What is a good cryptocurrency project that's trying to change the world of supply and demand?

Alfonso Llanes, studied at Florida International University

Answered 1h ago

Bitcoin is being used to supplant national currencies as trade across borders takes place without a bank or a factoring organization that guaranties that a transaction is conducted efficiently and with honesty. There are however, many obstacles to surpass before bitcoin or cryptocurrency can replace paper money, money orders, letters of credit and so on for conducting business and international commerce.

A project launched by Rahakott, is a cryptocurrency wallet that allows anyone to send or receive digital currencies and to monitor their balance.

Bitcoin or “digital currencies do not exist in physical form and are not stored in a single place. All that actually exist are transaction records in a block-chain. Therefore, when Bitcoin or other cryptocurrencies are transferred, the ownership rights to a certain amount are simply rewritten to your wallet’s address. However, to take control of that currency, the private key for your wallet has to match the public address to which the currency has been allocated. If they match, a withdrawal happens at one wallet and a deposit at the other. And all of this is just a record in the block-chain.”

The key issue is registration. It is on this step that some users simply cannot make sense of the system and go on to look elsewhere. In a bitcoin system the wallet is well-protected from hacking by two-factor authentication. In addition, users that conduct business using cryptocurrency can set up subaccounts for their clients and generate requests for payment.

The wallets are algorithm driven, meaning that a new address is generated for each transaction, which increases user anonymity. The existence of an API allows for the wallet’s functionality to be integrated into external web services and software.

The next step is to integrate currency exchanges, so that users can choose the best exchange rates when converting to other cryptocurrencies and fiat currencies (P2P exchange).

There are several entrepreneurs, IT specialist, block-chain enthusiast who believe that modern technology will help build new economic relationships in the world nonetheless, the jury is still out trying to resolve many of the legal questions raised by transactions with cryptocurrencies and anonymity which opens the door for money laundering.