Crypto, what is it?
If you look up the meaning of the word crypto you will find it is short for cryptography, which is the art of writing or solving codes (per the online dictionary). The meaning of Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
How did cryptocurrency start?
The financial crisis of 2008, followed by the housing market crash of 2009 is what “started” cryptocurrency. A person by the name of Satoshi Nakamoto released the world 1st cryptocurrency called Bitcoin in 2009 based upon blockchain technology.
What is block chain technology?
In short it is decentralized technology. What does that mean? That means that the “files” are not stored in one location. Instead it is broken up and stored in MANY places.
What does this all mean?
That is up for you to decide. Cryptocurrency puts you in charge of your money… no bank, no government… just you. Let me ask you this… how often do you carry cash? Most people today do not have cash on hand… they have credit cards and debit cards for all their purchasing needs. Most people are already using digital currency when they use a credit card, but most of them do not realize that they are using digital currency.
My opinion?
I know that they US dollar is worth less than it was even a year ago. It is hidden though. Instead of keeping prices on items the same, prices have gone up to cover the fact that the dollar is not really worth a dollar. I have noticed that people do not carry cash, I am guilty of that myself. I use my debit card for just about everything. Personally I think that cryptocurrency put my money back into my hands, giving me control.
For me that means I need to do a lot more research. While I love the aspect of controlling my own money, there is a responsibility that comes with that. There are 1319 digital currencies out there called coins/tokens and there is more being released every day, or at least it seems that way. The current list is located HERE. Each coin has their own mission statement as to what they do and what they stand for. Example would be Monroe, it is a digital currency that is totally untraceable. I like that. The fact that I can buy something and NO ONE get to know what my money on is spent on.
Please share your thoughts, comments, and concerns below… I look forward to reading them!
