New Era Of Crypto

Currency and GDC Coin

When Satoshi Nakamoto invented Bitcoin in late 2008, he never imagined
that crypto currency would become such a raging concept in the future.
While it has taken the world by storm, the concept still remains a mystery
for the majority of people.

Originally invented as an electronic cash system to support transactions

among peers, crypto currency today is applauded as the most potential new
age currency. After many failed attempts to build decentralized digital cash
system, Satoshi found that digital cash could be exchanged through consent
without a central authority. In a decentralized network, every peer has a list
containing all the transactions to confirm their validity in future. If the peers
disagree about even one single, negligible balance, everything is broken.
They need an absolute consensus.
Since a decentralized network lacks a central authority, cryptocurrency
needs a mechanism that prevents its abuse. Satoshi made the rule that the
miners (primarily, anybody can be a miner), should invest some of their
computers work to be eligible for this task. Its like solving a cryptologic
puzzle to build a block that you can add to the block chain. As a motivation,
he is awarded some Bitcoins once the transaction is confirmed. This is how
valid Bitcoins are created. You can create only a particular amount of
cryptocurrency in a given time.

What Is Cryptocurrency?
Basically, cryptocurrencies are entries in decentralized consensus-databases.
Cryptocurrencies are created through using encryption techniques. Taking
away all the noise, just consider cryptocurrencies as entries in a database that
cant be changed without satisfying certain conditions.
Definition
Cryptocurrency is a mode of exchange, generated and stored automatically
in a block chain through cryptography to manage the formation of financial
units and to confirm the transfer of money. Bitcoin is one of the popular
cryptocurrencies of today.

Properties Of Cryptocurrency That You Need To Know

To comprehend the concept of Cryptocurrency, lets take a look at its
properties:

Irreversible
Once the transaction is confirmed, it cant be undone, by any means. It
is done forever; no matter if you send money to a trickster or it is
robbed from your computer. There is no reversing whatsoever.

Not Connected With Real World Personalities

There is no connection between the transactions and real world
identities. Bitcoins is an address of around 30 characters. While you
 can look at the transaction flow, it is impossible to relate the real world
character of the user to that address.

Instant Global Access

The transaction is instantly propagated and confirmed in the network.
Since a global network of computers is involved, you can send bitcoin
to your next door neighbour or to a distant user. Geographic locations
dont matter.

Secure
Cryptocurrency is encrypted and stored through a private key system.
If you have the private key, you can make the transaction. Robust
cryptography makes it impractical to break this system.

Use At Your Will

Since there is no central authority, you can use cryptocurrency at your
will. Just download and install the software and you can send and
receive cryptocurrencies. No permission needed.
New Era Of Economy With Cryptocurrencies
Cryptocurrencies can be considered as digital gold. Secure money that
increases its worth in time. Cryptocurrencies are fast becoming a
comfortable mode of payment worldwide. While Bitcoin is certainly the
most popular cryptocurrency, we introduce you to the other
cryptocurrencies famous today:

Bitcoin
This is worlds first cryptocurrency that is seen
as the digital gold benchmark in the
cryptocurrency arena. Bitcoin is used as a
means of payment globally. It is valued at
around 650 Dollar with its transaction volume
touching 200.000 daily.

Ethereum
It takes the second spot in the ranking order of
cryptocurrencies. Ethereum can process
transactions, as well as, complex programs
and contracts. There are several replicas of
ethereum so it is a collection of
cryptocurrencies, and not a single currency.

Litecoin

Litecoin is labelled as the digital silver or the

younger brother of Bitcoin. With a fresh mining
algorithm and with a greater amount of token,
Litecoin was a real invention. However, it
couldnt find a real deal and slipped down in the
ranking order. Nevertheless, it is still actively
used and stored as a backup (to Bitcoin).
Monero

Monero is based on the cryptonite algorithm

that was invented to enhance the privacy that
Bitcoin doesnt offer. Every bitcoin transaction
is documented and can be followed. With the
introduction of the cryptonite algorithm, it
became possible to cut through that path.

Besides these, there are several other cryptocurrencies that promise to make
a mark in the cryptocurrency arena.

Conclusion

There is a huge scope for cryptocurrencies as new ones emerge and old ones
die every day. Every cryptocurrency comes out with a promise, only to be
replaced by some new cryptocurrency. In a couple of years, cryptocurrencies
may be legalised for business transactions and micropayments. On the flip
side, cryptocurrencies have besieged the scope of the economic system as it
cannot be controlled or changed by a government institution or a bank or
any central body. It has enough scope to double as a medium of payment for
outlawed economic activities and black markets.

GDC coins forays into the world of the digital economy to help people move
to a globally accepted payment or exchange mode through cryptocurrency.
Secured by an infallible system, cryptocurrency is founded on the blockchain
scheme that renders it impenetrable for hackers.