Hong Kong – Many people have heard the term “cryptocurrency,” but few of people really understand what it means. Let SEAPRWire‘s Experts explore what some people have dubbed “the money of the future.”
Back in the 90’s during the tech onslaught, there were a few attempts to create a new market for a new currency: digital currency. Names like DigiCash, Beenz and DigiCash might ring a bell. Unfortunately, they did not work out.
The breakthrough came in 2009, the year Bitcoin came on the scene. There is some speculation as to who founded Bitcoin, however one alias that is synonymous with Bitcoin’s founding is Satoshi Nakamoto. According to WikiPedia, Nakamoto was the name used by the individual who was known to author a whitepaper on Bitcoin.
Although the general population may not be too interested in or have much knowledge about cryptocurrency technology, this is something that banks and governments have certainly started to tune into.
The cryptocurrency systems are typically built on a peer-to-peer network that realizes accounts, balances and transactions. If a peer-to-peer type network is ringing a bell, this was the same foundation that was used by Napster when it first started operating 19 years ago on June 1, 1999. It was shut down shortly after and re-released September 3, 2002.
The big difference between regular currency and a cryptocurrency-type system is that cryptocurrency does not have a centralized environment. It is completely decentralized, making it very difficult to tamper with. There is no centralized server running the cryptocurrency system, meaning that every part of the network needs to do its part to uphold the system’s integrity. When the integrity is upheld, this can prevent double spending. Every peer in the network requires a list with all transactions to ensure future dated transactions are valid and not potentially fraudulent (like double spending). If a peer within the network does not agree with a particular balance, then the transaction is broken. There must be a 100% consensus throughout the entire peer network for a successful transaction.
If users remove all the technical jargon surrounding cryptocurrency, at a basic level it is really just a collection of simplistic entries in a database that cannot be tampered with without meeting certain security criteria. This is really no different than regular currency, since that consist of verified entries in a database of accounts, balances and transactions.
Like anything new to market, there are always growing pains and marketplace resistance. This has been true for cryptocurrency, which is harder to understand than regular banking systems. Being decentralized, building confidence in cryptocurrency has been a challenge.
In an article at cointelegraph, it is mentioned that “every single fiat currency in the world is created, released and controlled by a single entity – in most cases a central bank. By law, ordinary citizens are only allowed to buy, sell or keep the currency. If someone tries to create any amount of money, they will inevitably find themselves behind bars.”
So where does this leave Bitcoin? After all, it is not a centralized currency from a particular country and it is not controlled by a country. From what SEAPRWire Team have read, the legality of Bitcoin would depend who users are and where users are located in the world and, of course, what their intentions with it are.
Part of the base of cryptocurrency are the miners. They are a key composition of the cryptocurrency network that essentially provide a ‘bookkeeping-like service’ for their communities by providing CPU power (much of it now from video cards) to solve the cryptographic puzzles necessary to confirm a transaction and make a record in a distributed public ledger that is known as the block chain.
SEAPRWire has become more aware of press releases in the cryptocurrency and blockchain industry because of the recent uptick in press releases submitted.
If users are in the finance industry or tech industry, the workings behind blockchain technology and cryptocurrency are something users should be paying attention to. This type of decentralized block technology will become the new wave of the future for many industries. It is just a matter of time.
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