We see finance talk burgeoned by inquiries and concerns about digital currency.
Bitcoin is the forerunner and top performer, but there are other currencies that are prevalent online.
One such is Ven digital currency.
This new way of currency exchange has been growing at a steady rate over the last ten years. Faster in some parts of the world than others.
Now that most of the world is catching up, bitcoins are a rare commodity.
These developments are a sign that paper money might be a thing of the past, sooner rather than later. Mobile money, online payments, fiat money are all leading the charge.
Understanding Cryptocurrency like Ven and Bitcoin
These cryptocurrencies are plain and simple, the internet’s way of keeping track of financial credit books. They compute and document dealings of fiscal value between Internet node.
Online currency has its genesis in gaming systems like War of the Worlds.
Millions of people play online games and there were a lot of transactions.
China experienced humongous success.
No matter the failures in the past, there is the success now with the internet and digital currencies such as bitcoin and Ven crypto.
At the present, digital currencies are transitioning from online gaming systems and making the leap to the global economy.
Without restriction, you can see this with Ven Coin, Bitcoins, Flattr, Ripple and other virtual currencies.
The essential demarcation of these internet currencies is if they function in a closed loop. That would take in Amex Rewards, Flattr and Ven. Or whether they are open nodal architecture like Ripple and Bitcoin.
This difference dictates how easy it is to manage them.
Satoshi Nakamoto penned a document based on clarifying a policy for P2P currency. It was a bit torrent for cash.
This was in 2009.
The intent was for it to operate as unspecified, dispersed and produced at the end rather than the center of the network.
This is the way it was for 600 years.
The notion of a strict P2P currency required pioneering design, however, the open source character that spawned bitcoin permitted this to entrench itself and expand at such an exponential rate in a less than two years.
With the growth of bitcoins, Ven coins, fiat and others, their value increases and symbolize an elemental exodus from paper money.
Because a human being is not influencing its value, rather the algorithm is.
Regardless of whether Ripple, Bitcoin, Ven price is the next big thing, the path is already laid for future cryptocurrencies to launch out.
Unfortunately, at this time we will also contend with unrestricted chaos, open currency and free markets.
Look for a greater impression if social network giants like Facebook, or global brands like Amazon and Google launch their own digital currencies, because they have massive support via active users.
The impact would be felt from the minute they start exchange trading.
Ven was released via Hub Culture’s social platform, through concerted collaboration.
The online currency was a defining moment for Hub Culture. Back then Ven prices were zero. The currency had no value as yet.
At the initial stages, there was no accountability as there is now.
You could look at it as pebbles on the seashore being shared among friends.
Then Hub Culture learnt a few lessons about how currencies must be aligned with other things, assigning a value. So they did that.
Hence, in 2008, it started at 10 Ven units being equal to US$1.
In the Hub Culture pavilions, members would redeem it through retail purchases. The essential movement of Ven value came from the fact that it was universal, digital and accessed by anyone, at diminutive incremental charges.
After that, Hub Culture stabilized the Ven coin by assigning its value, by comparing it to other virtual currencies. For further stability, it was rooted in commodities connecting it to inflexible assets.
Subsequent to that, they added carbon futures.
Ven was now associated with environmental protection initiatives. It was more established and proficient as a currency. This boosted its growth as we can see today.
Overall, virtual currencies like Ven are augmenting the concept of what money used to be, to what it is now and expanding the vision of society’s perception.
The dimension of these microcosms is expanding at high-speed.
For example, there are more than six million bitcoins in the system. This has the equivalent of nearly fifty million dollars. According to the Ven diagram, there are five million Ven coins at Hub Culture equivalent to five hundred thousand.
Every year this value grows by ten percent.
The Death of Paper Money
These expanding digital currency trends symbolize that consumers are ready for a change.
They are open to this new concept of trading currency and moving away from paper money.
Even though it started from the halls of online games, it quickly burgeoned into commerce. It continues to change the way people conduct business transactions across the world.