Cryptocurrency or cryptocurrency (Saxon cryptocurrency) is a virtual currency that serves to exchange goods and services through electronic transaction systems without the need to pass through any intermediary. The first cryptocurrency to be traded was Bitcoin in 2009, and many others have emerged since then, with other features such as Litecoin, Ripple, Dogecoin and others.
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What is the advantage?
When we compare cryptocurrency with money in the ticket, the difference is that:
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They are decentralized: they are not under the control of the bank, the government and any financial institution
Are you anonymous: your privacy is preserved when conducting transactions
They are international: everyone washes with them
They are sure: your coins are yours and from no one else, they are kept in a personal wallet with non-transferable codes that only you know
No intermediaries: transactions are performed from person to person
Fast transactions: interest is charged for sending money to another country and confirmation days are often required; with cryptocurrencies just minutes.
Bitcoins and any other virtual currency can be exchanged for any world currency
They cannot be falsified because they are encrypted with a sophisticated cryptographic system
Unlike currencies, the value of electronic currencies is subject to the oldest rule of the market: supply and demand. “It currently has a value of more than $ 1,000 and as stocks, this value can go up or down in relation to supply and demand.
What is the origin of Bitcoin?
Bitcoin is the first cryptocurrency created by Satoshi Nakamoto in 2009. He decided to launch a new currency
Its special feature is that you can perform operations only within the network.
Bitcoin refers to both the currency and the protocol and the red P2P it relies on.
So what is Bitcoin?
Bitcoin is a virtual and intangible currency. That is, you can’t touch any of its shapes like coins or banknotes, but you can use it as a means of payment in the same way as these.
In some countries, you can cash in using an electronic debit card site that exchanges money with cryptocurrencies such as XAPO. In Argentina, for example, we have more than 200 bitcoin terminals.
Undoubtedly, what distinguishes Bitcoin from traditional currencies and other virtual means of payment such as Amazon Coins, Action Coins, is decentralization. Bitcoin is not controlled by any government, institution, or financial entity, whether public or private, such as the euro, which is controlled by the Central Bank, or the dollar by the United States Federal Reserve.
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In Bitcoin, they control real, indirectly through their transactions, users through P2 P (Point to Point or Point to Point) exchanges. This structure and lack of control make it impossible for any government to manipulate its value or provoke inflation by producing larger 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.
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How much is Bitcoin worth?
As we have pointed out, the value of Bitcoin is based on supply and demand, and is calculated using an algorithm that measures the amount of transactions and transactions with Bitcoin in real time. Currently, the price of Bitcoin is 9,300 USD (as of March 11, 2018), although this value is not much less stable and Bitcoin is classified as the most unstable currency in the foreign exchange market.