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It is only fair that cryptocurrencies that are based on the game changing blockchain technology should now be relying on even more technology to make cryptocurrency investing truly broadbased. Cryptocurrency investing is no longer restricted to knowing how to buy bitcoin as this useful article at Invezz explains. It is not a secretive and hush hush affair indulged in by a select few who understood what it means and stands for either.
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Today, it has become no different from the regular stock market investment and we have a myriad of cryptocurrency software that people have downloaded to thank for it. Besides, the very future of cryptocurrencies as a concept depends upon technological innovations that promise to make it computer crash and hacking proof. Technological upgrades are the only way that it is possible for cryptocurrency to gain widespread acceptance as part of the existing mainstream financial systems. It has to be technologically complex enough to deter hackers and frauds, yet be user friendly for widespread use.
The blockchain technology underlying cryptocurrency has enabled it to impact a plethora of industries and organizations around the world. As more and more people from around the world want to become a part of the world of digital currencies, cryptocurrency exchanges have come up around the world to enable people to exchange their local currency for cryptocurrency.
Technology is at the Heart of Cryptocurrency
Cryptocurrencies are essentially virtual or digital currencies that rely on entries, made in an immutable and anonymous database secured by blockchain technology, that no one can alter. This secure database is more like a public record that can be verified through different nodes, making it impossible to counterfeit coins. Besides, one can easily trace specific transactions carried out between anonymous individual accounts.
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Cryptocurrencies provide a user friendly digital alternative to the regimented conventional currencies. While the developed world might not see much merit in this attribute of digital currencies, many parts of the world with unstable currencies, could do with the access to alternative currencies that cryptocurrencies provide. This can greatly help mitigate people’s living conditions in such nations. Countries like Venezuela and Zimbabwe easily come to mind where cryptocurrencies could actually provide some financial relief to the people of these nations.
Influence on Global Investment
While seamless transfer of money and dampening the impact of inflation may seem like the major impact of leveraging the blockchain technology empowering cryptocurrencies, more and more people around the world are including cryptocurrency investment as an integral part of their investment portfolio.
The fact that cryptocurrency investments are not impacted by the vagaries of the market like, say for example gold is, makes them an effective hedge against investment risk. This is behind the emergence of many exchange traded products known as ETFs and ETNs. Though many point to the possibility of a crash, in the cryptocurrency market, having an adverse impact upon the overall financial market, the small size of the former belies such fears.
Cryptocurrency is More Than Just Digital Cash
Cryptocurrency has functions that extend beyond its traditional definition of being digital or virtual cash. Sure you can make payments for ecommerce and traditional transactions with cryptocurrencies like Stellar and Ripple’s XRP. But, it also possesses a store of value in the sense that it can be viewed as a novel form of native currency that is scarce in supply. The meteoric rise of Bitcoin is a prime example of this.
What makes it better than regular money is the fact that cryptocurrency can be programmed for specific uses. Both Bitcoin Lite and LiteCoin are examples of that. For those who would like cryptocurrency to be supported by regular money there is the option of going for cryptocurrency that is plugged to the value of the U.S. dollar or gold. Paxos, TrueUSD and Dai are prime examples of this kind of cryptomoney.
The privacy aspect of cryptocurrency makes it profoundly different from regular money. Z cash, Monero and Verge are examples of how it can provide total anonymity with regard to any transactions. Finally the fact that you own cryptocurrency digitally, redefines the very concept of how one, handles, stores and monetizes data. Golem, BAT and Sia are great examples of this dexterous ability of cryptocurrency.
Cryptocurrencies are silently ushering in a financial revolution with far reaching consequences for our very way of life. You would do well to watch this space.
Impact of IoT on Cryptocurrency
The major bugbear when it comes to cryptocurrency is the apparent lack of security and the complex nature of carrying out cryptocurrency trading, putting it beyond the pale of most people. This is where IoT can help by facilitating an easy exchange of currency. One can for example calibrate cryptocurrency with the help of IoT devices, so as to enable fueling up a car petrol tank or the timely purchase of groceries for your home. There is no need for you to send across money physically, The machines that act as IoT devices will take care of all of that.