A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
History In 1998, Wei Dai published a description of "b-money", an anonymous, distributed electronic cash system. Shortly thereafter, Nick Szabo created "bit gold". Like bitcoin and other cryptocurrencies that would follow it, bit gold (not to be confused with the later gold-based exchange, BitGold) was an electronic currency system which required users to complete a proof of work function with solutions being cryptographically put together and published. A currency system based on a reusable proof of work was later created by Hal Finney who followed the work of Dai and Szabo. The first decentralized cryptocurrency, bitcoin, was created in 2009 by pseudonymous developer Satoshi Nakamoto. It used SHA-256, a cryptographic hash function, as its proof-of-work scheme. In April 2011, Namecoin was created as an attempt at forming a decentralized DNS, which would make internet censorship very difficult. Soon after, in October 2011, Litecoin was released. It was the first successful cryptocurrency to use scrypt as its hash function instead of SHA-256. Another notable cryptocurrency, Peercoin was the first to use a proof-of-work/proof-of-stake hybrid.IOTA was the first cryptocurrency not based on a blockchain, and instead uses the Tangle. Many other cryptocurrencies have been created though few have been successful, as they have brought little in the way of technical innovation.On 6 August 2014, the UK announced its Treasury had been commissioned to do a study of cryptocurrencies, and what role, if any, they can play in the UK economy. The study was also to report on whether regulation should be considered.
Legality The legal status of cryptocurrencies varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed their use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. China Central Bank banned the handling of bitcoins by financial institutions in China during an extremely fast adoption period in early 2014. In Russia, though cryptocurrencies are legal, it is illegal to actually purchase goods with any currency other than the Russian ruble. On March 25, 2014, the United States Internal Revenue Service (IRS) ruled that bitcoin will be treated as property for tax purposes as opposed to currency. This means bitcoin will be subject to capital gains tax. One benefit of this ruling is that it clarifies the legality of bitcoin. No longer do investors need to worry that investments in or profit made from bitcoins are illegal or how to report them to the IRS. In a paper published by researchers from Oxford and Warwick, it was shown that bitcoin has some characteristics more like the precious metals market than traditional currencies, hence in agreement with the IRS decision even if based on different reasons. In response to the IRS ruling, numerous organizations have been created to advocate for consumers. One of the most prominent examples is the Washington, D.C. based Cryptocurrency Alliance, an independent expenditure-only committee (Super PAC), created to raise awareness about cryptocurrencies and blockchain technology. Legal issues not dealing with governments have also arisen for cryptocurrencies. Coinye, for example, is an altcoin that used rapper Kanye West as its logo without permission. Upon hearing of the release of Coinye, originally called Coinye West, attorneys for Kanye West sent a cease and desist letter to the email operator of Coinye, David P. McEnery Jr.The letter stated that Coinye was willful trademark infringement, unfair competition, cyberpiracy, and dilution and instructed Coinye to stop using the likeness and name of Kanye West. 17th of January 2014 Coinye was closed.
What is crypto currency trading? Cryptocurrency Trading is the Forex (Foreign Exchange) of cryptocurrencies. This means, you are able to trade different bitcoin and altcoin normally for USD and BTC.Cryptocurrency Trading is an alternative way to get involved in the Crypto-World!
How does the Cryptocurrency work? Cryptocurrency is an encrypted decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining... First, let's review the basics and essentials of cryptocurrency, and then we will do an overview of the other properties that have made cryptocurrency what it is today.
How do crypto exchanges work? An exchange is where buyers and sellers conduct their business. A seller of BTC deposits BTC with the exchange's address. He can then use his positive BTC balance in the exchange to sell his BTC for Dollars (or other coins).
How to invest in cryptocurrency? If you want to invest in cryptocurrency, and not just buy/sell/trade, then you have a few options. Generally new investors can choose between the GBTC trust sold on the stock market, a cryptocurrency IRA (we don’t want to recommend one until we have reviewed them), or an exchange-broker-wallet hybrid like Coinbase/GDAX (which allows customers to buy/sell actual cryptocurrency). Each option has its pros and cons, but notably only an exchange-broker like Coinbase/GDAX allows one to trade and invest directly. This page will focus on that option.
Some interesting facts: Bitcoin public trading was launched on April 2010 First 1000 Bitcoins were released to the public, each one costing $0.3 In March 2013 BTC market capitalization crossed $1 Billion In November 2013 Bitcoin is worth $1000, mass awareness begins December 2014 Ripple gives investors 550% gains June 2015 Litecoin value jumps 4 folds in just a month April 2016 Etherium rises 900% since beginning of the year April 2017 Bitcoin is worth $3000
June 2017 Japan Government legitimizes Bitcoin payment By 2020 if the present rate of growth continues, Bitcoin may be worth $250,000
TIP: A cryptocurrency wallet is a place where you store encrypted passwords that represent coins (the equivalent to storing money in a bank account) and a cryptocurrency exchange is like a stock exchange or like a currency exchange in a foreign airport (a place people can trade cryptocurrency for other cryptocurrencies and for fiat currencies like the US dollar). Just like if you want to trade stocks you need a bank account and access to the stock exchange, it is the same deal with cryptocurrency.
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