Cryptocurrency
Updated: Sep 23, 2021
I'm sure you have heard the buzz word "cryptocurrency" everywhere. Whether it is Elon Musk hyping up Dogecoin or The Simpsons mentioning XRP in an episode, whatever the case, it is not going away anytime soon.
What is cryptocurrency?
Cryptocurrency is a digital currency which can be used to buy a Tesla car, furnishing from Overstock, Pizza from Domino's, and now stylish clothes from Kameakay Boutique.
Why is cryptocurrency so popular? What is the point?
"Cryptocurrencies appeal to their supporters for a variety of reasons. Here are some of the most popular:
Supporters see cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable
Many supporters like the fact that cryptocurrency removes central banks from managing the money supply, since over time these banks tend to reduce the value of money via inflation
Other supporters like the technology behind cryptocurrencies, the blockchain, because it’s a decentralized processing and recording system and can be more secure than traditional payment systems
Some speculators like cryptocurrencies because they’re going up in value and have no interest in the currencies’ long-term acceptance as a way to move money." (Nerdwallet, 2021)
Why Crtyptocurrency?
I have always had a love for technology and math. I wrote a published thesis in 2018 aligned with technology and entered math competitions in high school. Bitcoin reminds me of a math algorithm which correlation to the four year cycle. This first cycle began when bitcoin was created by Satoshi Nakamoto in 2009. Since the beginning, there has been three complete four-year cycles. We are currently on the fourth cycle. "Intended or not, the roughly four-year halving that has occurred three times in Bitcoin’s existence so far appears to have been a consistent trigger in pushing up the price every time" (bitcoinmagazine, 2021). Eventually this four year cycle may end and become less volatile; however, currently we are living in very exciting times.
What Cryptocurrency does Kameakay accept?
Bitcoin, Ethereum, and Tether