Cryptocurrency in Simple Words

Why should you use Cryptocurrency? Let’s see, crypto, to do or not to do? That is the question and it’s a good question — best of all the answer seems to be fairly simple.

Over the last couple of years, the term cryptocurrency has been rapidly gaining ground and understanding of its use and value in the public eye. At first it seemed unfamiliar and somewhat scary, like the credit card looked to users in its early days. You might be more familiar with terms like Bitcoin, and Etherum. These are all cryptocurrencies using the Blockchain Technology. As a result of the great work of the Blockchain Technology to keep this currency and technology safe, we are the benefactors.

Currently there are many types of cryptocurrency. A simple google search of the popular trend shows you the start of the growth and where it is taking us. Take a quick little look at the few which are listed here: 

• Realpoint
• Dash
• Ripple
• Dogecoin
• Litecoin

Before you continue reading, let me give you a short primer of cryptocurrency, its prevalence and its customary usage at this time. Cryptocurrency is a digital currency that is created and managed through the use of advanced encryption techniques known as cryptography.

Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009. While Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention in April 2013 when it peaked at a record $266 per bitcoin after surging 10-fold in the preceding two months. Bitcoin sports a market value of over $10 billion now. Globally

How will cryptocurrency help you?

The world is becoming more and more economically unsafe. This is not to say we are not growing. But as Nassim Taleb states in his book. Antifragile. Our economic machine is like a glass jaw. one small punch to it and it all comes crushing down!  Both long term and short term this is not good for you and all of the hard-working citizen of the world.

Below, I will outline some pros and cons of us adopting a global acceptance of Cryptocurrency.  And my hopes with this is, you will understand the benefits of cryptocurrency.

Pros and cons of cryptocurrency.

The benefits of cryptocurrency over current fiat currency tech

Example: Central governments can’t take it away

Remember what happened in Cyprus in March 2013?

The Central Bank wanted to take back uninsured deposits larger than $100,000 to help recapitalize itself, causing huge unrest in the local population. It originally wanted to take a percentage of deposits below that figure, eating directly into family savings. That can’t happen with cryptocurrency/bitcoin. Because the currency is decentralized, you own it. No central authority has control, and so a bank can’t take it away from you. For those who find their trust in the traditional banking system unrevealing, that’s a big benefit.