Digital currency
In the current situation of
crisis during infection disease, the importance of Digital currency increased in
the world and it is the time to update and increase the capability of paperless
currency and technology in the world as underdeveloped countries like Pakistan.
There are a lot of regulations in
this world and understanding how those regulations can make the cost of
remittances we ‘reseeding money back to your family your country about a five
percent overhead on it we think we have a role to make sure that particularly
for the smaller transactions the regulations don’t impose those very high costs
once this gets going then we'll step up to the applications and say okay what
is how to do how does a savings application.
Digital currency helps them stay
in school you know set money aside for the uniform or for good future planning
some of what you just described the need to move money from place to place the
cost of doing so the overhead as you put it makes me think to believe it or not
of Bitcoin because. some people have said hey bitcoin is the answer to those
problems are you a believer well bitcoin is exciting because it shows how cheap
it can be bitcoin is better than the currency.
Know that means these customers
aren’t going to be coming into their branches and they can charge a higher fee
when you want to cash out but if it's a purely digital transaction then you
know you should be paying you to know less than a percent to move that money
from you to a merchant
Cryptocurrencies
Cryptocurrencies are just mediums
of exchange they are a means of carrying out a transaction digitally they are
virtual currencies completely independent of government control or any central
authority and to the server you name it they are completely of their own thing
which means you don't have to go through a bank to process transaction now this
is an important aspect that I'll get back to later and you might be saying to
yourself.
Cryptocurrencies are at their
most basic technological level and in my explanation of cryptocurrency I'll be
using Bitcoin as the main example hopefully you've all at least heard of Bitcoin
by now I can't imagine anyone not hearing about Bitcoin. With Bitcoin, the
ledger will continue to grow and build on itself hence the reason why we call
it a chain since this ledger is made public to everyone and will continue to
have its information distributed and digitally synchronized all across the
world.
Digital wallet on the Bitcoin network
this wallet will include two things a private key and the public key the very
existence of these two keys is crucial- the whole cryptographic nature of
cryptocurrencies for your transactions to be securely encrypted and be
authentic they need to have these two keys involved so say you want to send a
transaction to someone that says send 20 bitcoins
digital signature or your private key and that it is
associated with the public key that you have sent off along with your
transaction now here's where we get into the whole mining aspect of this process
once your transaction is sent off into the Bitcoin network and is subsequently
announced to all the people.
Bitcoin essentially
solving math problems the miners can confirm transaction which will then be added
on to the blockchain ledger now this process of verifying is by no means an
easy task nor is it a cheap one people will spend hundreds of thousands of
dollars creating these mining and jacking up their electric bills to enormous
heights just so they can be the first ones to verify that transaction and add
on to the blockchain but why buy all these graphics cards and blowout your
electric bills for this well for your work and adding on to the blockchain and
successfully.
This is the need for the time a combine digital currency worldwide
helps to increase the lifestyle of the modern world and easy distribution of
resources with effective protocols in the new world. It can be helpful in any
crisis to help the humanity in poor countries.
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