So what makes cryptocurrency so different than the money you usually spend online via credit and debit cards?

There are a few key differences to be aware of

- There is no central bank that determines it’s value or controls the flow of new money being created. So there is no manipulation of the amount of money in existence by an institution such as we are used to with the U.S. Dollar. The US Dollar is controlled by the Federal Reserve, but cryptocurrencies like Bitcoin, are controlled to produce an amount of coins limited by an algorithm that no single person, company or country or other type of interest can change.

- The value of a cryptocurrency is determined by the market (whatever people are willing to pay for it). Countries are not involved, so the welfare of your nation’s economy will not affect the value of your cryptocurrency. The value of a true cryptocurrency is based solely on supply and demand and functions much like a commodity on the stock market.

- Cryptocurrencies have the lowest fees to transfer money anywhere in the world. The fee is not affected by distance, country borders or any other of the usual factors. This makes it very easy whether your objective is to transfer enormous sums of money globally or to conduct micro transactions with someone on the other side of the planet.

- People love cryptocurrency because it offers an easy way to transfer money globally and provides privacy for making transactions. For example, cryptocurrency can’t be traced like a credit card or a bank account can be to a specific transaction. At the same rate all Bitcoin transactions can be forever traced to the specific ‘alias’ or wallet key that performed it.

- What is a cryptocurrency? People like to talk about cryptocurrency because it is making it possible to maintain some privacy in a world where someone is always looking over your shoulders whether its the government, an Internet service provider, or data mongering corporations.

- A new cryptocurrency called YOCOIN has a more advanced system of encryption utilizing the Ethereum Smart Contract,than Bitcoin that also acts as a payments platform so that transactions are 100% secure at the same time as recorded in a public ledger so as to work alongside the fiat currencies and Bitcoin.

- So while Bitcoin started it all, in the free market there will always be competition that will learn from the mistakes of it’s competitors, in order to better serve the consumers. What you are going to learn about YOCOIN is that it is the first Cryptocurrency that will bring innovation and a better designed mousetrap to market. And as the market continues to evolve we will continue to answer the question: What Is A Cryptocurrency?

Bitcoin: The End of Money As We Know It