Bartering was the traditional way to buy in olden days. Bartering was a way to buy or exchange goods. Then, gold and silver became currencies. Today, currencies come in the form small, tangible copper coins and tearable papers that we call Dollars and Pounds and Euros and Pesos and many other. However, cryptocurrency is a unique currency which is rapidly gaining in value.
What is Cryptocurrency?
Cryptocurrency is a digital currency that uses encryption techniques to control the generation of currency units and verify the transfer. It operates independently from a central bank. It is a buzzword that has been around for a while.
Bitcoin was the first decentralized cryptocurrency to be created in 2009. Satoshi Nakamoto, a Japanese developer, invented Bitcoin. Bitcoin is slowly being accepted on major sites such as and OK Cupid. Pirate Bay and WordPress.
Use Cryptocurrency to Benefit Your Health
It is not uncommon to question the legitimacy, security, and value of cryptocurrency. Many people, including you, are pondering whether or not to invest in cryptocurrency. Your first question may be; “is it safe?’ You might also be asking “Is it safe?” or “Why use it?”
These are some of the many benefits of cryptocurrency that can help you think about buying or investing.
Benefit #1: Highly Secured and Private
Two keys are required for cryptocurrency: a public and private key. A public key, or address, is used to send and retrieve coins. A private key is your personal key. It can be as large as 256 bits in size and can be designed with 64 Hexadecimal characters. Combining both keys into a math formula creates a unique certificate that can’t be duplicated or replicated.
There is another technology that makes cryptocurrency secure. It’s called “blockchain”. When you make transactions, all data, including your address, is converted into unbreakable codes that are logged in to the blockchain. This acts as a digital bookkeeper or recorder.
Benefit #2: Total Control
Peer-to-peer protocols monitor the cryptocurrency economy. They are not easily controlled or corrupted. It is accessible to everyone, no matter where they live. You can control and secure your coins without the need for central banks. You don’t even need to ask permission before you use cryptocurrency.
What are Smart Contracts? | source: blockgeeks.comBenefit #3: Fast and Cheap Transaction
With the promise of more improvements, cryptocurrency’s transaction speed and transaction cost are remarkable. Transactions with Bitcoin take only 10-120 minutes for $3-7 per transaction. Ripple, which is leading the charge in terms of transaction speed, takes only 4 seconds per transaction. Transactions with checks and some Credit/Debit Cards can take up to 3-7 days for $15-20.
The Top Cryptocurrencies
Since almost ten years ago, cryptocurrency has been growing at a rapid pace. Today, there are 1588 different cryptocurrency types on the market. Some celebrities even use cryptocurrency now, including Snoop Dog and Ashton Kutcher and Floyd Mayweather Jr.
Cryptocurrency Job Market
The popularity and growth of cryptocurrency is proof that it’s more than just a buzzword. It also creates jobs. According to Indeed’s research, the number of job postings mentioning cryptocurrency, blockchain, or bitcoin has increased by 621% since November 2015. Demand is increasing at the same time as supply. Their report also shows a 1,065% increase in searches for jobs that include these three terms. Tech skills are crucial in the crypto industry, as transactions are controlled and managed using codes. Web developers and data scientists are vital roles in the crypto industry. Web developers create and maintain code, often in the form smart contracts: computer protocols that allow cryptocurrency users to make transactions without the involvement of a third party (like an institution financial institution). JavaScript, Python and Solidity are some of the most used languages by web developers in blockchain.
Strong analytical skills are required to analyze transaction data. Harrison Brady, a communications specialist with Frontier Communications, a Connecticut-based telecommunications company, stated that “Blockchain technology, while relatively new, is often misunderstood.” This means that there is a high demand for experts in dat.