If you have ever heard of any kind of cryptocurrency, you must have been bamboozled with a stream of jargons like “address, blockchain, wallet, BTC, mining, signature”. Just a few years ago, we only knew of tangible currencies but in recent times, the world is gradually delving into a “state of abstraction”; everything is going digital, even currencies!
The subject is one with some complexities because cryptocurrencies secure their network through a process called ‘mining”. There is no centralized banking system to regulate the policies as against the printed counterpart and its security is built on an assumption that the miners are honest enough to maintain the ledger.
Sometime around last year, the news of bitcoin was all over the internet and you will mostly hear questions like: “How does it work?”, “why are there so many coins?”, “how can I be so sure that the coin will not depreciate in value over time?” These and many more questions filled the air about cryptocurrencies. Unlike the printed currencies like the US dollar or Euros, which are valued by physical commodities and regulated central banks, a crytocurrency is worth a certain value based on the agreement of people who determine its worth.
While many crypto lovers believe that these digital currencies is the future for intending millionaires, some others are of the opinion that these coins are only invented by coin folks to perpetrate the shady deals under the guise of mining coins. With so many cryptocurrencies on the loose, will it stand the test of time? Will it ever the publicly encouraged?
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