The world is becoming a much smaller place because of technology and it's advancements, 20 years ago to imagine a digital currency would be possible was unthinkable but today hundreds of types now exist. In order to understand our we entered this brave new world of phantom money we must go back to it's humble beginnings to comprehend it's value.
Even though other currencies came onto the scene it seems Bitcoin (also known as satoshi) has become the king of digital currencies and the one all cryptos are traded into to obtain physical cash. Satoshi Nakamoto is the name given to the creator of the original blockchain database to interface on a peer to peer network and deployed the original reference implementation. It stands to reason that a unit of "money" would be affectionately called after it's creator, like Frankenstein's monster. It's unregulated beginnings allowed the currency to be traded freely as a method of moving illegal drugs of all kinds and other paraphernalia without risking loss by deception.
The cryptocurrency metamorphosis occurred when blockchain transactions were found to be a seamless way to expedite international business. During the transfer of cryptocurrency the buyer identifies the amount for the purchase in his virtual wallet, this amount then transfers to the blockchain and placed on a ledger to show the new balance. The only drawback to a large cryptocurrency transaction is it is not instantaneous and the seller has to wait, maybe hours for the transfer to take place.
Cryptocurrencies are here to stay, regulation of the transaction for policies protocols and procedures are on there way for mainstream commerce of everyday purchases like buying gas or groceries. For now, the cryptocurrency of choice is Bitcoin or Bitcoin cash which can be traded for Federal Reserve Notes at special ATMs (automated teller machines) located throughout the city.
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