cryptocurrency

 In the early days of its launch in 2009, several bitcoins were used to buy a pizza. Since then, the cryptocurrency's meteoric rise to US$20,000 in December 2017, subsequently dropping by about 70 percent to around US$6,000 in mid-2018, boggles the mind of many people - cyptocurrency investors, traders or just the plain curious who missed the boat. How it all began Bear in mind that dissatisfaction with the current financial system gave rise to the development of the digital currency. The development of this cryptocurrency is based on blockchain technology by Satoshi Nakamoto, a pseudonym apparently used by a developer or group of developers. Notwithstanding the many opinions predicting the death of cryptocurrency, bitcoin's performance has inspired many other digital currencies, especially in recent years. The success with crowdfunding brought on by the blockchain fever also attracted those out to scam the unsuspecting public and this has come to the attention of regulators. B

 Cryptocurrencies are the latest 'big thing' in the digital world and have now been recognized as being part of the monetary system. In fact, enthusiasts have tagged it as 'the revolution of money'. In clear terms, cryptocurrencies are decentralized digital assets that can be exchanged between users without the need for a central authority, the majority of which being created via special computation techniques referred to as 'mining'. The acceptance of currencies, like the US Dollar, Great British Pound and the Euro, as legal tender is because they have been issued by a central bank; digital currencies, however, such as cryptocurrencies, are not reliant on the confidence and trust of the public on the issuer. As such, several factors determine its value. Factors that Determine the Value of Cryptocurrencies Principles of Free Market Economy (Mainly Supply and Demand) Supply and demand is a major determinant of the value of anything of value, including cryptocurre