Is Cryptocurrency The Future of Money?
Whether you’ve been keeping tabs on digital currencies or are just catching up, you probably know that the world of cryptocurrency is booming right now. If you’re not quite sure what all of this talk about crypto means, here’s a brief explanation. Cryptocurrency is digital money that uses encryption to verify transactions and control its production as well as keep track of it. As a general rule, there are two types o f cryptocurrencies — centralized and decentralized. Centralized cryptocurrencies are controlled by one individual or entity and can be seen as an extension of traditional fiat money like the USD or the GBP. The most famous examples include Bitcoin, Litecoin, and Ethereum. These all fall under the category of centralized virtual currencies because they have a single point of control. On the other hand, decentralized virtual currencies are those in which no individual or entity has control over them. Examples include Ripple, NEO, and Monero. What is the future of cryptocurre...