Each and every one of us has heard about how Bitcoin and other cryptocurrencies have made billionaires out of people who purchased them as recently as a year ago. It is not only conceivable, but also commonplace, to make gains of 1,000 percent or more with several of these crypto currencies. In less than 17 months, someone who purchased Bitcoin in May 2016 for less than $500 would have seen a rise of more than 1,400 percent. In the following days, Bitcoin dropped by about $1,000, demonstrating that these cryptocurrencies are extremely unpredictable. To suggest they are volatile would be an understatement of the highest order.
Considering that crypto currencies provide a very evident threat to governments who want to see and tax all transactions, we at Trend News have been suspicious of their potential to endure from the genesis of Bitcoin in 2008. We are, however, quite aware of the potential of the underlying technology that supports these electronic currencies, even if we are still hesitant about the actual crypto currencies themselves at this time. In fact, we believe that this technology will be a huge disruptor in the way data is managed, and that it will have an influence on every sector of the global economy in the same way that the internet had an impact on the media industry.
BITCOIN is the crypto currency (CC) that is the most well-known. It was the inaugural CC, having been established in 2008. At the moment, there are more than 800 CCs in circulation. These include cryptocurrencies such as Ethereum, Litecoin, Dash, Zcash, Ripple, and Monero, all of which are "virtual." Neither coins nor currency exist in a "physical" form.
CCs are virtual currencies that exist in very large distributed databases and are used to transact in them. BLOCKCHAIN technology is used to create these databases. The widespread distribution of each Blockchain database is considered to make it impervious to hacking because there is no single point of attack and every transaction is accessible to everyone on the network. Each CC has a set of administrators, who are referred to as "miners," who are in charge of validating transactions. One cryptocurrency, dubbed Ethereum, validates transactions through the use of "smart contracts." More information on Crypto TREND will be provided in subsequent news articles.
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