Cryptocurrencies–aren’t they a bit like the wild west of the digital age? Aren’t they full of perilous adventure, promises and gold? While you wouldn’t mount a horse before knowing the terrain, some people plunge into cryptocurrency with hopes of riches and no map. Find more information.
Imagine the following: in 2010, an article called “Bitcoin, A Peer to Peer E-Cash System” appeared online. Today, that obscure digital asset has spawned many crypto assets, all with their unique features.
Bitcoin is the first thing we’ll talk about. Why? It’s a bit of a leader. Originally this digital coin had been envisioned to be an alternative for traditional currency. The digital ledger – or blockchain – where the transactions are logged is similar to a public diary – each entry is transparent and immutable. This ledger, which is about the size of a tiny whisper, has been rumbling across financial landscapes around the world.
Bitcoin isn’t the only guest at the event. Ethereum jumped in with its own twist by adding smart contracts. Think of them like digital vending-machines–set up the conditions, drop in the coin, and you’ll get the product. Useful? You bet. They’ve ignited revolutions in many sectors from gaming and finance.
Monero has entered this world in complete secrecy. Monero’s transactions, unlike those of its brothers and sisters, are hard to trace. For those who think privacy equals power, this is a comforting notion. Privacy does bring with it some controversy.
Ah, the Tether conversation! As a stablecoin that is tethered with the US dollar, Tether is like a careful librarian in raucous crypto-dance hall. Tether remains steadfast, even when others are fluctuating wildly.
It’s easy to understand why the average person is drawn into this murky water: volatility. People don’t want to just build up a piggybank. They want an adrenaline rush that can take them up in the air, even if they are at risk. Who doesn’t wish to take part in the revolution, from the couch of their home with a smartphone?
Despite this, crypto doesn’t only appeal to thrill-seekers. It’s not uncommon to hear of people who use crypto as a hedge for a local currency that is in decline. Cryptocurrencies can be used as a raft to navigate turbulent waters in volatile markets. Serious stuff.
Let’s have a quick chat about security. In an increasingly decentralized world, losing a username or password can have more consequences than misplacing the car keys. It’s the same as losing the only key for your treasure box. Crypto custody has become a thing, much like hiring an online bodyguard. Prudent? Absolutely.
If you’re prone to losing passwords, here’s some advice from a person who’s notorious for doing so: write them down. But don’t do it on your napkin.
And governments, boy are they keen to regulate Cryptos. It’s as if governments woke up one morning and realized they needed to police the digital revolvers that were being carried by everyone. It’s like they woke up and realized the digital revolvers everyone was brandishing needed policing.
Cryptography isn’t restricted to the tech-geek world anymore. The topic is getting into dinner discussions and making headlines both for laudatory reasons and for infamous ones. The wild, woolly tangle is waiting for someone brave to step in. Be sure to keep your eyes on the ground and your wits more sharp than a Sheriff’s badge.
If you want to end it on a sincere note, keep in mind that when you participate in cryptography, you aren’t just a passive viewer. You’re a participant in a grand experimental project. And isn’t that something of an amazing feat?