What are cryptocurrencies?
Put simply, cryptocurrencies are digital assets – but what does that mean exactly?
Some are finding it a little difficult to understand – but the simplest way of putting it, is that it allows transactions to take place over the internet, in a secure format, without the need for a central authority or any banks.
By analogy it is like sending a golden coin through email and only the intended recipient will be able to accept this payment.
It promises security, anonymity, and ease of use. Decentralized cryptocurrency is produced by the whole cryptocurrency system communally, at a rate which is well-defined when the system is fashioned and which is openly known.
What is a Bitcoin and how can I use it?
Bitcoin practices peer-to-peer technology to function with no fundamental authority or bank being involved, so it is said to be a cheaper alternative as it cuts out middlemen. The handling, dealing, and the supply of bitcoins is agreed cooperatively, by the network.
Therefore, it is a consensus network that allows a new payment system and a totally digital type of money. As Bitcoin was the first practical implementation, it is widely used and it is currently, the most prominent triple entry bookkeeping system at present.
Current innovations in cryptocurrency such as Bitcoin, and others are just the beginning for this technology that can help renovate many industries. There is plenty of opportunity in this space and we’ve taken this on board for 2017.
CurrencyXchanger can now update Bitcoin rates using the BTC or XBT codes. Many large companies worldwide are increasingly accepting Bitcoins.
For more information on how you can purchase our comprehensive currency software, feel free to contact us about how your business can benefit from our popular currency exchange software.