Cryptocurrency is Accomplishing Big Things in the Financial Industry

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Cryptocurrency has struck major popularity over the course of the past year and does not appear to be slowing down anytime soon.

For those who don’t know, cryptocurrency is essentially digital currency that can be used online in various transactions without the need for a middle man like a bank. Without the intermediary, there is no oversight and thus a payment system is made that is completely decentralized.

READ ON: The Best Way To Invest In Bitcoin?

What powers cryptocurrency is technology known as blockchain. Blockchain is a difficult concept to understand but basically it is a publicly distributed ledger system that makes security and transparency the utmost priority.

In 2009, Bitcoin was launched as an experiment to only a select few, and has since reached a staggering $100 billion in market capitalization across the world. Countries like Singapore, infia, China and Russia have all adopted this as a way of life and have worked towards some sort of legislation regarding the currency.

The world’s major governments are working towards putting legislation in place so that the currency can bypass some of the claims that have been made against it, calling it illegitimate. Because it is decentralized and anonymous, many have used it to create a modern day black market payment system. This has been the cause of governments attempting to regulate the market, but to no avail. In the country of Japan, cryptocurrency is considered legal tender and is currently not taxed at all.

The largest of the cryptocurrencies, Bitcoin has shot up in value over the past year rising over 500{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} in 2017 alone. If gains like this continue to happen across the board, the potential for cryptocurrency will rise to heights never before seen. As cryptocurrency becomes widely adopted across the world, the need for legislation will become more and more apparent.

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