Money has been made simple.
If you think deeply enough about it, money is not a medium of value exchange; rather it’s a means by which we establish trust between individuals. In earlier times when the concept of token currency was not prevalent, trade use to take place based on the barter system (as you all know very well!).
But this mode of performing transactions was naturally non-standardized and failed to establish the required trust between the trading parties. Hence governing authorities came up with the concept of fiat currency, i.e. money which has been guaranteed by a state-based financial system.
This is what we use today in everyday transactions. However, the arrival of digital technology has taken the concept of trust exchange one step further.
Enter digital currencies, a.k.a cryptocurrencies.
Cryptocurrencies are perhaps the greatest innovation of modern times. By creating a decentralized mode of monetary exchange that is based on a public ledger system, the creators of cryptocurrency have essentially established a medium of value exchange where we do not have to depend upon state-sponsored institutions for monetary transactions.
As always, with an eye to the future, Hempearth has been ahead of its peers in terms of accepting payments. Apart from the traditional payment methods involving regular currency, we also accept Bitcoin, Litecoin, Dash and Ethereum, some of the leading cryptocurrencies of today.
But what exactly are these strangely named things you ask? Worry not; to clear the air on digital currencies, today we are going to talk all about how you can buy and use them for your purchases, on Hempearth and elsewhere.
But first off, let’s start at the basics.
What Is Cryptocurrency?
What is a dollar bill? Does the paper have any inherent value? No, it is just a promissory note that has been issued by a centralized government authority which guarantees its value. We trust it due to its legalized stature of acceptance in society. But think deeply, and you’ll find that the current financial system is full of centralized control that seeks to regulate the very way we spend and store our wealth.
Cryptocurrencies are freeing us from this centralized model. They are nothing but a monetary exchange format that relies on computer encryption to guarantee the safety and security of the involved transactions. Cryptocurrencies use the decentralized public ledger system known as Blockchain to create immutable records of each transaction.
The beauty of the system lies in the fact that although stored on a public ledger, Cryptocurrencies are virtually immune from any form of centralized tampering or single-point-of-failure. This makes them free from government interference and illegitimate spying by traditional authorities. In fact, we can say that Cryptocurrency frees money from traditional traps and tropes.
So, now that we have a working idea of what Cryptocurrencies are, let’s take a look at the various digital currencies available on the market, and how you can buy and use them.
The Many Flavors Of Digital Money
Variety is the flavor of the day when it comes to digital currencies. In this section, we are going to introduce you to some of the most popular digital currencies that are available for use.
Leading the pack is obviously Bitcoin. The best-known Cryptocurrency, Bitcoin came into being ten years ago as a peer-to-peer alternative to regular money. Building on Blockchain technology, Bitcoin has established a trust exchange system that has captured the imagination of millions around the world.
Litecoin follows close behind Bitcoin. One of the many Altcoins, i.e. alternatives to Bitcoin, Litecoin is a Cryptocurrency that boasts of faster processing and different encryption standards than its predecessor. The Litecoin network has quickly grown in popularity as a viable alternative to Bitcoin.
Dash is yet another forked version of Bitcoin that falls under the open-source software license. Dash provides users with fast processing and is entirely untraceable, so you can conduct your transactions with privacy. In fact, most Cryptocurrencies are hard to track, making them conducive to maintaining your privacy.
Last, but certainly not least is Ethereum. The Ethereum project was started in 2015 as an open-source distributed computing platform based on Blockchain. The Ether Cryptocurrency that is supported by the Ethereum platform is one of the quickly rising alternatives to Bitcoin.
Remember, Hempearth accepts payments in the form of all four digital currencies listed above.
And finally, now it’s time to see…
How And Where To Buy And Use Digital Currency
Although it sounds highly technical when we talk about encryption and Blockchains and Cryptocurrencies, buying and using digital currencies has, thankfully, been simplified to the point of being a child’s play. You don’t have to be a tech genius to get the hang of it.
Where do you buy a Cryptocurrency? All the digital currencies that we have been talking about till now are available to buy at coin exchanges. These online marketplaces operate similar to traditional stock exchanges; you can buy digital currencies at any of these exchanges using your credit card or online banking. For US citizens, the best coin exchange is Coinbase. With a global customer base and established credibility, Coinbase is one digital currency marketplace that you can implicitly trust.
Once you have bought your stash of digital dough, now it’s time to store it. For this, you’ll need a digital wallet. Similar to a real-world one, a digital wallet is a safe database where you can store the information regarding your crypto assets. Using this wallet, you can then carry out monetary transactions at Hempearth and other online channels. It’s as simple as that.
Brave New World
Humans have come a long way since trading sheep for grain. Today, as we stand on the cusp of a digital revolution, Hempearth is proud to be a part of a progressive future where monetary transactions are free of external influence. We hope you’ll be a part of our journey.