Daily Cryptocurrency News
Cryptocurrencies, often known as virtual currencies, are digital currencies developed and utilized by private people or organizations. Because governments don’t control most cryptocurrencies, they’re alternative currencies — means of financial exchange that operate beyond the scope of official monetary policy.
Most cryptocurrencies are functional variants of Bitcoin, the first widely utilized cryptocurrency. Cryptocurrency users enjoy benefits not accessible to traditional fiat currencies, like the US dollar, because of their political independence and incredible data security.
The blockchain of a cryptocurrency is the central public ledger that records and preserves all previous transactions and activity, confirming their ownership at any given moment. A blockchain has a limited length — including a finite number of transactions — that grows over time to record a cryptocurrency’s entire transaction history.
A bitcoin transaction isn’t complete until you see it posted to the blockchain, which happens in seconds. The transaction is typically irrevocable after completion. Unlike standard payment processors like PayPal and credit cards, most cryptocurrencies don’t have a built-in refund or chargeback features. However, some newer cryptocurrencies do.
The origins of these virtual currencies may be traced back to cryptographer David Chaum. The American created the eCash encryption technology in 1983. He made another system, DigiCash, that employed encryption to keep commercial transactions private twelve years later.
However, it was in 1998 when the concept or word cryptocurrency originated. Wei Dai began to consider establishing a new payment mechanism based on a cryptographic system and characterized by decentralization later that year.
The first cryptocurrency, Bitcoin, was established in 2009 by a mysterious figure known only as Satoshi Nakamoto. But, as you may have seen, he was not the first to think of its concept. So what was the motivation behind it? To develop a new form of payment that people can utilize globally is decentralized and is not backed by any financial institution.
Messi joins the crypto club – the next big thing!
In the latest big-name endorsement for new digital assets, soccer star Lionel Messi’s signing fee at Paris St Germain includes part of the French club’s cryptocurrency fan tokens. On Tuesday, the Argentine, 34, parted ways with Barcelona and signed a two-year contract with Paris St. Germain (PSG), with a third-year option.
Fan tokens are a form of cryptocurrency that allows holders to vote on various minor club matters. Manchester City, the English Premier League winners, and AC Milan, the Italian champions, launched tokens this year. Last year, Messi’s last team Barcelona debuted one.
Fan tokens, like bitcoin and other digital currencies, are exchanged on exchanges. Unfortunately, they also have a penchant for dramatic price swings with other cryptocurrencies, prompting several regulators to issue investor cautions regarding digital assets.
PSG’s token, which has a market capitalization of around $52 million, has risen more than 130 percent in only five days amid rumors of Messi’s coming, reaching an all-time high of over $60 on Tuesday. According to the CoinMarketCap website, they were recently down 10% at around $40.