Cryptocurrency is recognised as one of the fastest and most effective ways to send funds online. These transactions take place in a worldwide computer network; therefore your location is also irrelevant, and funds could be sent to anywhere in the world.
Secure transactions – Cryptocurrency money is safeguarded using a open source key system and only the key owner may transact. This means that using cryptocurrency is extremely secure.
Transactions are permissionless – You don’t need permission to make use of cryptocurrency. All you have to do is download and install the software for free. Once you are set, you can send and receive cryptocurrencies as you please.