Currently, there are over a thousand cryptocurrencies available on the Internet, and while there are many that we know little about, it can be overwhelming and challenging to see the differences between each one. Unless you are a serious cryptocurrency hobbyist or work for the company, all the currencies may seem the same, more or less.
Although a cryptocurrencies have the same purpose, we will talk a bit about the basics of cryptocurrencies and discuss what sets Swiftcoin apart from the rest.
A Quick Look At Cryptocurrencies
If you’ve never used cryptocurrency, now is as good a time as any to give it a try. The term cryptocurrency describes digital or virtual currency, and you’re likely to see the terms used interchangeably. Since Bitcoin is one of the most popular cryptocurrencies, many people will mistakenly describe digital currency, in general, as “Bitcoin.”
Even though Bitcoin is a leader in the world of cryptocurrency, there are other currencies, which as often referred to as “altcoins,” that are equally as well. If you’re a newcomer to cryptocurrency, you might hear that one currency is better than another (and vice versa).
How Cryptocurrencies Differ From “Real” Money
Most of us shop online and make payments with a credit card, debit card, or another online service that takes money directly from our bank accounts or has private and sensitive information, such as a social security number, about ourselves.
While using real (or “fiat”) money online is supposed to be safe and relatively confidential, there’s always the risk of losing money or have our identities compromised by a hacker. Digital money relies on blockchain technology, which is used in a variety of applications.
When it comes to cryptocurrency blockchain takes out the third party (or “middleman”) and gives people full control over their money. With the absence of a financial institution, blockchain helps to eliminate extra fees and keeps transactions anonymous. Not only do users of cryptocurrency appreciate the anonymity and convenience, but transactions tend to move more quickly.
While there are many benefits to using digital currency, there is always the risk that a one’s cryptocurrency balance can be wiped out if a computer crashes and the digital wallet is not backed up.
It doesn’t mean that cryptocurrency isn’t safe, it’s just not completely immune from the threat of hacking, particularly if money is stored in a “hot” wallet, which is always connected to the Internet. As with all online accounts, you can take proper precautions to keep your cryptocurrency safe, and you should always spend wisely and avoid suspicious sites.
If cryptocurrency is relatively new to you, you might only be familiar with Bitcoin. Like other cryptocurrencies, Bitcoin uses blockchain and “miners” are responsible for confirming transactions (you can think of miners sort of like the role of a banker); there still is no third party to hold up the speed of your transaction.
Since Bitcoin is one of the most popular digital coins, it’s widely accepted by thousands of merchants while some altcoins are less popular and accepted.
You will soon find out that people have strong opinions about cryptocurrencies like they do other tech stuff like Apple or Windows. It’s important to keep in mind that there are pros and cons to each coin and it all comes down to personal preferences and which one suits your needs best.
Before We Discuss Swiftcoin
If you’ve already started a bit of your own research on Swiftcoin, you may come across some confusing and conflicting information. When taking a look at different currencies, the term “SWIFT currency codes” might come up; this simply describes the codes used by the International Organization for Standardization (ISO), not the altcoin.
The currency code for U.S. dollars is USD, Bitcoin is BTC, and the altcoin we are currently discussing is STC. You might also notice that there is an altcoin called Bitswift with the currency code of SWIFT. This altcoin is different from STC; we will clear up any confusion after we discuss STC.
What Is Swiftcoin?
STC is an altcoin, and you can send it to anyone just as quickly as you would with an email or other electronic documents.
Although STC uses blockchain within a peer-to-peer network, the ledger is not an open source or shared publicly. Another noticeable difference between STC and Bitcoin is that Swiftcoins are not designed for mining. If people want to obtain more coins, they can purchase them with cash or use Bitcoin at sites STC Exchange sites.
Anyone can purchase and receive STC as long as they have a digital wallet and you purchase the altcoin based on the day’s swift price. Your wallet will show proof-of-work (POW) confirmations in real time. STC remains relatively safe in your wallet as long as you backup your computer, keep your passwords secure, and take other precautions.
As you should with all emails and attachments, be cautious of opening links or any email that asks for a PIN code related to your STC wallet; wallets are meant to be private. STC is available on Android at the Google Play Store as well as Linux and Windows. An iPhone app is apparently still in the works.
A Bit About Creator of Swiftcoin
The altcoin’s creator, Daniel Bruno, received a U.S. patent, in 2014, for the coin and for the world’s first blockchain bond, “The Solidus.” The bond is designed not to default and continues to pay regardless of the issuer’s credit rating.
In 2016, Bruno created www.SwiftCoin.club to solve any problems related to transforming cryptocurrency into local fiat currency. That same year, to prove how secure STC is, Bruno offered $10,000 to any hacker who could break STC and the John McAfee SwiftMail code; no one earned the prize money.
A Quick Look At Bitswift (SWIFT)
As we mentioned earlier, some people think that STC and SWIFT are the same but they are quite different, and it’s important to make note of a few of the differences. While both STC and SWIFT got their start in 2014, SWIFT’s primary focus in on businesses.
While Bitcoin is almost solely used as a digital currency, SWIFT is a complete and decentralized blockchain platform, which is supported and integrated by a growing number of technology professionals (unlike anyone who can be a miner). The blockchain also allows for other applications such as voting and data storage.
SWIFT currency is available as a downloadable digital token that can be transferred electronically and may also be purchased or sold on cryptocurrency exchanges.
SWIFT’s ultimate goal is to make its blockchain into a reality, and every individual or business can benefit from the technology. If you own a business, you may find SWIFT to be beneficial, and it would be advantageous to spend a little more time on research and contacting professionals who work with the currency.
The Future Of Swiftcoin
As more people are opting to use cryptocurrencies over traditional payment methods, we’re likely to see an influx of digital money in a variety of currencies. While digital money is safe and moves fast, only time will tell if regulations prevent us from enjoying the freedom from a third party or the lack of fees.
As digital money becomes more popular, there’s a good chance that STC will be noticed by more people. It’s important to consider that given the amount of cryptocurrencies available, competition may be tough.
Unless you stay up-to-date with any news related to cryptocurrency, you might not hear much about STC and even if you do, any news about STC may be hidden in the corners of the Internet. It’s not to say that STC isn’t a good or legit cryptocurrency, it’s just so much different from other digital currencies.
Security isn’t an issue, as Bruno proved in his 2016 publicity stunt that STC is virtually impossible to hack. Will Bruno continue to urge hackers to break into an STC account to test its security? Only time will tell.
The concept behind STC is simple, and many users may start to create their own digital wallets to make sending and receiving money easier and more secure. No fees, no middlemen, straight and simple; these are all features that many people might appreciate if they used STC (and even knew about the cryptocurrency).
If you’re interested in using STC, watch for new and updated apps (such as the iPhone app) that will make moving and converting digital money even more convenient.