Bitcoin: The DNA of 21st century digital economy.

A cryptocurrency by definition is a digital currency that is created and managed through the use of advanced encryption techniques known as cryptography. Cryptocurrency made it through from being an academic concept to a force to be reckoned with real time 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 . So, will these alternative currencies eventually supplant conventional currencies and become as ubiquitous as dollars and euros someday? Or are cryptocurrencies a passing fad that will flame out before long? The answer lies with Bitcoin. Indeed, virtual or cryptocurrency has come a long way to being but left no doubt that cryptocurrency is here to stay. On the upside, blockchain technology is the new big thing in financial industry because it has so many advantages as compare to the downside. Advantages includes but not limited to;

Fraud: Cryptocurerncies are digital and cannot be counterfeited or reversed engineered by the sender, as with credit card charge-backs.

Identity Theft: Upon giving your credit card to a merchant, you give him or her access to your full credit line, even if the transaction is for a small amount. Credit cards operate on a “pull” basis, where the store initiates the payment and pulls the designated amount from your account. Cryptocurrency use a “push” mechanism that allows the cryptocurrency holder to send exactly what he or she wants to the merchant or recipient with no further information

Immediate Settlement: Buying real property typically involves a number of third parties (Lawyers, Notary), delays, and payment of fees. In many ways, the bitcoin/cryptocurency blockchain is like a “large property rights database,” says Gallippi. Bitcoin contracts can be designed and enforced to eliminate or add third party approvals, reference external facts, or be completed at a future date or time for a fraction of the expense and time required to complete traditional asset transfers. Access to Everyone: There are approximately 2.2 billion individuals with access to the Internet or mobile phones who don’t currently have access to traditional exchange systems. These individuals are primed for the Crytocurrency market. Kenya’s M-PESA system, a mobile phone-based money transfer and micros financing service recently announced a bitcoin device, with one in three Kenyans now owning a bitcoin wallet. (Let me repeat that again. 1/3)

Lower Fees: There aren’t usually transaction fees for cryptocurrency exchanges because the miners are compensated by the network (Side note: This is the case for now). Even though there’s no bitcoin/cryptocurrency transaction fee, many expect that most users will engage a third-party service, such as Coinbase, creating and maintaining their own bitcoin wallets. These services act like Paypal does for cash or credit card users, providing the online exchange system for bitcoin, and as such, they’re likely to charge fees. It’s interesting to note that Paypal does not accept or transfer bitcoins.

Many countries such as Venezuela, Russia etc are cosidering implementing the cryptocurrency and this is due to the fact that countries such as the USA and EU are imposing sanctions on other countries. https://www.coindesk.com/putin-investigating-cryptorouble-as-way-to-avoid-western-sanctions/ Recently Venezuelan President Nicolas Maduro. https://in.reuters.com/article/venezuela-economy/enter-the-petro-venezuela-to-launch-oil-backed-cryptocurrency-idINKBN1DY081 All these development are indications that Cryptocurrency is here to stay.

Ofcourse the are differnt platforms as well such as