Cryptocurrencies have created a lot of Buzz lately. People have all sorts of doubts like whether to invest in it or not, is it going to be persistent or not, how does the bitcoin and cryptocurrency technologies work, and understanding blockchain technology.

Cryptocurrency:

The revolution of bitcoin and cryptocurrency technologies and realization of the crypto-coin value has already started. Institutional investors have started buying the most profitable cryptocurrency on a large scale and trading cryptocurrency for profit. Banks and governments have started realizing that this invention and trading of most profitable cryptocurrency has the potential of taking their control away. You can either stand beside and observe -or you can be a part of the history in the making and start trading cryptocurrency for profit. Cryptocurrencies are digital currencies that work as a medium of exchange that uses cryptography for secure transactions. Blockchain is the technology that enables the existence of bitcoin.

“Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.” – Thomas Carper, US-Senator

What does blockchain mean?

Understanding blockchain technology, Blockchain architecture stores information permanently across a network of personal computers, which decentralizes, distributes and records it onto a public ledger that anyone can see. The transactions are verified by miners, who maintain the ledger. The miners are rewarded for their work in the form of Bitcoin assets. These bundles of records on personal computers are called blocks. Each block has a timestamp, and a form of a previous block, forming a chronological chain making it impossible to be hacked.

cryptocurrency

Bitcoin is one of the most popular and most profitable cryptocurrencies right now. Bitcoin was first invented by the anonymous man Satoshi Nakamoto with the intention of creating a new electronic cash system that uses a peer-to-peer network. It’s completely decentralized with no server or central authority, so every peer of the network needs to have a list of all transactions or a cryptocurrency exchange list to check if the transactions are valid or not. That is what makes it different from cash transactions.

Top Five Cryptocurrencies to Explore in 2018

Almost everyone might have heard about bitcoins but these are some newbies which have a lot of potentials and which can prove to be highly beneficial for countries planning to implement blockchain technology to establish a digital economy system.

Some of the best altcoin exchanges are and most profitable cryptocurrencies are:

  1. Skycoin, which has the potential to give each company or application their own blockchain, helping to combat high traffic and loading times with no transaction fees.
  2. Xaurum, the only cryptocurrency backed by gold, which provides intrinsic value and makes growth much more secure with less volatility.
  3. Stratis, a blockchain development platform that allows people to create custom uses for blockchains that haven’t even been thought of yet.
  4. Shift, another alternative blockchain that includes peer-to-peer storage, an uncensorable internet, and seamless monetization removing the need for third parties like Facebook or Youtube for content creators.
  5. DOVU, which is embracing the emerging smart car industry where cars are predicted to generate up to 25GB of data per hour. With DOVU you can manage and sell your car’s data at your discretion in exchange for tokens.
bitcoin

What will it be like when everyone uses the blockchain technologies?

Blockchain technology applications have a lot of potentials as it allows us all to share a single source of truth. The most important asset of this digital age is data. Supposedly more valuable than money, land or anything else that we own. Wherever we go and whatever we do online is recorded. It creates our virtual presence but the problem is- this information is owned by tech giants like Google and they can be compromised. This is where a Blockchain account can play a crucial role, it will allow us to have privacy and to monetize and control the flow of our information. Blockchain eliminates another major threat to our information, that is hacking, it’s almost impossible to hack the blockchain technology applications because in order to hack just one block one has to hack all the previous blocks in the system’s history and all the millions of computers at the same time. The time to adapt to a newer technology has arrived and the first to adapt to this new technology will the greatest beneficiaries.

Blockchain technology

Who accepts bitcoin?

Here are some of the companies that accept bitcoins,

Big players like eBay, Microsoft, Expedia, McDonald’s and Subway are all starting to accept Bitcoin and other digital currencies. The Swiss government is accepting the most popular bitcoin wallets for tax payments. Dubai has declared that they plan on becoming the world’s first ‘blockchain city’. These are major statements from major economies.Looking at all of these happening so fast I must say crypto coin value can bring revolutionary changes to the world’s economies.

Future Of Cryptocurrencies in India

Budget 2018 Outlaws Cryptocurrency

“Cryptocurrency is not legal tender in India but the government will explore its underlying technology, called blockchain, to usher in the digital economy”- Arun Jaitley, Finance Minister India

Budget 2018 brought bad news for the Indian cryptocurrency asset holders as Arun Jaitley declared cryptocurrency to be an illegal tender. The reason that the government states to have taken this step is due to the use of cryptocurrencies to evade tax and for funding illegitimate activities. And also digital currencies are virtually untraceable, so even if a transaction is doubtful there’s nothing much you can do about it. But the government has declared that understanding blockchain technology will be encouraged and in the future blockchain technology may be used to establish a full-fledged digital economy.