The Basics of Cryptocurrencies

Looking out for Cryptocurrencies

It seems to be the buzzword of today’s market, and yet so many are still confused with the conception and concept of “cryptocurrencies” worldwide.

What was once an idea for a virtual and global exchange item, has now turned into a pseudo-stock, where those with enough up-front capital can make a ton of money in no time. The biggest question on everyone’s mind is, “is this sustainable currency?” and while we may not know the exact answer to that question, we do know that this cryptocurrency bubble could change the way the world views money and exchanges goods…for better or for worse.

But for today, let’s focus on something other than the history of Bitcoin, and look into other cryptocurrencies currently in the market, and what shifts are currently taking place.

Destabilizing Currency

The original concept involving cryptocurrencies was to find a way to build a decentralized digital cash system, with absolute consensus but without central authority. For the sake of time, there is a lovely article from BlockGeeks about Cryptocurrencies and how they work, for those still out of the loop on how cryptocurrencies came into existence.

graph 2018 01 19 tboc

One of the main questions continually asked is how stable are cryptocurrencies as a global currency?

Perhaps it is naïve to say that stability doesn’t really matter here, because cryptocurrencies are changing how we view money regardless of their success or failure. People all over the world are purchasing or mining cryptocurrencies to protect themselves against the devaluation of their national currency. Even with Bitcoin and Ethereum taking a dive in worth recently, cryptocurrencies were designed to shift, with worth changing on a regular basis.

Banks have realized that their control on global capital could drastically change in a few years’ time. The world has already begun to shift in turn, whether countries support or deny cryptocurrencies. It’s been called both innovative and fraud, therefore the divide may never go away; but as many economists and tech entrepreneurs have noted, neither will cryptocurrencies.

It seems the future of cryptocurrencies, at least for the foreseeable future, will be dependent on specific companies continuing to drive cryptocurrencies by creating and trading their own, just as Kodak has done with their unveiling of KodakCoin.

We are seeing companies struggling to stay relevant and wanting to increase their stock value through cryptocurrency. The stock market game has only gotten more interesting with the surge of cryptocurrencies on the market. Holders are checking the Coinmarket.

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Tori Youngbauer

Tori Youngbauer

Tech Writer // Cat Enthusiast

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