What is cryptocurrency?
A cryptocurrency is a form of digital money that you can use for online purchases. This currency is only available online and is not backed by any banks or the government. Your cryptocurrency is stored in a digital wallet online that’s in the cloud or an offline PC. It can be sent to others via a smartphone, or a computer.
People just simply don’t understand what it is or how it works:
Bitcoin is not yet as widely known as they need to be. Not everyone has heard about it, and even more of them don’t understand how it works, so people simply don’t trust it, and not a lot of businesses accept it as a form of payment. This is a limit the people who want to use Bitcoins for their day to day transactions.
Can my cryptocurrency be replaced:
Bitcoins are not retrievable if they’re lost. There is no way to recover lost Bitcoins. It’s best to store Bitcoins on a drive that is not connected to the internet. Simply because they are encrypted for security purposes. The encryption identifies the currency, but not the owner. Whoever has the codes owns the currency and this anonymity feature means stolen coins are lost – that is unless you can steal them back!
This makes cryptocurrency a great tool for criminal’s transactions. The way a drug dealer and other criminals use cash to evade the government, and the police, the transactions made with Bitcoin virtually untraceable. This could be the reason some governments declared Bitcoin transactions illegal in their countries.
Bitcoin has an open ledger which is called block chain on all transactions are recorded and monitored. Once a transaction is completed it cannot be changed. The transactions are available for verification at any time.
Inflation is not likely:
Traditional currency inflation is due to economies shift prices and governments who still print more money. Cryptocurrency does not experience this because there is a number of minable Bitcoins. Bitcoin was programmed to have roughly 21 million Bitcoins ever to be mined.
So different from actual currency, large amounts of cryptocurrency can be moved around easily without detection.
Akron, OH now has a Bitcoin ATM located in the Starz Market directly across the street from the University of Akron. The ATM does deposits and withdrawals of Bitcoin. It’s reported there are only 200 machines nationwide, and I’m proud my hometown is on the list.
Gabrielle M. Daniel
Vice President at SOS 1040 PLUS, LLC