What's Cryto Currency & How Does It Relate to Property?
The first cryptocurrency to be created was Bitcoin back in 2009. Today there are hundreds of other cryptocurrencies such as Ethereum, Ripple or Neo, often referred to as Altcoins. A common mistake is to think that Bitcoin is cryptocurrency, but in fact Bitcoin is just one type of cryptocurrency.
What Is Crypto
Unlike centralized banking, like the Federal Reserve System or Bank of England, where governments control the value of a currency like USD and GBP through the process of printing fiat money, government has no control over cryptocurrencies as they are fully decentralized. Why is this important? It means that a cryptocurrency is not subject to devaluation by inflation.
Most cryptocurrencies are designed to decrease in production over time like Bitcoin, which creates a market cap on them. That’s different from fiat currencies where financial institutions can always create more, hence inflation. Bitcoin will never have more than 21 million coins in circulation. The technical system on which all cryptocurrencies are based on was created by Satoshi Nakamoto.
While hundreds of different cryptocurrency specifications exist, most are derived from one of two protocols; Proof-of-work or Proof-of-stake. All cryptocurrencies are maintained by a community of cryptocurrency miners who are members of the general public that have set up their computers or ASIC machines to participate in the validation and processing of transactions.
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