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Cryptocurrency is the Future: What exactly it is?

Cryptocurrency is the Future: What exactly it is?

16 Dec 2020

Reading Time: 2 minutes

Cryptocurrency is a digital currency that functions as a medium of exchange. It uses what we call "Cryptography" to carry out its function. It is quite similar to the real-world currency that we have, but the main difference is- it doesn’t have a physical embodiment. 

But what is Cryptography? In simpler words, Cryptography is a method used to secure communication in the presence of third parties with ill intent. This requires a computational algorithm to carry its security function. In this manner, people can keep track of their transaction details exclusively. 

Contrary to popular belief, cryptocurrency have limits to how many units it can exist. And this varies depending on which type of currency a person is using. Day by day, new cryptocurrencies are being established, but few of them have maintained their position at the top. Those are the Bitcoin, Ethereum, Z- Cash, and Litecoin. But most inarguably, Bitcoin and Ethereum are the biggest and most valuable cryptocurrencies today. 

What is the difference between the two? Bitcoin is decentralized without a central bank. It uses blockchain in performing transactions on a peer-to-peer network. In simpler terms, this is used to send money to a specific person manually. This function is similar to real-world transactions. While Ethereum is a currency applicable in the Ethereum network, which works on a blockchain to build decentralized applications. Compared to Bitcoin, Ethereum can either be manual or automatic. Meaning, you can program these transactions to take place in a particular time- when certain conditions are met. 

So, what are the advantages of cryptocurrency? It makes everything easier for us. First, there’s little to no transaction cost in any purchase, transfer and exchange of money unlike with the digital wallets installed in our mobile phones. Second, it ensures accessibility to everyone. Cryptocurrency doesn’t require any amount of documentation or paper works in setting up for an account. Compared to the current banks that we have, making it more efficient and hassle-free. 

Another thing is, with cryptocurrency international transactions are way faster. A conventional wire transfer takes about a day to send money from one place to another, but with cryptocurrency, it would only take a matter of seconds. You can access your money 24/7- anytime and anywhere. In other words, cryptocurrency removes all the problems of modern banking. 

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The Peoples Reserve is a new Stablecoin Built…

For The People It is a Digital currency that is coded to the last highest price of gold. The wallet delivers a digital mining reward, of free coins, at 12% per annum compounding.

The coin features two value stabilisation features…
1) A non-collateralised algorithm, based on the Quantity Theory of money.

2) A self-fulfilling, fiat-backed reserve pool.

3) There is soon to be - hundreds of businesses accepting the coin for payment valued at the last highest price of gold to add consensus and further backing to the coin.

Additional Features, coming to the coin include…

- Transaction Privacy.

- A Reserve Pool where a percentage of coin sales will support worthy causes.

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