With today’s world being worried about what their country’s leader is about to do next, it’s a dangerous time for the currency exchange. Decentralized currencies are a thing of the future that is finally making its mark on human history. Bit-Coin is a decentralized currency with it’s roots being found directly on the internet and it’s project files being as an open-source project. This currency has created a way for money to be created and stored securely. This currency features secure certification for each bit-coin created to keep from being artificially created. With the certification system all transactions are anonymously and are kept from being traceable, essentially. This untraceable currency is shrouded in mystery and has baffled many professional investors.
Bit-coin has allowed us to view money in a different light. The thought process behind this, ushers in a new way that we need to perceive value. A big reason why this currency worked and is now valued at almost $3000 USD, is due to the fact that is being currently used by many industries as a form of payment. In the early stages of Bit-Coin, there were no stores to use them on. Essentially it was worthless. Until smaller businesses and freelance workers accepted Bit-Coin as payment or donation. These people knew that they wanted to make their goods and services worth the same a bit-coin, which in the beginning was nothing, no defined value. But accepting it was the only way to give it value. The way it was traded meant there was no 3rd party attempting to take a transaction cut or any way to figure out whom actually gave you the bit-coin. All that mattered was this is the exchange for your goods or services. With bigger companies following later by accepting bit-coin at the exchanged value.
This allows us to think about how countries define their dollar. A currency’s value has multiple factors, it’s not easy for one to sharply increase or decrease. These factors include a country’s deficit, inflation rates, productivity, foreign investment, etc. With Bit-Coin however, the same can not be said. A country can print out as much money as it wants tricking people that the country would have that much money when it really doesn’t. The best part about decentralized currencies is that they have basically nothing to worry about except for how commodity’s are priced. This factor being the most important thing about value, it is the biggest varying factor to Bit-coin’s market success.
The market for these currencies will see many rises and faults. Following these different currencies is hard to do when you do not have the insider resources to begin with. Bitcoindifficulty.com is a great site to follow for to find out more about Bit-coin mining and why it’s profitable. Unfortunately for the other currencies it will tend to be a little harder to find trust-worthy information. Places like Reddit and 4chan have good communities of people dedicated to alt-coins. These places and forums are my favorite for alternative currency information exchange. All this hard work and dedication on Bit-Coin and other currencies is the reason why decentralized money will be the way of the future.