Cryptocurrency is a digital asset designed to work as a medium of exchange. Basically, it is in a digital format, and not physical cash. All the Cryptocurrencies are using decentralised control which works through a blockchain – meaning a public transaction database, functioning as a distributed ledger.
The first decentralised cryptocurrency is Bitcoin which was created in 2009. Until now, there are some popular cryptocurrencies worldwide – Bitcoin, Litecoin, Dogecoin and Ethereum.
Bitcoin is the most popular cryptocurrency and has a high reputation because it is reliable, stable, secure, and long-lasting. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research produced by the University of Cambridge estimates that in 2017, there will be 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
Litecoin was inspired by, and technically is nearly identical to Bitcoin. The initial release was in 2011 and until late 2017, its market capitalisation was US$ 4,600,081,733. Litecoin is focused on delivering a viable cross-border payment platform that would surmount the substantial barriers currently in place.
Dogecoin is a decentralised, peer-to-peer digital currency that enables you to easily send money online. Compared with other cryptocurrencies, Dogecoin had a fast-initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined. In December 2017, it had a value of US$1 billion.
Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It is focused on running the programming code of any decentralised application. The Ethereum Virtual Machine makes the process of creating blockchain applications much easier and efficient than ever before.
So what are the advantages of Cryptocurrency?
Nowadays, more and more shops are accepting cryptocurrencies for payment. Shopify shop owners can turn on BitPay functions to enhance their shop competitively, travellers can book flights via CheapAir or Expedia’s - an online platform which accepts cryptocurrency and Japanese e-commerce giant Rakuten also accepts it.
Also, some of the worldwide chain restaurants like KFC (Canada region) and Subway are now accepting cryptocurrencies. This means that travellers don’t need to bring huge amounts of cash while travelling and it also and reduces international bank charges
Brisbane Airport (BNE) will soon become the first cryptocurrency airport terminal. The airport will partner with TravelbyBit, a cryptocurrency payment system, to allow travellers the ability to buy digitally.
The application of cryptocurrency will undoubtedly grow rapidly very soon. Travellers can travel around the world with a cryptocurrency wallet without limitations, so consider it before you take your next trip!