How did Cryptocurrency come into existence? There was a time in our history that we had to transport our physical bodies to a store to purchase anything. So, if that store did not have our desired item, we had to find a substitute. Of course, there may not have been a substitute available or desirable. So, we either made multiple trips or maybe, even visited multiple places. Maybe there was an item that was only available from another state or country. In that case, we either did without or we paid high shipping fees! Nowadays, blessings are abundant due to the ability to have nearly anything our heart desires within only a few short days, or instantly! #btc
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Since transporting goods globally is not conducive to CASH payments, and Cash cannot be transmitted over a network, Credit Card companies have grown and flourished! But Credit Card Crime has also increased! Identity Theft became such a fear that consumers debated whether or not to buy anything online! So, retailers knew they needed a solution! Consumers wanted one too!
There is still a real concern due to the lack of security for both payments and personal information! This is exactly why a form of digital currency, came into existence. Of course, with a virtual existence, there must be technology. With any new technology, there are always bugs to work out! Working through those bugs brings answers and solutions …………..
A New Science
Hence, cryptography is born! Cryptography is a science of mathematics. This mathematical science utilizes encryption and decryption to move and store data. Cryptography also allows communication over insecure networks.
Cryptocurrency uses Cryptography to process, track, verify and secure transactions. Cryptography also controls the creation of new cryptocurrencies to prevent unauthorized & new digital currencies from being made. This amazing mathematical science protects both the consumer and retailer!
The Expense of Money
It is highly expensive to maintain a nation’s paper (or Coin) currency. There is the cost to actually make paper notes or coins. Then there are the costs to store, transport, and destroy (old money). The American Taxpayer actually loses money each time a penny or nickel is made!! So, you could say the taxpayer loses double each time cash or a coin is lost! Furthermore, theft or fraud is also easier to commit with Paper Currency! While the advantage of Cryptocurrency is its relative “cheapness” compared to paper notes or coins! And, cryptography adds security to any transaction! #bitcoinmining
If you have ever traveled, you’ve more than likely experienced the pain of converting your monies. In addition to the conversion is the comprehension of an exchange. Not everyone has a calculator for a brain! Most of us struggle to convert dollars to pesos. That goes for any other type of currency! While Credit Card payments have helped with being able to easily spend money while in foreign countries, they do not help with calculating an exchange rate.
Similarly, most websites are able to take Credit Cards as payments. But they also must deal with the fees associated with those cards! Many retailers pass on those fees to the consumer. These fees come from the BANKS! Many online retailers just forego trying to expand globally due to this inconvenience. It is easier to stay within your borders than deal with all the laws, restraints, etc. of doing business with other nations! Cryptocurrency gives businesses a unique way to accept payment Globally!
Centralized versus Decentralized Money
Think of Your Bank as the center of your world. You deposit your paycheck. Whether you have auto-bill or manually pay your bills, they likely go through your bank. Similarly, you probably make purchases with your debit card. You may also put some of your income away for a rainy day.
More than likely, the Bank controls your mortgage and possibly even your retirement account! The Bank processes all transactions for you. They may or may not charge you a fee for these services. They know almost everything about you! Most noteworthy, the Bank USES Your money! To make more money! Hence, they “manage” your money and YOU. If something Attacks the Center of your World (the Bank), YOU may pay the price!! A centralized system is more vulnerable to a breach of security than a decentralized system because the attack only needs to Hit ONE weak point to bring destruction!
Cryptocurrency uses a decentralized system! This means “Control” is distributed over the entire network! An attack must hit multiple points to have an effect! This also means that a Single entity does NOT control your money! It is protected by the network.
Cryptocurrency Protections & Security
While cryptocurrencies exist only online, cryptography protects them. Cryptography encrypts every single transaction which provides additional security. While you provide ALL of your private information to a Bank, you use a public and private key with Cryptocurrency. You choose to share your Public key as you wish. Your Private key stays secret, known only to YOU! There are many Crypto Wallets now available to hold your Private Key! Buying, trading, and sending any crypto transactions are both private and transparent. With more and more information online, there needs to be security and laws to regulate the future. There are several entities that have already put exemplary standards in place to meet and exceed those goals. If you’d like to buy, sell, trade, or create a portfolio for your cryptocurrency, we recommend……..
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Transparency & Cryptocurrency
Customers & Businesses have been rightfully concerned with their information being online. Consequently, Hackers are happiest when hacking is easy or information is not secure! Cryptocurrency has created safety and transparency. Safety comes from a digital process called a blockchain. Every single cryptocurrency transaction is a BLOCK. Each block is attached chronologically. Each block holds all of the information concerning that transaction. With each transaction, the chain grows. The blockchain is the record keeper! Only, this is a PUBLIC accounting.
Each transaction is recorded and can be Traced through each step of its process. Similarly, each cryptocurrency can be SEEN from its inception and through any transactions chronologically! Blocks do not disappear. They stay there forever. So, this transparency makes it secure, right? But what makes it private if everyone can see everything? Your Public & Private Keys!! Your personal information is not in the block, only your public key! So, the user remains Private but the currency is Transparent! Furthermore, the blockchain is not kept on ONE computer system. It is stored on Many, Many, Many computers! Yet, it is still accessible to everyone.
Download the BlockChain
Anyone can download the blockchain. You’re asking, “if anyone can download it, what keeps them from changing a transaction?”. The beauty of each block is its identifying features. Remember the saying: “safety in numbers”? So, due to the MANY MANY computers within the network storing the blockchain, it would be hard for one person to change something without it being noticed! Furthermore, with the individual block’s identifying features, it would be simple to find the culprit! As a business owner or even an individual, it’s hard to keep up with all the finance regulations! We know there will be more regulations as cryptocurrency grows. THIS Company stays on top of all compliance situations so You don’t need to! They have a Wonderful Token Wallet with many business solutions.
Your Cryptocurrency & Wallet
You can turn your computer into a Miner! Basically, your computer would work to attach a block to the chain. As a new block is created, your computer needs to compare the block’s information to validate its “proof of work” or make sure of its legitimacy. So, there is a challenge. Your computer would be in a competition to find the correct sequence of numbers before another computer finds it! The “winning” computer attaches the block and “mines” the cryptocurrency! You can make your computer work for you! You don’t need to be a genius or to fully understand how this system works! If you’d like to understand more about how your computer can make cryptocurrency for you, visit THIS Page.
Now that you are mining, you will need a place to save, trade, or spend your cryptocurrency! Crypto or Digital-Wallets will use your public key! This is your account number. Your private key is secret ONLY to YOU! But, your wallet will have both keys! You will want to keep security in mind when choosing a Digital Wallet!
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