On September 5th, Netwyn Place held a seminar hosted by Ageesan Sri teaching aspiring business people about the Cryptocurrency trend. Ageesan founded U.Cash, a company dedicated to making understanding cryptocurrency easy as well as making the transfer of cryptocurrency to cash simple. Together, Netwyn Place and U.Cash created this seminar to help make understanding cryptocurrency a bit easier.
What is cryptocurrency?
Cryptocurrency is a digital currency that can be used as a medium of exchange. Through cryptography, cryptocurrency can not be reproduced and transactions using it are secured and verified.
Despite current belief, cryptocurrency is not something that just appeared suddenly. Efforts to create a completely digital currency have existed since the 90’s tech boom, but problems with security prevented these efforts from taking off.
However, in 2009 an anonymous programmer going by Satoshi Nakamoto developed Bitcoin; a decentralized, peer to peer electronic currency. By creating a secure means of currency, cryptocurrency was able to take off and quickly find value and become present in the popular consciousness.
How do I get cryptocurrency?
To get cryptocurrency, there are 2 major ways. Investing and mining.
By investing in cryptocurrency, you are essentially investing in stocks. By making smart decisions in which cryptocurrency you want to invest in, you will be able to make money in exchange for those investments.
Mining is a bit more complicated. When a transaction using a cryptocurrency like bitcoin is done, it is stored in a public ledger called the “blockchain”. If someone has the proper software and hardware, mining involves taking these transactions as blocks and attempting to solve a difficult computation puzzle. These puzzles exist due to the cryptography used to secure the currency. If someone solves the puzzle first, they will be able to place the next block on the chain and receive a newly released bitcoin and the transaction fees associated with the transactions previously done.
Why is cryptocurrency worth so much?
The reason you hear about the high value of cryptocurrency is because the value of it constantly fluxes. Because of this, cryptocurrency is considered as a high risk investment.
When deciding on if you want to invest in bitcoin, it is best to consult a professional organization such as U.Cash.
It is a new form of investment, and it is best to be knowledgeable before delving into it.
