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Cryptocurrencies – bigger than you can imagine

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Cryptocurrencies – bigger than you can imagine

Many of its backers saw it as a simple global payment system for anyone to use rather than a financial asset for investors to trade. 

And since then Cryptocurrencies have been the investment idea that attracted the most attention in 2017. An example is Bitcoin which moved up with other currencies like Ethereum and Litecoin moving up too. These high moves were accompanied by a lot of worry with people calling the moves a bubble that was waiting to burst. 

While currency in one form or another has been around for millennium, up until the 21st century it has always been in a physical form. That form may be coins, bars, or even paper currency. 

But there has always been a physical representation of the currency we use in our daily life to buy goods and services. Everything changed in 2009, when Bitcoin was released as open source software that’s used to create a digital currency.  

A digital currency, also known as cryptocurrency, is created through the use of specialised software and is stored only in a digital form on computers and servers throughout the world.  Since then many other digital currencies have come on the scene, with even more appearing on a monthly basis. Yet Bitcoin is still the king when it comes to digital currencies at least for the time being. 

The cryptocurrency market is just less than a decade old. Ethereum is another decentralised digital currency, but is also a computing platform developed for its scripting functionality. It is quite new, having gone live on July 30, 2015. Its value has since recently skyrocketed. Ethereum is currently seeing double the processed transactions when compared with Bitcoin. 

With many corporations, financial institutions and even governments having begun to develop their own systems and programmes based on the Ethereum protocol. This could be very positive for the currency, as broad adoption would be sure to increase the value of Ethereum. 

Litecoin digital currency was created as a fork of Bitcoin, and as such is very close in nature to the original digital currency. There are some differences however, such as almost zero payment cost and payment transactions occurring approximately four times faster than Bitcoin. Litecoin was created in October 2011 by a former Google employee named Charlie Lee.

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