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Cryptocurrencies Research Paper

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Cryptocurrency: The Future of Payments Have you ever lost money somewhere before? Maybe you dropped a $10 bill on your way to school, maybe you left your wallet at a restaurant, or maybe you left your paycheck in your pants pocket and it ended up in the washing machine. The reality is, no matter how you’ve lost your money, in that moment you are probably wishing that there was an easier way to keep track of it. You may be tired of having to carry around cash, and also carrying around your debit card, and also having to deal with how much money is in your savings account, and while keeping track of all these things it would be discomforting to lose any of them, as thieves could use them without your permission and without limit. This happens every day, and most of the time we don’t even …show more content…

Cryptocurrencies provide a secure and fast method to store your money, while also providing protection to all the different kinds of fraud we see in today’s world (they also provide protection against you losing your paycheck to the washing machine.) Although banks, paper, and coins have been used for hundreds of years to transfer money, Cryptocurrencies are a faster and more secure way to send money and should be the standard in our financial world. So what exactly is a Cryptocurrency? A Cryptocurrency is a digital asset that works as a method of exchanging value through cryptography. A simple way to see a Cryptocurrency is like an online method of payment. Cryptocurrencies are different from other standard methods of payment as they run on something called the “blockchain.” The blockchain is a database of all the transactions that have occured for a particular coin. The idea is that no bank or organization has access to the list of transactions that happen, but rather anyone and everyone using the network. “These transactions are publicly announced on a digital ledger called a blockchain that is

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