Cryptocurrency is digital form of money like the Dollars and other currencies, except there are no bills to be carried around. "decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation"
Cryptocurrency and fiat money are stores of value that can be used as a medium of exchange. Neither has any real value on its own. A big difference between them is fiat is backed by a government and hence its supply is determined by that government.
Fiat money is prone to inflation over time, a million Dollars does not have the same buying power today that it did ten years ago. The issuing government can print more notes whenever necessary and increase the supply of the currency in circulation thereby depreciating the value of the currency.
Cryptocurrency facilitates cross-border payments faster and easier than fiat money can ever hope to. Using fiat for cross-border transactions requires that you give the bank private information and you have to rely on them to set up the transaction. With crypto, there are no borders and international transactions are instantaneous.
Currently, the central banks have control over every information passed during a fiat transaction. Whenever you initiate a wire transfer or payment, the banks know exactly how much you are sending and who you are sending it to. With Crypto, the transaction details are still made public in the ledger, but all personal information is kept private and secure.
The term “mining” brings to mind digging out or extracting minerals like Gold from the earth. Although this is not the case with Bitcoin, the term is still used because Bitcoin exists in the protocol (just like Gold exists underground) it just hasn’t been “mined” yet. The Bitcoin protocol was designed such that only 21 million Bitcoin will ever exist and what the miners do is bring them out.
Crypto is at the moment the safest, easiest and has the potential to become the most universally accepted way to exchange value. Potentially, any two people in the world, regardless of location can exchange money directly without the involvement of a financial institution or government. This would mean that people without access to traditional forms of money like banks and credit cards can also send and receive value. With cryptocurrency, we see a great reduction in the transaction fees usually charged by traditional financial institutions. Additionally, blockchain technology which powers cryptocurrency has a whole catalogue of usage which includes: verification of identity, validation of ownership, management of healthcare records and also the advancement of medical research.
Still, RSK CEO Diego Gutierrez Zaldivar believes the advance will effectively provide the same level of utility to potential users.
"This is the first time that there's going to be a smart contract platform powered by the bitcoin network." Oliver Dale
You are not able to purchase POWR with “Fiat” currency so you will need to first purchase another currency – the easiest to buy are Bitcoin or Ethereum which you can do at Coinbase using a bank transfer or debit / credit card purchase and then swap that for POWR at an exchange such as Binance.
You will have to carry out some identity verification when signing up as they have to adhere to strict financial guidelines. Make sure you use our link to signup you will be credited with $10 in free bitcoin when you make your first purchase of $100
Kelly Richardson, 24 Mar 2023
In recent times, the crypto community has come under more intense scrutiny by governments and governing financial bodies. Notwithstanding all the price movements and the rapid emergence of new tokens, there is a burgeoning interest in cryptocurrencies in several circles.
Like ReplyGordon Browns, 24 Mar 2023
A committee has been set up by the Central Bank to look into the adoption of blockchain technology.
Like ReplyScott Langton, 24 Mar 2018
Most exchanges usually charge fees when you buy or sell bitcoin on their platform. These fees are negligible when compared with the fees banks and other traditional financial institutions charge for transactions.
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