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¨The future of cryptocurrencies will depend on the coordinated approach of global regulators and policymakers.
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What Is Cryptocurrency • Adigital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
What is Bitcoins • Bitcoin is one of the types of cryptocurrency that is specially designed to permit a single transaction to be mined inaround 10 minutes. • “Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.
How to buy, send and invest in the digital currency • Cryptocurrency is cryptographic, which means that it uses a special encryption that allowscontrolling the generation of coins and confirming the transaction • It can be sent from one person to another, but without a central bank or the government attempting to track it. • The system depends on cryptography to control the creation of the currency.
Cryptocurrency Future Scenarios • The Federal Reserve could issue its own digital currency, as some global central banks are exploring. • Large companies such as Amazon, Walmart and Starbucks might issue digital coins that inspire trust and gain wide acceptance. • Retail giants, by accepting payments in the currency, could elevate Bitcoin, Ethereum or another cryptocurrency above the others vying to offer safety, soundness and utility. • Finally, if trust is lost in government-backed, or fiat, currencies, a cryptocurrency future could come about by default.
Future acceptability of cryptocurrency • The future of cryptocurrencies will depend on the coordinated approach of global regulators and policymakers. • There underpinning technology could strengthen operations, notably with regards to money transfers and financial market infrastructure companies.