What Is a Cryptocurrency?


Cryptocurrency or cryptocurrency (Saxon cryptocurrency) is a virtual currency that is used to exchange goods and services through electronic trading systems without any intermediaries. The first cryptocurrency to start trading was Bitcoin in 2009, and many other functions have appeared since then, including Litecoin, Ripple, Dogecoin and other functions.

what is the benefit?

When comparing cryptocurrency with the money in the ticket, the difference is:

They are decentralized: they are not controlled by banks, governments and any financial institutions

Anonymous: Your privacy will be preserved when making transactions

They are international: everyone’s opera is with them

They are safe: your coin is yours and no one else is using it. It is kept in your personal wallet with only non-transferable codes that you know

It has no intermediaries: transactions are carried out from person to person

Fast transaction: Remitting money to another country where they charge interest usually takes a few days to confirm; using cryptocurrency only takes a few minutes.

Irreversible transaction.

Bitcoin and any other virtual currency can be exchanged for any world currency

It cannot be forged because they have been encrypted using a complex cryptographic system

Unlike currency, the value of electronic money is subject to the oldest market rule: the relationship between supply and demand. He said: “Currently, its value is more than $1,000. Just like stocks, this value may fluctuate.

What is the origin of Bitcoin?

Bitcoin is the first cryptocurrency created by Satoshi Nakamoto in 2009. He decided to introduce a new currency.

Its characteristic is that you can only perform operations within the network.

Bitcoin refers to currency and protocol, and the red P2P on which it relies.

So, what is Bitcoin?

Bitcoin is a virtual intangible currency. In other words, you cannot touch any of its forms like coins or banknotes, but you can use it as the same payment method as these coins or banknotes.

In some countries/regions, you can use electronic debit card pages and cryptocurrencies such as XAPO for currency exchange to make a profit. For example, in Argentina, we have more than 200 Bitcoin terminals.

There is no doubt that what makes Bitcoin different from traditional currencies and other virtual payment methods (such as Amazon coins, action coins) is decentralization. Bitcoin is not controlled by any country or private government, institution or financial entity (such as the Euro) controlled by the Central Government or the Federal Reserve Bank of the United States.

In Bitcoin control, real users conduct transactions indirectly through transactions P2P (peer-to-peer or peer-to-peer). This structure and lack of control make it impossible for any institution to manipulate its value or cause inflation by producing more quantities. Its production and value are based on the law of supply and demand. Another interesting detail in Bitcoin is the limit of 21 million coins, which will be reached in 2030.

How much is Bitcoin worth?

As we have already pointed out, the value of Bitcoin is based on supply and demand and is calculated using an algorithm that can measure transaction volume and transaction volume with Bitcoin in real time. Currently, the price of Bitcoin is $9,300 (as of March 11, 2018), although this value is not that stable, and Bitcoin is classified as the most volatile currency in the foreign exchange market.