Chasing Rainbows With BellaCoin: Cryptocurrency Review

Chasing Rainbows With BellaCoin: Cryptocurrency Review

The BellaCoin can be described as a peer-to-peer cryptocurrency. It is linked to the LiteCoin, which is said to have been inspired by Lady Bella. She

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The BellaCoin can be described as a peer-to-peer cryptocurrency. It is linked to the LiteCoin, which is said to have been inspired by Lady Bella. She loved flowers and unicorns, which are found on the BellaCoin logo.

The BellaCoin allows you to send or receive cash online from across the globe. It takes a matter of a few minutes.

It cuts the cost of lining up in a bank, worrying about bounced checks and charges. BellaCoin also cushions you against fraud.

Also of interest is the cryptocurrency, which is virtual money. It applies cryptography for added safety. The cryptocurrency may be hard to fake because of the additional security measures.

No state interference

Cryptocurrency is especially advisable because of its appeal and the fact that a primary authority could not circulate it. It, therefore, becomes free of manipulation or control from the state. Cryptocurrency’s anonymity in making transactions makes it ideal for tax evasion and money laundering.

The original cryptocurrency that caught the public attention was Bitcoin. It was started in 2009 by a person or organization identified only as Nakamoto Satoshi. By September of 2015, there was a record of more than 14.6 million bitcoins. These were in circulation at a USD3.4 billion market value.

The success of Bitcoin has produced many other cryptocurrencies namely PPCoin, Namecoin and Litecoin, all which are competing.

Easy Transfers

It is easy to transfer money during a transaction. The exchanges are expedited through private and public keys set in place for safety. The money transfers are conducted with low processing charges to allow users to evade the charges from banks and other institutions for wire orders.

Bitcoin uses an online ledger for all the transactions conducted. This, in turn, provides an information structure for the ledger. It limits the exposure from hackers. Adding transaction records to the public ledger of prior activities is called bitcoin mining. The ledger may be used on any computer that runs on Bitcoin software. The past-transactions Ledger confirms the dealings on the network.

Cryptocurrencies may be wiped out if the computer crashes. The prices for exchanging cryptocurrencies fluctuates a lot since the prices are influenced by the demand and supply rates.

Cryptocurrencies are not protected from the hacking threat. Bitcoin has recorded more than 40 thefts in its history. Some of them were beyond USD1 million. However, cryptocurrencies provide the hope that the currency’s value is preserved. It is easy to transport and facilitates a transfer. What’s more, it is not influenced by the state or Central Bank.