The Weird and Wonderful World of Online Cryptocurrency
The money of the future
A cryptocurrency is an online currency. They are classified under alternate currencies and virtual currencies. The legality varies by country and most countries have very few or no laws considering cryptocurrency. Russia legalizes cryptocurrencies, but it is illegal to spend any currency other than Russian Rubles. They are also used in places such as black markets which challenge the legality of these strange pieces of currency. On March 25, 2014 the United States Internal Revenue Service classified cryptocurrencies as taxable not as currency but as property. The first cryptocurrency was bitcoin which was invented in 2009 by either a person or group named Satoshi Nakamoto. It is generated by a machine or program called a miner. Some more cryptocurrencies include Litecoin, Namecoin, Swiftcoin, Peercoin, Dogecoin, Emercoin, Gridcoin, Omni, Primecoin, Ripple, Auoracoin,Blackcoin, Dash, Digital note, Maza coin, Monero, Nem, Nxt, Synero AMP, Potcoin, Verticoin, Ethereum, Etherium Classic, IOTA, SixEleven, Decred, Waves Platform, Zcash, ARK ecosystem, Bitcoin Cash, and Ubiq. Bitcoins are the most popular cryptocurrency. They are accepted by 100,000+ merchants and vendors. Cambridge University estimated in 2017 that 3 to 6 million people are using bitcoin, or have a bitcoin wallet. A satoshi is the smallest amount of bitcoin equaling 0.00000001 bitcoin or one hundredth million BTC(bitcoin). Also, a millibitcoin equals one one thousandth bitcoin or 100000 satoshi. As of December 2, 2017, one satoshi is $0.00010898 and a Bitcoin is $10937.99. Only 21 Million can be created and every year less are released. In 2140 no more Bitcoins can be mined or created, meaning profit may only come from transaction fees. To store them, you must have either an online or paper wallet. Bitcoins are not linked to a name rather being linked to an address. Another example is Dogecoin. It was created after Doge, a popular internet meme of a Shibu-inu on Dec 8, 2013 as a joke currency. Now, 227 million USD of dogecoins exist. It has very little practical uses as only a few businesses accept it, but is perfect to give fraction of a cent tips. A coin representing it will reach the moon in 2019 because, the currency was described as “To the Moon”. There is no limit on how many can exist or be mined, causing inflation. $1 is 471 dogecoin as of 12/2/2017. Also, one dogecoin is $ 0.0020837. For many cryptocurrencies, physical currency may exist. But, it either is commemorative (no value) or has a code which can be put into a wallet to receive cryptocurrency. Like it or not, cryptocurrency is slowly becoming more popular. Many cryptocurrencies are also created yearly. Also, miners are using the energy of small countries, causing criticism.