At the forefront of the cryptocurrencies is Bitcoin, one that I have actually avoided. Bitcoin was the first cryptocurrency to appear. It is not owned by a single Government, and it doesn’t experience inflation or taxation by effect, it is handled by an online blockchain, which, to sum up, is where a record of these transactions are stored.
One of the very unique traits of cryptocurrencies is that it’s very difficult to commit fraud as the online blockchain means that the cryptocurrency can be tied down to a specific consumer, so that consumer does truly own the bitcoin. Now there are many more specific details that if I were to include would probably confuse you more than it has already confused me, so I will spare you the in depth analysis and conclude that what we have is enough to work off.
Now, as I said, at the centre of the cryptocurrencies is Bitcoin, which has caused a lot of excitement recently due to its inflating value, with many investors funding it with the faith that it will continue to increase. To put it into perspective, whereas six years ago, one bitcoin would’ve been worth approximately one dollar, it is, at the time of writing this worth over 18,000 dollars, now it may be less than that when this video is released, because it is that changeable, but it clearly demonstrates how much it has exploded in the last few years. If you look at a graph you’ll notice that it has increased at an unbelievably exponential rate.
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Dec 28, 2017