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Bitcoin and other cryptocurrencies

For many, ‘virtual’ currencies such as Bitcoin, it remains a mystery primarily associated with online criminals, despite no longer being far removed from the monetary system and transactions. This article is intended to serve as a primer, rather than one of our more usual technical analyses: Cryptocurrencies continue to play a key role in many areas of cyber-crime being used for everything from online marketplace transactions to ransomware demands. However, with several legitimate organizations ranging from the Bank of England to EY also taking interest in cryptocurrencies and the technologies behind them, it’s worth being informed.  



Virtual currencies

Virtual currency is a type of unregulated digital currency that is only available in electronic form. It is stored and transacted only through designated software, mobile or computer applications, or through dedicated digital wallets, and the transactions occur over the internet through secure, dedicated networks. Virtual currency is considered to be a subset of the digital currency group that also includes cryptocurrencies, which exist within the blockchain network.

Understanding Virtual Currency

Virtual currency can be defined as an electronic representation of monetary value that may be issued, managed, and controlled by private issuers, developers, or the founding organization. Such virtual currencies are often represented in terms of tokens and may remain unregulated without a legal tender.

Unlike regular money, virtual currency relies on a system of trust and may not be issued by a central bank or other banking regulatory authority. They derive their value based on the underlying mechanism, like mining in cases of cryptocurrencies, or the backing by the underlying asset. Anyone who watches cryptocurrency prices will see the seesaw effect of psychological trading.

The term came into existence around 2012, when the European Central Bank (ECB) defined virtual currency to classify types of “digital money in an unregulated environment, issued and controlled by its developers and used as a payment method among members of a specific virtual community,” according to Bitcoin News.

Along with use by the common public, a virtual currency can have restricted usage, and it may be in circulation only among the members of a specific online community or a virtual group of users who transact online on dedicated networks. Virtual currencies are mostly used for peer-to-peer payments and are finding increasing use for the purchase of goods and services.

Top five ‘challengers’ to Bitcoin

  • Ethereum
  • Ripple
  • Litecoin
  • Monero
  • Dash

For more information, contact Codezeros or directly send a mail to hello@codezeros.com. Let’s get together and create a secure world together.

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