Are cryptocurrencies the future of money

The creditors of the Mt Gox collapse agreed to support a group of American investors trying to reestablish the Bitcoin exchange.

Despite these problems, can cryptocurrencies, like Bitcoin, revolutionize the way we pay for goods and services in the digital age After all, money is anything that can perform three basic functions: a medium of exchange that is used in the purchase and sale of goods and services; a unit of account to measure the value of goods and services; and a store of value that can be saved and spent at a future time.

Bitcoin was founded in 2009 although no one knows by whom, only that he, she or they took the pseudonym Satoshi Nakamoto. Since then, a host of other cryptocurrencies have emerged, including Ripple and Litecoin. Each Bitcoin, like other forms of cryptocurrency, is simply a long chain of computer code protected by a personal key that provides ownership and security. the value of Bitcoin can be transferred to another address.

All Bitcoins in circulation and their transaction histories are recorded in a giant ledger known as a blockchain. This prevents each Bitcoin from being spent twice. Cryptocurrency is a very simple way to transfer value from one person to another. Once the personal key code has been entered,  No middleman is required to verify the transaction, so they are fast, secure, and inexpensive to use. the currency’s popularity in countries .

A decentralized currency Bitcoin is described as a decentralized monetary system because the final supply of coins is fixed and not controlled by a central bank. Instead, coins are created by computers that perform number-calculating exercises similar to trying to crack a password by executing all possible permutations one at a time. Every time a password is cracked, new Bitcoins are added to the blockchain. where the central bank lacks credibility.

This process is designed to mimic the behavior of precious metal mining. The value of Bitcoins is derived from the value of the difficulty and the proof-of-work requirements necessary to produce them. So far, Bitcoin miners are only halfway to the 21 million cap and new coins are expected to continue to be mined through 2030. The supply cap means that Bitcoin’s eventual value cannot be eroded through inflation and this could explain .

 

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