Cryptocurrency success story

Computers & TechnologyTechnology

  • Author Boiarov Maksim
  • Published March 25, 2023
  • Word count 325

Cryptocurrencies work their way from an idea of a narrow group of people to a term on everyone’s lips. Maybe not everybody is aware of what it stands for, but everybody knows about Bitcoin. How could it happen, and what’s the catch?

How it all began

Maybe you heard of Satoshi Nakamoto as an “inventor” of Bitcoin. However, the idea of digital money was born in the 1980s. Later in the 1990s, this concept obtained security, was improved, perfected, and added with decentralization. And finally, in 2008, it was an anonymous developer (or a group of developers) nicknamed Satoshi Nakamoto who made a final contribution to the concept of blockchain and the first cryptocurrency as it is in its current state.

The idea of blockchain expanded and changed the world of finances in such a way that we can speak about a new paradigm in goods-money relationships. Cryptocurrencies brought a range of advantages over traditional money, making payments much more secure, reliable, and faster. So it is hardly surprising that crypto is getting more popular day after day.

Pros of cryptocurrency

The main advantages of cryptocurrencies are as follows:

  • simplicity (You do not need to possess some sophisticated knowledge to create an account in Bitcoin or to pay with crypto in an online store).

  • anonymity (No need to specify your name, country, or provide some documents to start working with crypto)

  • security (Since the records on a blockchain are secured through cryptography).

  • transparency (All transactions are easy to trace in any explorer),

  • ubiquity (One can use crypto in any place in the world where there is Internet access, despite national borders or national currency)

  • decentralization (There cannot be any trouble with the loss of data or money as it can happen with any bank or a centralized database)

All these features make cryptocurrencies widely known, and it’s no wonder why more and more online businesses, exchanges, and ordinary customers start to use them.

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