Article | October 24, 2019

Cryptocurrency 101: Understanding This Potential Game Changer

Source: EVO Payments
Is Cryptocurrency Going Down the Drain?

The evolution of payments goes back to the days of bartering and trading livestock to gold coins, paper currencies, credit cards, and mobile payments. It dates back thousands of years and will continue for thousands more. Cryptocurrency could be the latest game changer in the industry, but it’s still relatively unknown, with a cloud of mystery surrounding it. According to a Statista report done in 2018, “71 percent of adults had heard of Bitcoin (the most popular form of cryptocurrency), while 21 percent had never heard of any cryptocurrency.”

Over the next three issues of the Reseller Edge newsletter, we will introduce you to the basics of cryptocurrency, the blockchain technology behind it, and how it could potentially disrupt the payment processing industry.

What is cryptocurrency?

Cryptocurrency is a virtual or digital currency, meaning it is created and transferred without the regulation of financial institutions like banks. Its history dates back to 1983 and American cryptographer David Chaum, who developed an electronic money called ecash, which set the tone for modern companies like Bitcoin. The “digital money” uses blockchain technology, which allows the digital information to be transferred but not duplicated in the process. This decentralization means that each individual piece of data has only one owner. Because of this, there is no bank involved approving the transfer or taking a cut of the transaction.

VIEW THE ARTICLE!
Signing up provides unlimited access to:
Signing up provides unlimited access to:
  • Trend and Leadership Articles
  • Case Studies
  • Extensive Product Database
  • Premium Content
HELLO. PLEASE LOG IN. X

Not yet a member of VAR Insights? Register today.

ACCOUNT SIGN UP X
Please fill in your account details
Login Information
I'm interested in newsletter subscriptions.
ACCOUNT SIGN UP

Subscriptions

Sign up for the newsletter that brings you the industry's latest news, technologies, trends and products.