There has been a lot of talk in recent years about cryptocurrencies. We have all heard of Bitcoin and its soaring and plummeting stock depending on the time of year you look into it. But there are far too many people that don’t know what cryptocurrencies are, how they work, or really anything past the existence of Bitcoin.
If you are looking to submit a cryptocurrency guest post, it helps to first have a positive
understanding as to what they are and what they entail. With a better understanding, you can find yourself not only knowledgeable on a subject that is growing in popularity, but become an authoritative voice on an important matter.
When a transaction happens, it is known almost immediately by the entire network. Only after a
specific amount of time, however, does the transaction get confirmed. The confirmation is the critical concept when it comes to cryptocurrencies. As a matter of fact, you could say that they are all about the aspect of confirmation.
So long as a transaction is unconfirmed, it is considered to be pending and can be forged.
When it is finally confirmed, it is set in stone and is no longer forgeable. This means that it can’t be reversed and is part of an immutable record of transactions, also known as the blockchain.
How many Cryptocurrencies are there and what are they worth?
What might surprise you to know is that there are more than 2,200 different cryptocurrencies that are traded publicly. Cryptocurrencies will only continue to proliferate, mostly raising money through initial coin offerings, also known as ICOs.
The total value of cryptocurrencies as of the summer of 219 was a whopping $246 billion. That is not to be confused with the value of all bitcoins, which is the most popular digital currency in the world, which was valued at around $136 billion.
This number will only continue to grow over time as more and more people invest in cryptocurrencies. Bitcoin remains the face of the entire market, though there are alternatives that are beginning to have an impact as well.
The more people learn and know about cryptocurrencies, the more they will grow in popularity and the more viable as a currency they will be. The key is that these secondary companies need to gain visibility in the same way that Bitcoin has. But since the latter was first to market, it is unlikely that Bitcoin will lose its top status.