Cryptocurrency — you know? Have you seen the new money?

When I first heard about cryptocurrencies, I wanted to know more. And here’s what I learned.

We are familiar with various monetary expressions, such as: shells, coins, paper notes, banknotes on a bank account and electronic ones representing the payment system. For the convenience of storing and accounting for banknotes, we first switched to traditional money in our understanding — banknotes, coins. We began to store them in banks. With the development of the Internet, we have acquired electronic invoices. Now we can store and transfer with the help of third parties. Also, electronic payment systems appeared for more comfortable use of banking and faster use of funds to each other.

Over time, we realize the need to improve payment systems and money itself, because modern has a number of obvious shortcomings.

Unlimited emission — we cannot control or predict the growth of the money supply, since the state can print money indefinitely, without any outside control. If we talk about banknotes, they have been counterfeited at all times. And most often people themselves suffer from this, not regulators.

Dependence on the payment system — payment systems limit the amount of transfers, you cannot always transfer money at any time of the day and anywhere in the world. Unilaterally Adjustable Commissions and Fees. Moreover, you cannot anonymously send any amount to another account.

In general, there are enough nuances.

Now about the subject of the article.

Cryptocurrency is electronic money that does not require centralized management, for the most part excludes interference, that is, a payment terminal, a wallet installed on your PC, contains everything you need to work. To send or receive money, you only need to know the recipient’s wallet address. You do not need to transfer your data or register yourself to receive, store and send your money. To save a wallet client, you just need to set a private password and save a file with information about your account. This file can be transferred to any PC and even donated with funds corresponding to the account.
Copy, forge or hack the code to increase emission. There is no third party that could prohibit or limit your ability and right to use this money.

Do you still think lightly about cryptocurrencies?

Cryptocurrency is electronic money that does not require centralized management, for the most part excludes such interventions, that is, a payment terminal, a wallet installed on your PC, contains everything you need to work. To send or receive money, you only need to know the recipient’s wallet address. You do not need to transfer your data or register yourself to receive, store and send your money. For the safety of the wallet client, it is enough to set a private password and save a file with information about your account. This file can be transferred to any PC and even donated with the funds available on the account by transferring this file on a carrier or simply by sending it.
It is impossible to copy, forge or crack the code to increase the emission. There is no third party that could prohibit or limit your ability and right to use this money.

Do you still think lightly about cryptocurrencies?

Original Article Language RUS

GoodDollar is a non-profit protocol and G$ digital coin to deliver universal basic income on a global scale.

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