What is a cryptocurrency?
It is a digital asset (Virtual asset or an alternative form of asset) that is used as a medium of exchange. This means that a cryptocurrency existence is not physical. Cryptocurrency uses cryptography (which are codes that are used to secure communication where a third party is present) to secure its operations therefore making it difficult to commit theft or fraud.
The financial market has different cryptocurrencies in place and each of them is valued differently. Bitcoin was the first crypto in the market in 2011 and that is why it is no surprise that it is ranked the most highly valued digital asset as at the year 2018. Since then different crypto have appeared in the market. Other types of cryptocurrency are the Dogecoins, Altcoins, stellar lumens, Ripple etc. The list would go on and on.
So now that you know what a cryptocurrency is, how can it be used?
The investment craze of crypto made others shy away pointing out that it was a scam which will come to pass but the opposite is true. Their introduction into the market has seen investors get rich overnight. In 2011 a single bitcoin was valued at $0.25 the value went increasing to a point where 1 Bitcoin was valued at $19,783.06. Now that is an investment I would undertake.
The world is headed to a point where traders will no longer accept physical money. In fact, FIAT currency is already being referred to as a traditional form of payment. It is easier to use digital currency because It is stored in a virtual space where only you can access, crypto uses block chain technology which will keep updating all the financial transactions at the same time syncing all this data on all its servers. You can therefore comfortably trade using a cryptocurrency for any good or service.
If you have sent money into other countries, it is likely that you have experienced the hustle of buying and selling currency. Cryptocurrencies are here to save you from that hustle. It can be used by traders in almost any country and therefore all you have to do when making a transaction is transfer it from one crypto wallet to another.
Impala coin is preparing an ICO for a virtual currency the ICN which is being generated and traded on the stellar network. The ICN will make use of merits of block chain, featured with decentralization, autonomy, transparency and tamper-proof information among others to ensure system security.