2017 has been a year of craze for the world of cryptography.
WTF is all the craze about though?
People began to question the need for intermediaries such as banks to handle transactions.
Surely at this point in history we would’ve advanced to a point where payments can occur instantly?
Well thank goodness for Bitcoin – the new era of block-chain technology
Blockchain is a word you’re gonna have to get used to if you intent on understanding what the concept of bitcoin is about….. try this on for size:
Decentralized peer-to-peer public digital ledger, thats what a blockchain facilitates. It completes transactions based on cryptocurrency exchanges. Sending & receiving from wallets across the network.
Mining involves a GPU (computer graphics processor) running through all these single transactions (encrypted lines of code) through a blockchain. By doing so it is rewarded bits of currency.
Hence the term “mined”, converting heat and energy to a resource. In this case the currency being mined, BTC.
So what about it why should i care?
Well chances are if you’re a consumer in the near future you can pay for your coffee, uber, hotels, tickets with bitcoin or various other cryptos accepted.
Blockchain technology has the ability to revolutionize the world. This is a understatement.
The exponential growth to be experienced in the AI field, smart contracts, self-driving vehicles only facilitates room for the exchange of coins….. a digital currency.
Some might call it the currency of the internet. Well, when you get -20% off Amazon, give me one good reason not to get some?
It’s brilliant. A maxed supply of 21 000 000 coins to be mined by 2140. Each year gradually increasing coin supply, similar to monetary quantitative easing which banks do.
Here’s the catch….
It’s not all sunshine and rainbows. Picture this.
N.Korea was sanctioned by the UN for oil imports and textiles. N.Korea responded by targeting South Korean crypto exchanges. Transactions are all encrypted. Thus, creates the grey area for criminal activity.
Banks don’t like it either, never is nice losing control of power is it. Another reason to be weary is that Wall Street is being eaten up by the crypto world! They aren’t happy having their profits slashed and you can rest assured they want a slice of the pie.
So if you can’t beat em, join ’em. Banks have teamed up with Ripple to use their SWELL network. Which basically provides instants transactions without a delay time. The normal lag currently is 3-4 business days.
Ripple is a making waves this mid-October 2017, with a conference presented by the founder of The World Wide Web and a Federal Reserve Banker from 2007-2012. Are you ready for the XRP rally?