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These codes are long, random numbers, making them incredibly difficult to fraudulently produce. In fact, a fraudster guessing the key code to your Bitcoin wallet has roughly the same odds as someone winning a Powerball lottery nine times in a row, according to Bryan Lotti of Crypto Aquarium. This level of statistical randomness blockchain verification codes, which are needed for every transaction, greatly reduces the risk anyone can make fraudulent Bitcoin transactions.

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Not only is Bitcoin the first cryptocurrency, but it’s also the best known of the more than 5,000 cryptocurrencies in existence today. Financial media eagerly covers each new dramatic high and stomach churning decline, making Bitcoin an inescapable part of the landscape. While the wild volatility might produce great headlines, it hardly makes Bitcoin the best choice for novice investors or people looking for a stable store of value. Understanding the ins and outs can be tricky—let’s take a closer look at how Bitcoin works.

Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank. Bitcoin’s creator, Satoshi Nakamoto, originally described the need for “an electronic payment system based on cryptographic proof instead of trust.” Each and every Bitcoin transaction that’s ever been made exists on a public ledger accessible to everyone, making transactions hard to reverse and difficult to fake. That’s by design: Core to their decentralized nature, Bitcoins aren’t backed by the government or any issuing institution, and there’s nothing to guarantee their value besides the proof baked in the heart of the system.

“The reason why it’s worth money is simply because we, as people, decided it has value—same as gold,” says Anton Mozgovoy, co-founder & CEO of digital financial service company Holyheld. Since its public launch in 2009, Bitcoin has risen dramatically in value. Although it once sold for under $150 per coin, as of October 26, 2021, one Bitcoin now sells for more than $62,000. Because its supply is limited to 21 million coins, many expect its price to only keep rising as time goes on, especially as more large, institutional investors begin treating it as a sort of digital gold to hedge against market volatility and inflation.

Bitcoin is built on a distributed digital record called a blockchain. As the name implies, blockchain is a linked body of data, made up of units called blocks that contain information about each and every transaction, including date and time, total value, buyer and seller, and a unique identifying code for each exchange. Entries are strung together in chronological order, creating a digital chain of blocks. “Once a block is added to the blockchain, it becomes accessible to anyone who wishes to view it, acting as a public ledger of cryptocurrency transactions,” says Stacey Harris, consultant for Pelicoin, a network of cryptocurrency ATMs.

It’s widely regarded that cryptocurrency is a growing ecosystem that has slowly been making headways into the world’s traditional financial systems. According to statistics, the number of users of various cryptocurrencies has grown by 66 million between 2018 and the last quarter of 2020. Furthermore, both private and public sectors are warming up to the idea of adopting cryptocurrencies in their financial dealings such as making payments, value storage, and as an investment.

The history of cryptocurrency goes back decades ago when cryptography started making digital advances. This is the technology that has helped develop and evolve the variety of encryption techniques that make cryptocurrency networks secure and reliable to take on different transactions. Now with over 5,000 cryptocurrencies and growing, look at these four reasons as to why cryptocurrency is the future of finance.

The need for transparent, secure, and accessible financial systems is said to be mounting and becoming more obvious. This is believed to be caused by the current centralized financial system’s continued failure to provide financial freedom and credibility to users. Many see decentralized finance or DeFi as a system that can offer more transparency and better transactional security and replace some conventional financial processes soon.

DeFi is said to be quickly gaining traction in investing, trading, borrowing, and lending that catalyze a revolution in today’s financial services. The increase in demand and accessibility of cryptocurrency exchanges are increasingly raising the popularity of different DeFi systems worldwide. Along with it, cryptocurrency exchanges have become well-known with investors too. These top crypto exchanges in Australia are some of the platforms Australian investors are progressively trading cryptocurrency with.

Cryptocurrency is believed to be increasingly becoming a more acceptable financial system. Both private and public sectors have shown great interest in it, and it’s now openly recognized across many sectors. So far, there are public and private actors that have openly recognized cryptocurrency as part of their financial systems. Institutional investors, technology-focused corporations, and even national central banks all over the world have started to incorporate cryptocurrency in their operations.

A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption techniques known as cryptography. Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009. While Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention in April 2013 when it peaked at a record $266 per bitcoin after surging 10-fold in the preceding two months.

In a world where there’s still a large population without access to formal financial services, cryptocurrency offers a viable and concrete solution. Conventional banking is restrictive due to a lack of personal identification documents, account opening and operating funds, or proximity to an institution. People with no bank accounts worldwide can now tap into this financial model that offers instant access from anywhere, lower transaction costs, and fast processing of transactions

The history of cryptocurrency is very telling on what stake it holds in the future of finance. Blockchain technology can potentially disrupt the conventional financial systems that currently require a trusted third party to check, verify and authorize transactions. As the technology develops, more sectors acknowledge and accept cryptocurrency as a viable financial system. Cryptocurrency could become the new conventional financial system in the future

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries