Cryptocurrency - A Credit Manager's Worst Nightmare?
Cryptocurrency is back in the news.
Cryptocurrency – a digital form of currency using a blockchain, or “distributed ledger” technology, relies on complex cryptography to secure peer-to-peer transactions across the network. Users, or miners, use computing power to solve digital equations to confirm transactions and are then compensated with a “block reward” or a piece of cryptocurrency.
Bitcoin, (BTC) is the first and currently leading cryptocurrency. Bitcoin is kept on electronic devices and store Bitcoin in a digital wallet. These can be on a smartphone, desktop – or tablet computer. Bitcoin transactions are peer-to-peer, so there’s no intermediary or bank, facilitating the transaction. This means funds can’t be frozen or charged without explicit permission by the owner. While this isn’t foolproof, as accidents or hacks can happen, so it’s encouraged to exercise caution when handling digital currencies like Bitcoin.
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