Bitcoin and other digital currencies have emerged as potential financial system disruptors, but they still face fears of theft and illicit behavior. Earnity co-founders Dan Schatt and Domenic Carosa want you to know all you need to know about it.
The distinction between virtual, digital, and crypto currencies
Because of growing trust difficulties with financial institutions and digital transactions, virtual currencies were created. Virtual currencies are independent of traditional banks and might someday offer competition for banks, even if they aren’t regarded as “money” by everyone.
Origin of BitCoin
Bitcoin is digital money that is represented by a number that is connected with a Bitcoin address. A programmer (or group of programmers) wrote a paper in 2008 outlining digital currency under the pseudonym Satoshi Nakamoto.
Origin of DogeCoin
Dogecoin is a cryptocurrency that was first introduced in December of 2013. It stars Doge, the Shiba Inu, who has become a popular online meme.
Other types of digital currencies
Earnity founders Dan Schatt and Domenic Carosa explain that Peercoin, Ripple, Mastercoin, and Namecoin are just a few examples of different cryptocurrencies.
The main draw of cryptocurrency is that it is decentralized, but each country has its own legal system, and rules may vary from place to place. Because of its anonymity, law enforcement and tax officials are worried about the usage of this cryptocurrency.
How Ben Bernanke changed the Bitcoin game
Virtual currencies “may offer long-term potential, particularly if the advances create a speedier, more secure, and more efficient payment system,” according to Ben Bernanke in a letter to US senators. Bitcoin, which was worth roughly $13 at the start of 2013, skyrocketed after news of his remarks leaked.
How to get Bitcoins
To start, download a Bitcoin wallet. There are several places where you may download a Bitcoin wallet program for your phone or PC.
How to mine for Bitcoins
The quicker your computer is, the faster you can mine. It was simple to locate Bitcoins in the early days, and some people used their computers to find hundreds of thousands of dollars worth of cryptocurrency.
Where you can use Bitcoin
You can buy goods and services using Bitcoin in a variety of venues. The list, which includes huge businesses and smaller, local enterprises like bakeries and restaurants, has no particular rhyme or reason.
The future of virtual currency
Some experts advise putting a few tokens away if you have them. They recommend waiting to see what happens in the coming months and years since new currency laws will almost certainly be introduced.