 |
April 11, 2018, 04:49:39 PM |
|
Businesses looking to give their bottom line a boost should consider cryptocurrency. As cryptocurrencies like Bitcoin grow in popularity as a mainstream form of payment, businesses can capitalize on a new target audience, among other profitable benefits.
Cryptocurrencies are digital currencies built around a technology called blockchain.
This allows cryptocurrencies to operate in a decentralized manner, which means that they are independent of major banks and other traditional financial institutions.
In addition to verifying transactions, blockchain technology plays a crucial part in bringing cryptocurrency tokens, or units of currency, into the world economy via a process called mining.
Miners use powerful computers to solve algorithms on the crypto network, and when they successfully solve one, they get to add a transaction, or a block to the blockchain.
Each algorithm that’s successfully solved helps verify a transaction, and in exchange for solving it, the user receives a token.
Bitcoin, the first cryptocurrency, hit the market in 2009 and paved the way for thousands of other cryptos in the years since, including Ethereum, Litecoin, and many more.
|
