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Digital Currencies – the new cash?

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Will we still be using cash in the years to come? well, many people have predicted the end of cash but it is proving resilient to change and the amount in circulation is actually increasing so at least for the forseeable future cash is still king.

There are some interesting developments in the world of currencies though and one of these is the rise of so called digital or crypto currencies.
Crypto currencies are a method of storing and moving value using a purely digital technology , basically a very complex mathematical algorithm which computers find almost impossible to break , this gives the currency it’s inherent security and the really clever bit is that these transactions in digital currency are stored in one ever expanding list called the blockchain.
All these transactions are visbible in real time and are mathematically linked to each other so it is not possible to alter a transaction once it has been made and this effectively makes the whole system secure and removes the need for a bank to oversee and process all the transactions.
Another interesting feature is that the number of coins in circulation of any particular crypto currency is limited so as demand for these increases the price of each coin can rise rapidly as we have seen with Bitcoin and more lately Ethereum as the use of these becomes more widespread. Many companies now offer a trading service were you can buy and sell these currencies linked to a range of real world currencies such as Pounds, Dollars and Euros.
Hopefully that is a brief introduction to digital cash , for more information try searching for digital / crypto currencies.


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