In just a few short years, cryptocurrency has proven itself to be more than just a novelty – a niche for tech aficionados and few others. As of today, there are currently 10,237 Bitcoin nodes online. This type of cryptocurrency sees unrestricted use in 99 out of all 246 countries and regions around the world. It’s used in nearly every industry or fashion that you can think of, from personal use to financial services and investments to employment, consumer electronics, travel and hospitality and much, much more.
Not bad for a concept that’s only been around since 2009.
Cryptocurrencies like Bitcoin are digital assets that are designed to work as a form of currency that uses cryptography to secure all transactions. But the real benefit is the idea of decentralized control – meaning that cryptocurrency allows people to mostly cut out the typical “middleman” of financial transactions and operate in a real peer-to-peer fashion arguably for the first time.
This does, however, poses some interesting challenges that can’t be ignored.
Chief among them involves the simple question – how do you make sure that transactions are valid without a centralized authority like a bank? How do you make sure that data cannot be altered retroactively after a transaction? How do you make sure that those transactions are recorded and valid in the first place?
Blockchain has emerged to address these problems, essentially all at the same time. Blockchains themselves are all linked together and secured using cryptography and are secure by design with high Byzantine fault tolerance. It’s more than just an open, distributed ledger that can record all cyber currency transactions between two parties in a way that is both A) verifiable, and B) resistant to change permanently. It’s a way to enjoy all the benefits of cyber currency with as few of the downsides as possible, all without needing to bring some central organization into the picture.
Now, preCharge Blockchain is set to extend those benefits even further in a meaningful way for users all
preCharge Blockchain is utilizing blockchain to bring distributed Blockchain technology to cyber currency users. The technology will allow both consumers and merchants to validate both their identity and transactions in real-time.
Based in both the United States and the United Kingdom, preCharge Blockchain is regulated, audited and SEC noticed – bringing a much-needed level of visibility and accountability into the proceedings.
The company is said to currently have over five million users all of which are given access to a free Bitcoin and Altcoin Wallet, which themselves allow for instant transfer and no hidden wallet fees. Users get a specially designed debit card that they can use both for merchant transactions and at ATMs to withdrawal and manage their funds.
The company uses a Proof of Stake variant called Proof of Identity for additional security. Not only is it quantum computing protected, but it also applies artificial intelligence to unlock new advancements on behalf of users everywhere regularly. Wallets will soon be available on both Amazon Alexa and Google Assist, for example, allowing transactions to be as simple as saying “Alexa, send mom $50 for groceries.” The system will take care of the rest.
By now, it should be more than apparent that cryptocurrency indeed is the way of the future. With more users, merchants and even countries supporting this concept all the time, there will soon come a day where using payment options like Bitcoin becomes the new norm for many. When that day arrives, organizations like preCharge Blockchain and others are only going to become essential – particularly regarding protecting our transactions, our funds and even our global economies moving forward.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.