The Booming World of Cryptocurrency

Cryptocurrency is a digital or virtual currency that uses cryptography, or the practice of techniques for secure communication in the presence of third parties, for security. Cryptocurrency has blown up in the past couple of years and many new cryptocurrencies emerge every day, Bitcoin being the biggest and most well-known. Satoshi Nakamoto, the inventor of Bitcoin, found a way to build a digital cash system without a central entity. This new way of sending and receiving money boomed because it is so secure that it cannot be counterfeited, nor can any bank or government interfere with any cryptocurrency. This new cryptocurrency could potentially be our future because of its security and many people are turning to it to protect themselves against the devaluation of their national currency. I will further address some of the challenges that cryptocurrencies face in the future with regards to legislature and viability.