What is a cryptocurrency?
A cryptocurrency is a medium of exchange, just like regular currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by cryptography. Cryptography is used to secure the transactions and to control the creation of new coins. Therefore we can say that cryptocurrency is a digital currency with monetary value. The first cryptocurrency was Bitcoin, created in 2009.
What is Stellar?
Stellar is a technology (a payment network and also a cryptocurrency) that enables money to move directly between people, companies and financial institutions as easily as email. This means more access for individuals, lower costs for banks, and more revenue for businesses.
You can read more about Stellar here: https://www.stellar.org/
What is Ripple?
Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple Labs. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol,it is built upon a distributed open source Internet protocol, consensus ledger and native currency called XRP (ripples). Released in 2012, Ripple aims to provide secure, instant and almost free global financial transactions of any size with no chargebacks. It supports tokens representing fiat currencies, cryptocurrencies, commodities or any other units of value such as frequent flier miles or mobile minutes.
You can read more about Ripple here: https://ripple.com/
What is bitcoin?
Bitcoin is a peer-to-peer payment system introduced as open source software in 2009. The digital currency created and used in the system is alternatively referred to as a virtual currency, electronic money, or a cryptocurrency because cryptography is used to control its creation and transfer. Conventionally, the capitalized word "Bitcoin" refers to the technology and network, whereas lowercase "bitcoin" refers to the digital currency itself.
What can I do with my cryptocurrency?
Cryptocurrencies can be used to purchase just about anything you want, from dental services, a brand new car, travel, luxury real estate, a new computer… Besides this you can also use your cryptocurrency as an investment.
Why consumers love Bitcoins?
Some of the reasons why consumers love bitcoins are:
- Easier Checkout
- Paying with bitcoins is easier than using a credit card at check out. Unlike a credit card, with bitcoins, you don not need to fill out a credit card number, expiration date, card holder name, or a CCV.
- Cheaper prices
- Credit card transaction fees that are paid directly to the bank by merchants usually ranges from 2 to 3 percent. Merchants who accept bitcoins will be able to avoid credit card fees. They can also pass all or some of these savings on to the consumers.
- Increased privacy
- You only need to provide the necessary information to the merchant when paying with bitcoin. For example, you do not need to give the merchant your address if the item is not shipped to you.
- Increased security
- With bitcoin you can make a direct and instant payment to the merchants. There is no need to give the merchants any payment information that can be lost, stolen or misused. It is just like paying with cash.
- Using bitcoins increases their value
- Use bitcoins, make them more valuable! Usage will increase demand which in turn increases the value of your saved bitcoins.
Why Merchants love bitcoins?
- No reversals
- Reputable merchants can still provide refunds if needed and the merchant has no risk of fraudulent charge backs.
- Low transaction fees
- Merchants can convert bitcoins to dollars and get volatility protection for just one percent fee (1%).
- Accept payments internationally
- Take the payment from anyone and anywhere on the world with confidence. Merchants will see that the payment is on its way in just a few seconds. Usually within one hour the transaction will be fully completed (we are also working on eliminating the hourly delay).
Bitcoin is better than regular currencies
- Bitcoin is an international currency.
- Bitcoin can be spent all over the world.
- Bitcoins cannot be counterfeited.
- There is no printing technology that will ever be able to fool the Bitcoin network.
- Bitcoin cannot be devalued.
- Only 21 million bitcoins will ever be issued. Unlike regular currencies, since bitcoin is not controlled by any government or bank, the raising of a debt ceiling and quantitative easing can not devalue bitcoin.
Bitcoin is better than gold
Bitcoin has many advantages over gold:
- Gold is not divisible.
- You can not easily cut up gold to give people small amounts. Bitcoin is easily divisible to 8 decimal places.
- Gold is not instantly assayable.
- You cannot instantly tell if gold is pure. You can instantly prove you have real bitcoins.
- Gold is not instantly weighable
- You need a scale to weigh gold. You can instantly prove how many bitcoins you have.
- Gold is not transmittable over the Internet.
- SSending gold notes has counterparty risk. Bitcoins are easily sent on the Internet.
- Gold can be outlawed and confiscated. With bitcoin, all you have to do is memorize your private key.