Hello my fellow Steemit Friends & Family. I would first like to apologize for not being active on the platform, however I am back and full of knowledge to spread on a variety of topics. Today's blog is about Cryptocurrencies and their future in my respects. Cryptocurrencies are digital assets designed to become one of many mediums of exchange. As anything digital, there must be some type of security system and cryptography is just that of the crypto world. Cryptography is the art of writing or solving codes, it secures transactions to control the creation of additional units of the asset. The world of crypto all started back in 2009 when Bitcoin, the first decentralized cryptocurrency was developed. Since then, numerous coins have been created and are frequently articulated as altcoins, as a blend of bitcoin alternative. Bitcoin and other Alt-coins use decentralized control as opposed to centralized electronic money or the centralized banking system. The decentralized control is related to the use of bitcoin's block-chain transaction database in the role of a distributed ledger. Cryptocurrencies are used primarily outside the existing banking and governmental systems, and exchanged over the Internet. While these alternative, decentralized mediums of exchange are in the early stages of development, they have the unique potential to challenge existing systems of currency and payments. As of June 2017 the total market capitalization of cryptocurrencies was more than 100 billion USD and a record high daily volume of greater than 6 billion USD. As of July 2017, there are over 900 digital currencies in existence and this is just the beginning of this new found market. The Central Bankers who have more economic collapses under their belt than a little bit are in a stage of disarray due to the fact of the age of information. The reason I see cryptocurrency/blockchain technology taking over the current financial system is for a couple of reasons: Centralization excludes many people, slows economic growth, gives bankers big cuts of money, gives bankers data, underminds society's privacy, and creates social inequalities. As for decenteralization establishes trust without a third party, runs on the blockchain technology, and is established by collaberation, cryptograpy, and clever coding. Crypto is the here and now , crypto is the future. six of the world’s largest banks have signed on and are teaming up to create and accept a new cryptocurrency. It is supposed to be used for clearing and settling transactions over the blockchain technology. If the big money is shifting I advise we all should. Thanks for reading and as always stay safe and be prepared. ONE LOVE !!!!!!!!!
