What’s CryptoCurrency – How Will it Affect Your Business?

What’s CryptoCurrency – How Will it Affect Your Business?

CryptoCurrency
CryptoCurrency

Cryptocurrency is a hot topic among the tech world these days,

mainly because it has emerged as the leading form of payments for legitimate purchases.

the Verge reports that 2.2 million people who were unemployed in the

U.S. work in tech.

Bitcoin, one of the most popular cryptocurrencies, gained mainstream attention in 2013.

It launched in 2009 and has recently been in the news for disrupting the financial world.

Cryptocurrencies are now accepted worldwide by major banks,

such as Bank of America (BofA).

How can you use cryptocurrency in your business? If you don’t have a current online shop,

you can use software like BitPay or Coinbase to convert Bitcoins into fiat currency.

But for many businesses, that’s not an option.

Decentralized Application (DApp)

What’s a DApp?

Well, it’s a type of decentralized application (DApp),

also known as a blockchain app.

It refers to an application or application programming interface

(API) that runs on top of a blockchain and facilitates and records transactions.

A blockchain is a distributed, public database that keeps track of all transactions and payments. In the Bitcoin system,

for instance, every person has a Bitcoin account,

those accounts are backed by computer power

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Every Bitcoin transaction has a time limit and a specific number of bitcoins exchanged.

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then umber of bitcoins

exchanged is drastically reduced.

That’s why (Bitcoin) has been referred to as the “digital gold.”

Decentralized apps, on the other hand, give users a way to build their own applications on top of a blockchain database and with a centralized server in the middle.

Using Ethereum

Enter Ethereum. The inventor of Ethereum, Vitalik Buterin,

is an Israeli-Canadian tech startup chief executive, who was only 21 when he created Ethereum.

He calls it a new Internet, as opposed to the World Wide Web which is the current Web.

Ethereum can essentially do anything on the Internet —

used to develop websites,

but also applications that go beyond websites.

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