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It’s hard to believe that cryptocurrency was just an esoteric conceptthat made rounds in the corridors of academia a few years ago. Over the lastcouple of years however cryptocurrency has gained incredible traction tobecome a global sensation. Most people are perhaps familiar with Bitcoin but newer and morevibrant players have made a foray into the cryptocurrency scene. Onecryptocurrency for one has been all the rage since it launched earlier thisyear: RPT coin.
Textbook primer of cryptocurrency defines it as “digital currencythat’s created and managed using modern encryption techniques calledcryptography.” The currency funds are in essence locked in a public keyprotected by top-notch cryptography system. The first cryptocurrency wascreated in 2009 and has since rode a rollercoaster of popularity.
You’d think it would have become passé by now but cryptocurrency hassurged in a short period to garner over 5 billion market cap. That in itselfis not surprising at all. This digital currency dwarfs paper and fiat moneybecause of its unique and vibrant features (we’ll get to them shortly).
Let’s get something straight right from the outset: in 2017 it’s ararity to find a big bank a prominent accounting firm a government or a majorsoftware company that didn’t initiate what’s so-called the “blockchain project”or research cryptocurrency. So if it has aroused this much attention cryptocurrencymust be a big deal right? That’s right; using cryptocurrency comes loaded with plenty ofadvantages over the use of traditional state-regulated currencies and fiatmoney.
Cryptocurrencies are purely limited digital entries that cannot bealtered unless you have met specific conditions (otherwise known asconfirmation). That coincidentally means that they cannot be counterfeited orreversed arbitrarily by the sender as with regular debit or creditcharge-backs. Once confirmed a cryptocurrency transaction is simply adone-deal. Let’s put this into perspective. Credit cards operate in what we call“pull” basis. That is when you give your card to merchants you’re concedingfull access to your credit line implying that they can “pull” whatever amountthey desire. Cryptocurrencies however use “push” mechanism that enables youto relay exactly what you ought to pay the merchant. It’s through this way thatcryptocurrencies eliminate any risk of fraud.
The allure of cryptocurrency technology lies in the fact that neitherthe accounts nor transactions are tied to a real-world identity. It’s thattrivial; no one will ever know it’s you transacting unless you actually tell.Most cryptocurrencies come in the form of addresses of about 30 characters.With pseudonymous identity you can shop remit or invest RPT coins without anyworry. No eavesdropping. No credit history. Nothing but pure financial freedomand bliss.
All cryptocurrency transactions are propagated and confirmed in amatter of minutes. Another thing is that cryptocurrencies allow for immediatesettlement. Take buying real estate for instance; it usually takes a thirdparty typically a lawyer attorney or notary to facilitate the settlement.The problem is that the process tends to be tedious and plagued by delays notto mention hefty legal fees. Cryptocurrencies such as RPT coin for one has asolution for that: cryptocurrency contract. These nifty contracts eliminate theneed for third party approvals making it a breeze.
Cryptocurrencies are global. This way it doesn’t discriminate if youare dealing with someone on another continent or your neighbor; they areentirely indifferent of the physical location of the sender and the receiver.At the end of the day cryptocurrencies are cheaper faster and more securemeans of transacting international.
Right off the bat most cryptocurrency exchanges especially RPT cointransactions don’t attract any fees or surcharges because the miners arealready being compensated generously by the blockchain network. In the end block-chain network eliminate an entire layer of banking bureaucracy – andrelated fees!
There’s no simpler way to put this than to say that cryptocurrenciesare more secure than the famed Fort Knox US Military Base. How so? RPT coinfunds for example are always fortified in a public key that’s backed by anunbreakable cryptography system. It’s only the person with the public key thatcan actually send the cryptocurrency. Besides the allure of huge combinationof numbers and robust cryptography make this scheme invulnerable.
I’ll repeat that: cryptocurrencies are permission-less. You don’t haveto beg anyone to use it; it’s basically a nifty software that anyone candownload (for free). Once installed you get to send and receive RPT coinsright away. There’s no doorkeeper teller account manager or whatnot; it’sjust you and your RPT coins.
Cryptocurrency is no longer a buzzword for geeks; it’s atried-and-true digital currency that’s poised to change the way to do everything- from online shopping investing to banking and every monetary transaction inbetween. It’s either you hop onto cryptocurrency bandwagon or languish isslavery to state-controlled currency. If you are curious to learn more aboutcryptocurrency head over to Real Points Academy - your one-stop-shop forvibrant full-spectrum cryptography and financial courses.