Crypto Currency in Plain Language

Octacoin is a crypto currency and we have no doubt that it’s going to be one of the best digital currencies around. A digital currency is one that is created and stored electronically. Essentially, without the computers and the worldwide web, these new ‘virtual’ currencies wouldn’t exist, and while they’re still pretty new—Bitcoin was only launched in 2009—they are rapidly becoming much more widely accepted. In London’s trendy Shoreditch, you can find crypto currency cash machines at certain bars that accept the digital coins in exchange for drinks. So, the age of crypto currency is very much upon us.

Bitcoin ATM at Google Campus, London

A digital currency is never printed or minted

People and businesses produce crypto currency using computer software to solve mathematical problems. This is where it veers into ‘Nerdland’ and you find yourself wondering exactly how that works. Coins are created based on ‘hash computations’ and the higher the hash rate the more difficult it is to be a coin creator, who is known in the digital currency world as a ‘miner.’  A traditional currency is based on the value of gold or silver, but a crypto currency is based on mathematical formulas called algorithms. These algorithms are freely available online and anyone can check to see that it does what it’s supposed to do.

Anyway, this activity generates the digital coins; they are payment for the work, and then they can be used to buy things electronically. Think of them as being the equivalent of manufactured products that create a country’s GDP. Only, with a digital currency, no country or institution owns it or controls it. It is typically open to everyone. Certainly, Octacoin is a public access crypto currency. The finance term for it is ‘decentralised.’

Your Octacoin crypto currency account

When you have a traditional bank account it’s attached to your name and you have a number for it. As you know, this can make you vulnerable to fraud and there must be many readers who have discovered that their credit card has been used because the number was cloned at some establishment you visited. The beauty of a digital currency is that there is a central ledger called a blockchain that keeps details of the all its coin holders. Plus, although anyone can see the public ledger of accounts, nobody knows who they belong to, so your account is always private and protected. Plus, you’ll never be charged for a transaction when you use Octacoin.

Source: SyTaylor Blog

Your Octacoin wallet

When you join Crypto888 Members Club, your cash will be converted into digital chips or ‘crypto chips’ and these are placed in the Crypto888 program for 26 weeks initially. After 26 weeks, your chips are converted to Octacoins and these are stored in the FREE Octacoin wallet on your computer. You can also become an Octacoin miner and make more money online for free. You can sell your Octacoins, or use them to buy products or services. You can even buy traditional currency with them. Or, you can visit Shoreditch in London and buy a few beers at a bar. Being a member of Crypto888 makes money making lots more fun!