Bitcoin is just one of a few big names in the cryptocurrency industry which has helped to show the world the feasibility of a digital payment system. Since the coins inception in 2008, the cryptocurrency world has managed to takeoff, most notably in the past year or so. The cryptocurrency craze seems to be sweeping across the world, with many of the largest countries in the world having quite big markets for the cryptocurrency world.
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With may people getting into the market just for investment sake, it seems like there is also a larger ecosystem for the crypto world via mining, other forms of securities and the whole lot of business that comes with that. Cambridge University in England recently came out with a comprehensive study of cryptocurrency showing how the market has become incredibly widespread. According to the study, there are around 3 million people currently involved in the industry, using $40 billion in cryptocurrency to store, make transactions with and mine. The big issue with the cryptocurrency world is that many who are involved don’t even know how the industry works.
The main explanation is that it is a series of record keeping softwares that help to track where coins are going. The coins are mined by individuals who do so to put through transactions on the network, who are then rewarded with a certain amount of that coin. The world of cryptocurrency is incredibly decentralized, meaning that there is no middle man like a bank. Because of this, many individuals have been coming up with technology to help send payments around the world at almost instant speeds with low transaction fees. Since this is something that is quite new, only time will tell if it will be able to disrupt the larger market on banking throughout the world.