Making an Impact
The main point of cryptocurrency is to fix the problems of traditional currencies by putting the power and responsibility in the currency holders’ hands. All of the cryptocurrencies adhere to the 5 properties and 3 functions of money. They each also attempt to solve one or more real-world problems.
What problem is cryptocurrency solving and why is that needed?
What is it: Cryptocurrency is a form of digital money that lives on the internet. You can send and receive it, but there are no physical bills or coins that exist anywhere like the Dollar, Euro, or British Pounds. Also, unlike the regular money that is controlled and issued by a central bank, there is no central bank controlling the supply for any cryptocurrencies.
Our current system, everything from finance to tech companies to politics and governments, are all run by a hand select, small group of people. Regardless of a true democratic consensus, these individuals are the ones making all the decisions and this gives rise to the fallibly of centralized power. They promise them freedom, but they themselves are slaves of corruption, and tend to error on the side of self pleasure rather than serving the greater good of humanity.
The blockchain and cryptocurrency are the tools that allow a true democracy to flourish and uniquely allows the power to be given back to the people at large.
Understand Bitcoin & Inflation
The easiest way to understand blockchain is to think of it as a fully transparent and continuously updated record of the exchange of information through a system which nobody fully owns.
This makes it decentralized and extremely difficult for anyone to single-handedly hack or corrupt the system, pretty much guaranteeing full validity and trust in each exchange of information.
Cryptocurrency is a digital or virtual currency designed to work as a medium of exchange.
Cryptocurrencies, are the tokens used within blockchains to send value and pay for transactions. Additionally, you can think of them as tools on the blockchain, in some cases serving as a resource or utility function. Other times, they are used to digitize the value of an asset.
No information on this website should be considered financial advice!