Why Cryptocurrency is Such a Big Deal

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Cryptocurrency has been around since the early days of blockchain technology, and has since increased in popularity exponentially. Thanks to a white paper by an anonymous man who goes by the name of Satoshi Nakamoto, the idea for cryptocurrency was born.

Since the beginning of 2017, the top currency by market capitalization, bitcoin, has increased in value by over 500{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca}. Given that the coin does not seem to be heading south anytime soon, it is interesting to see where it came from.

More and more businesses are beginning to accept the currency, which is helping to proliferate its mainstream adoption into the world economy. There are several factors involved that ensure that bitcoin and the likes of other cryptocurrencies, are here to stay. One of the main principles behind currencies that use blockchain technology is the tech known as smart contracts. Smart contracts are essentially digital contracts that know when the conditions of the contract have been met.

READ ON: The Best Way To Invest In Bitcoin?

This ensures that the two parties involved in a transaction will be both paid, and receive the agreed good. Smart contracts are the key to the success of cryptocurrency and can now allow for other assets availability such as stocks, bonds, commodities, ETFs, and other investment instruments. Together, these instruments are helping to secure a place for cryptocurrency in the world economy.

The idea of trading digital assets is something that has only become popular in the past year to two years. Before the advent of blockchain technology, serving high amounts of financial transactions was almost impossible in a timely manner. The method of handling data that blockchain employs is almost unparalleled by any other system to date. Hopefully, as time goes on, the potential of blockchain and cryptocurrency can be maximized to change the world financial system as we know it.

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