Crypto Currencies & Blockchain

The History of Cryptocurrencies

Crypto currencies are digital/virtual currency aimed at becoming a point of exchange. They use cryptography to make sure transactions are secure and verified. Crypto currencies are are limited entries on a database which can only be exchanged when certain criteria are met. i.e. Money being paid for them or internal shape shift within wallets.

Some wallets like EXODUS have a facility that's built in where you can exchange different coins for each other (shape shift) that are listed within the wallet. There are limits minimal and maximum.

In the 90s a few attempts were made to create virtual currencies (ICO) - initial coin offerings. Unfortunately these failed due to frictions between bosses and staff, financial problems and the main reason was fraud.

Because the crypt companies relied on 3rd party trust, when they bust it was automatically seen as a futile idea that was going nowhere fast, so it was dropped. But in 2009 Bitcoin was born buy a unknown who uses the alias name Satoshi Nakamoto who describes it as a decentralised peer to peer electronic cash system. The great thing about this is there are no central control authorities or servers involved.

Because of this technology the crypto market has grown from strength to strength, in our opinion there is a lot more growth ready to happen, especially when it goes mainstream. As it's in very early stages, anyone who doesn't get on board with this soon will end up regretting their missed opportunities.

What is Blockchain?

Block chain is a growing technology that is in early stages and is receiving a lot of attention and press. Everybody seems to be talking about it, but not many people understand it.

I will try to explain it simply - the concept is a chain of data blocks spread out over a vast network of computers. Because no one company owns all the data there are no discrepancies between ledgers as there is only one record of data owned over the whole network.

Block chain delivers a trusted digital ledger its potential is huge, from finance to property. If they succeed in their goal then we will see a massive Monterey increase for businesses across the board. If you can imagine everyone in business put their trust into a secure distributed network where everybody can see all transactions etc. Then any issues could be easily resolved, all verification requirements would be made straightforward. The possibilities are endless.

If implemented correctly the speed of transactions would be a lot quicker a lot less hassle and also better financially for businesses.

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