WHAT IS CRYPTOCURRENCY
A 'cryptocurrency' is a medium of exchange using cryptography to secure the transactions and to control the creation of new units.
Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
Cryptocurrency is more than just a bunch of digital numbers that people have decided to use as money. The technology that was brought forth by Bitcoin is essentially a decentralized public ledger system, known as the Blockchain.
This Cryptographic Blockchain Technology is what makes Bitcoin a “crypto-currency.”
Wouldn’t be great to be a part of the fully decentralized system, where there is no banks that can print billions and billions of new currency and devalue your hard earned money?
Wouldn’t be great to send funds around the world within minutes virtually with low fees? And, there is no one who can revert the payment, no one who can tell you that you can’t do it.
Wouldn’t be great that your money is your business and that nobody would know how much you have and what you are doing with it. There is no one who can take your hard earned money or track it .A a truly anonymous system.
Those were thoughts in Satoshi Nakamoto's head when he designed Bitcoin - while Bitcoin was something revolutionary, he never imagined in million years, where this will lead us.
Soon after the release, the industry literally exploded. Now we have more than 1000 different coins, every one with it’s own story and it’s own solutions to problems that Bitcoin encountered when it first launched.
While there is a lot of innovation happening inside the network, this is one industry that started with bitcoin that no one would ever have anticipated.
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Australia has emerged as world leader in digital currency |
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See attached article (Herald sun 4th May 2016) regarding the government’s stance on digital currency, particularly relating to bitcoin. With the state of the economy the way it is world wide, it’s no wonder governments are open to other currency alternatives. Australia has emerged as the world leader in digital currency regarding how it is taxed and ensuring that consumers are not double taxed when buying products with digital currency. e.g. if you buy a TV with digital currency you only pay GST on the TV not the coin. As mentioned in the article, the Senate economic references committee are ‘encouraging the exploration’ of digital currency technology. A few weeks age The Sydney Morning Herald reported that Australia is ‘on an unstoppable march towards a cashless future’, with the Assistant Minister to the Treasure saying that a move to a purely digital currency ‘will lead to countless benefits for all Australians in convenience and security and will save billions in transaction costs every year.
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HOW TO TRADE & BUY BITCOIN and DIGITAL CURRENCY
You can set up your own account and start buying and trading Bitcoin with the links provided on our Buying & Trading Digital Currency page.
You need to deal with reputable companies and learn how to properly set up and use Digital Wallets, Exchange Trading Accounts, keeping your Cold Storage Funds and much more.
A WORD OF WARNING - whilst you can set up to buy and trade by yourself, there are many traps and scams that can cause new entrants into the market to lose their money either by hacking or simply setting up and securing their accounts incorrectly.
We strongly advise you consider the service and back up we offer to get you started, so as not to make the costly mistakes many have made before you in trying to get into these markets without assistance and back up support.
Bitcoin Wallets Explained
Bitcoin Mining
