Cryptocurrencies as far as neoliberal macroeconomics is concerned are the best game changers in modern times like eponymous hero,beyond what mordern economists could decipher.Ibikunle Laniyan the blogger critically examines the positive devepment in the last two decades.Enjoy the reading.
Crypto currency is a digital money alternative form of encrypted algorithms.Cyptocurrencies base on utilisation of encryption technologies serve the dual purpose of currency and virtual accounting system .It begins with deployment of Crypto currency wallet and these wallets that operate as cloud based service software stored on a computer and Mobile phone are the tools that the user uses to store the encryption keys.These keys confirm the identity of the users and ensure positive experience of the users,link to crypto currency during either mining, storage and buying and selling of preferred nonfugible tokens.
With rave of the moment,that is crypto operating at dizzying pace and money pouring into Crypto Investment from all quarters Inclusive of venture capital,angel Investors, institutional Investors,hedge funds,Banks and financial institutions, exchanges, Strategic patners it is clear it will continue to be a major force in the coming years even beyond the speculative years of nakamoto satoshi's prediction more than 21million Bitcoins.
Imagine the Bitcoin journey in the timeline chart to burst $10,000 . Bitcoin was wild in 2017 when it shot up from $1,000 to $10,000 in less than 12months and shot above skyward in late 2021.Bitcoin was launched in 2008 as the first Crypto still remains the most influential and best known.First outlined in principle by Nakamoto in a 2008 paper entitled "Bitcoin :A Peer to peer Electronic Cash System".He described the project as'electronic payment system based on Cryptographic proof instead of trust.' The evidence of Cryptographic proof is noted in the form of transaction verified and recorded in blockchain.As an open distributed ledger that records transactions in code, blockchain in practice is like a waiting check book distributed across manifold computers World wide.It records transactions in block then linked together on a chain of prior Crypto currency transactions.In the blockchain every user uses Crypto to make transaction often recorded in the copybook and to prevent fraud in transaction validation technique such as proof of work and proof of stake is deployed.With these two consensus mechanisms widely used for transaction verification prior to blockchain addition and the reward is crypto currency .
A verification transaction method on a block chain in which algorithm provide solution to computer resolved mathematical problem is regarded as Proof of work .The participating computers are the miners solving mathematical problem in the verification of group of transaction known as block then later added to blockchain ledger.Reward is granted to first computer to solve the puzzle in terms of crypto currency for the effort.A miner rewarded by Bitcoin at the rate of say 6.25 BTC or prevailing rate for block validation.This blockchain competition puzzles consume a whole lot of computer power and enormous electricity.
In the proof of stake, verification method of some Cryptos ensure power use reduction vital to probe transaction.Volume of transaction verification per Capital quite limited by Crypto users willingly endorsed at stake.A sort of bank collateral and ostracises energy intensive equation stress more efficient than proof of work.It allows for faster verification times for transaction.
In the face of many competing crypto options,the system operates itself through its technology known as blockchain and also the deregulator.To avers that it operate without bank or government and whatever gain acrued to network participants .
Cryptos are the first alternative to traditional banking system and share powerful benefits over other payment methods and classes of assets.It testifies that it is fastest, easiest, safest and cheapest and provides equality of opportunities irrespective of the place of birth and social status.Cryptocurrencies create unique economic freedom for all and fundamental borders in business broke down for virtual world.
Crypto's economic market value is driven by Market Forces and
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