What Is Cryptocurrency? Here’s What You Should Know

What is Bitcoin?

If you’re here, you’ve heard of Bitcoin. It has been one of the most frequent headlines in the last year – as a plan to get rich quick, end finances, give birth to a truly international currency, as the end of the world or as a technology that has improved the world. But what is Bitcoin?

In short, it could be said that Bitcoin is the first decentralized money system used for online transactions, but it will probably be useful to dig a little deeper.

We all know, in general, what ‘money’ is and what it is for. The most significant problem that has arisen in the use of money before Bitcoin is that it is centralized and controlled by one entity – the centralized banking system. Bitcoin was invented in 2008/2009 by an unknown creator under the pseudonym ‘Satoshi Nakamoto’ to bring about the decentralization of money globally. The idea is that currency can be traded across international lines without any difficulty and fees, checks and balances would be distributed around the world (not just on the books of private corporations or governments), and money would become more democratic and equally accessible to all.

How did Bitcoin come about?

The concept of Bitcoin, and cryptocurrencies in general, was launched in 2009 by Satoshi, an unknown researcher. The reason for his invention was to address the issue of centralization in the use of money that relied on banks and computers, an issue that many computer scientists were not happy with. Achieving decentralization has been unsuccessful since the late 1990s, so when Satoshi published a paper offering a solution in 2008, it was extremely welcome. Today, Bitcoin has become a well-known currency for Internet users and has led to thousands of ‘altcoins’ (non-bitcoin cryptocurrencies).

How is Bitcoin made?

Bitcoin is produced through a process called mining. Just as paper money is made by printing and gold is mined from the ground, Bitcoin is made by ‘mining’. Mining involves solving complex mathematical problems related to blocks using computers and adding them to the public book. When it started, a simple CPU (like the one in your home computer) was all it took to mine, however, the weight level increased significantly and you will now need specialized hardware, including a high-end graphics processing unit (GPU), to single out Bitcoin.

How do I invest?

First, you need to open an account on trading platforms and create a wallet; some examples can be found by searching Google for ‘Bitcoin trading platform’ – they generally have names that include ‘coin’, or ‘market’. After joining one of these platforms, click on funds, then click on crypto to select the desired currency. There are many indicators on every platform that are quite important and you should definitely watch them before investing.

Just buy and hold

Although mining is the safest and, in a way, the easiest way to earn Bitcoin, too much crowd is involved, and the cost of electricity and specialized computer hardware make it inaccessible to most of us. To avoid all this, make it easy for yourself, enter the amount you want from your bank directly and click “buy”, then relax and watch your investment increase in line with the price change. This is called an exchange and takes place on many exchange platforms available today, with the ability to trade between many different fiat currencies (USD, AUD, GBP, etc.) and different crypto coins (Bitcoin, Ethereum, Litecoin, etc.).

Bitcoin trading

If you are familiar with stocks, bonds or Forex exchanges, then you will easily understand cryptocurrency trading. There are Bitcoin brokers like e-social trading, FXTM markets.com and many others to choose from. The platforms provide you with Bitcoin-fiat or fiat-Bitcoin currency pairs, for example BTC-USD means bitcoin trading for US dollars. Watch out for price changes to find the perfect pair according to price changes; platforms provide price among other indicators to give you relevant trading tips.

Bitcoin as stocks

There are also organizations that have been established to allow you to buy shares in companies that invest in Bitcoin – these companies trade back and forth, and you just invest in them and wait for your monthly benefits. These companies simply pool the digital money of different investors and invest on their behalf.

Why should you invest in Bitcoin?

As you can see, investing in Bitcoin requires that you have some basic knowledge of currency, as explained above. As with all investments, this involves risk! The question of whether to invest or not depends solely on the individual. However, if I were to give advice, I would advise investing in Bitcoin for the reason that Bitcoin continues to grow – although there has been a significant boom and bust, it is very likely that cryptocurrencies as a whole will continue to grow in value over the next 10 years. Bitcoin is the largest and most famous of all current cryptocurrencies, so it is a good place to start and currently the safest bet. Although it is volatile in the short term, I guess you will find that bitcoin trading is more profitable than most other ventures.

ICO has proven to be a revolutionary way for many companies and projects to raise money. ICO can be said as a combination of conventional methods and advanced techniques. The primary thing to consider is that investors who invest in ICOs will be 100% risk free due to the technology used.

So far, most ICO funds have been raised through Bitcoin (BTC) or Ether (ETH). During the execution of the ICO, the project produces a Bitcoin or Ethereum address for receiving funds and then displays it on the appropriate website. The procedure is the same as opening a bank account and then displaying it on a particular website to people so they can send money.

The initial coin offering (ICO) is basically an illegal way of raising group funding through different cryptocurrencies (fiat currencies in several cases) and it works for cryptocurrency organizations to raise the capital needed to carry out the project. In the ICO, a certain portion of a recently issued cryptocurrency is sold to investors in exchange for any legalized offer or any other cryptocurrency. It can be said as selling tokens or mass selling which involves taking the amount of investment from the investor and providing them with some characteristics related to the project being launched.

The IPO, or Initial Public Offering, is a process in some way related to the ICO in which investors receive shares owned by the company. While in the ICO, investors buy company coins that can increase value if the business increases.

The first sale of tokens, ie ICO, was conducted by Mastercoin in July 2013. Ethereum raised money through ICO 2014. In recent years, ICO has taken a completely new definition. In May 2017, it was approx. 20 offers, as well as Brave’s recent ICO web browser generated about $ 35 million in just 30 seconds. By the end of August 2017, starting in January 2017, a total of 89 ICO coins worth $ 1.1 billion had been executed.

Investors send Bitcoin, Ethereum or any other cryptocurrency to a given address, and then in return receive new tokens that can be of great benefit to them if the project is affected.

• The ICO is basically implemented for projects based on cryptocurrencies that rely on decentralized technology. Therefore, naturally such projects would force only those investors who have a great interest in the concept of cryptocurrency and who are friendly to the technology used.
• The document belonging to the investor really remains in the form of a website, white paper or web post. Some of these documents show accurate details about the project, while others literally falsify its characteristics in order to mislead those interested. Therefore, before relying on any white paper or e-document, it is better to go through a quality check.

The concept of cryptocurrency was coined in 1991. However, the first real implementation in 2008 was made by Nakamoto. The first question is, what is a cryptocurrency? It is a financial setting in which currency is transferred between two parties. Initially, problems such as the double fault method emerged, although the problem was later solved with concepts such as blockchain technology. The whole process is controlled by cryptographic algorithms. The set of public and private keys is transmitted between the two parties. Details of each transaction are stored in each block and for each client; the chain of blocks forms a complete list of transactions. All the blocks together form a chain of blocks. These blockchains are nothing but a financial book. The strength of this new system of currency transactions depends on the strength of the cryptographic algorithm. The implementation of algorithms such as DES has increased the secrecy of each financial transaction (blockchain). However, the concept has not yet been approved by many countries. The data of each block cannot be changed retroactively or without network consensus. The share of cryptocurrency is not that big at the moment, although it is expected to grow over time.

Some of the characteristics of cryptocurrency are:

• Decentralized

• Distributed

• Public book

The most important aspect of cryptocurrency is the above, but technology requires security for efficient use. Problems like double faults have occurred in the past, although this problem has now been resolved. The biggest advantage of cryptocurrency is its update function without touching the central server. So we don’t need to make any changes to the server. Also, a transaction can be done between any two network members or three or more.

Therefore, the different benefits you achieve through cryptocurrency are as follows:

• Safe

• Fast

• Reliable

• Precise

However, the technology has evolved even though it is not accepted by all countries. The biggest sensation in cryptocurrency is bitcoin. It is accepted by many countries. Similarly, you can find many more types of cryptocurrencies. Each of them uses a unique type of algorithm. You can learn all of them through cryptography. This is a huge topic and the application in the form of cryptocurrency is one of the greatest discoveries in the past decade. Usage could definitely increase fourfold in the coming years.

Digital currency is further used as part of suspicious settings such as illegal online businesses, for example, Silk Street. The first Silk Street was closed in October 2013, and two more forms have been used since then. In the year following the main closure of Silk Street, the number of unmistakable quenched markets increased from four to twelve, while the number of drug ads increased from 18,000 to 32,000.

Darknet markets show challenges to legality. Bitcoins and various types of digital money used as part of obscure markets are not obviously or legally ordered in all parts of the world. In the US, bitcoins are called “virtual resources”. This type of questionable arrangement puts weight on law enforcement offices around the world to adapt to the mobile exchange of drugs in dark markets

In the times we live in, technology has made incredible advances over any time in the past. This evolution has redefined human life in almost every aspect. In fact, this evolution is an ongoing process and therefore human life on earth is improving day by day. One of the latest inclusions in this aspect is cryptocurrencies.

Cryptocurrency is nothing but digital currency, which is designed to impose security and anonymity in online money transactions. It uses cryptographic encryption both to generate currency and to verify transactions. New coins are created by a process called mining, while transactions are recorded in a public ledger called the Transaction Block Chain.

Little backtrack

The evolution of cryptocurrency is mainly attributed to the virtual world of the web and involves the procedure of transforming readable information into code, which is almost inexplicable. This makes it easier to track purchases and transfers that involve currency. Cryptography, since its introduction in World War II to ensure communication, has evolved into this digital age, merging with mathematical theories and computer science. It is therefore now used to secure not only communication and information, but also the transfer of money via the virtual web.

How to use cryptocurrency

It is very easy for ordinary people to use this digital currency. Just follow the steps below:

• You need a digital wallet (obviously, to store currency)
• Use a wallet to create unique public addresses (this allows you to receive currency)
• Use public addresses to transfer funds to or from your wallet

Cryptocurrency wallets

A cryptocurrency wallet is nothing but a software program, which can store both private and public keys. In addition, it can communicate with various blockchains, so that users can send and receive digital currency and track their balance.

The way digital wallets work

Unlike conventional wallets that we carry in our pockets, digital wallets do not store money. In fact, the blockchain concept is so cleverly mixed with cryptocurrencies that currencies are never stored in a particular location. Nor do they exist anywhere in cash or in physical form. Only records of your transactions are stored in the blockchain and nothing more.

A real life example

Suppose a friend sends you some digital currency, say in the form of bitcoin. What this friend is doing is transferring ownership of the coins to your wallet address. Now, when you want to use that money, you unlock the fund.

To unlock the fund, you need to pair the private key in your wallet with the public address to which the coins were assigned. Only when these private and public addresses match will your account be credited and your wallet balance increase. At the same time, the state of the sender of digital currency will decrease. In digital currency transactions, the actual exchange of physical coins never takes place in any case.

Understanding cryptocurrency addresses

By nature, it is a public address with a unique string of characters. This allows the user or owner of a digital wallet to receive cryptocurrency from others. Each public address that is generated has a corresponding private address. This automatic match proves or establishes ownership of the public address. As a more practical analogy, you can consider a public cryptocurrency address as your email address to which others can send email. Emails are the currency that people send you.

Understanding the latest version of the technology, in the form of cryptocurrency, is not difficult. One needs to take a little interest and spend time online to clarify the basics.

The advent of cryptocurrency is already taking over our daily transactions. Cryptocurrency is a digital asset that exists in the crypto world and many call it “digital gold”. But what exactly is a cryptocurrency? You must be wondering.

This is a digital asset intended for use as a medium of exchange. Clearly, this is a close substitute for money. However, it uses strong cryptography to secure financial transactions, to verify the transfer of assets, and to control the creation of additional units. All cryptocurrencies are either virtual currency, digital currency or alternative currency. It is imperative to note that all cryptocurrencies use a decentralized control system as opposed to centralized systems of banks and other financial institutions. These decentralized systems work through distributed book technology that serves the public finance database. Usually a blockchain is used.

What is a blockchain?

This is an ever-growing list of records that are linked and protected by cryptography. This list is called blocks. A chain of blocks is an open, distributed book that can be used to record transactions between two parties in a way that is verifiable and durable. To allow the block to be used as a distributed book, it is managed by a peer-to-peer network that adheres together to a protocol to validate new blocks. Once the data is recorded in any book, it cannot be changed without changing all the other blocks. Therefore, blockchains are design-safe and also act as an example of a distributed computing system.

History of cryptography

David Chaum, an American cryptographer, discovered an anonymous cryptographic electronic money called ecash. It happened in 1983. In 1995, David implemented it through Digicash. Digicash was an early form of cryptographic electronic payment that required user software to withdraw banknotes from a bank. It also allowed specific encrypted keys to be flagged before sending to the recipient. This feature has made it impossible for the government, the issuing bank or any third party to track down the digital currency.

After intensified efforts in the following years, Bitcoin was created in 2009. This was the first decentralized cryptocurrency and was created by Satoshi Nakamoto, a pseudonymous programmer. Bitcoin used SHA-256 as its cryptographic hash function (evidence proof scheme). Since the issuance of bitcoin, the following cryptocurrencies have been released.

1. Namecoin (April 2011)

2. Litecoin (October 2011)

3. Peercoin

These three coins and many others are called altcoins. The term is used to denote alternative variants of bitcoin or simply other cryptocurrencies.

It is also necessary to note that cryptocurrencies are exchanged via the Internet. This means that their use is primarily outside the banking systems and other state institutions. Cryptocurrency exchanges involve the exchange of cryptocurrencies with other assets or other digital currencies. Conventional fiat money is an example of an asset that can be traded in cryptocurrencies.

Atomic Swaps

They refer to the proposed mechanism in which one cryptocurrency will be able to be exchanged directly from another cryptocurrency. This means that with atomic substitutions there would be no need for third party participation in the exchange.

Sovereign Individual ~ James Dale Davidson and William Rees Morg

The Sovereign Individual is one of those books that forever changes the way you see the world. It was released in 1997, but the extent to which it predicts the impact of blockchain technology will make you shiver. We are entering the fourth phase of human society, moving from the industrial to the information age. You need to read this book to understand the scope and scale of how things will change.

As it becomes easier to live comfortably and earn money anywhere, we already know that those who are truly advancing in the new information age will be workers who are not tied to one job or career and are location independent. Retreating to choose where to live on the basis of savings is already more attractive, but it goes beyond digital nomadism and free gigs; the foundations of democracy, government and money are shifting.

The authors predicted Black Tuesday and the collapse of the Soviet Union, and here they predict that the rise in power of individuals will coincide with decentralized technology that bites the power of governments. The number of deaths in nation states, they predicted with extreme insight, will be private, digital money. When that happens, the dynamics of governments as stationary bandits taxing hard-working citizens will change. If you have become someone who can solve problems for people anywhere in the world, then you will soon enter a new cognitive elite. Don’t miss this one.

Election quote: “When technology is mobile and transactions take place in cyberspace, as they will increasingly do, governments will no longer be able to charge more for their services than they are worth to the people who pay for them.”

Sapiens: A Brief History of Mankind ~ Yuval Noah Harari

Whenever I want to impress someone on how good this book is, I ask, “Do you want to know the basic difference between humans and monkeys? A monkey can jump up and down a rock and wave a stick around and scream to his friends that he saw a threat coming.” Danger! Danger! Lion! ‘ And a monkey can lie. He can jump up and down on a rock and wave a stick around and scream about a lion when the lava is, in fact, gone. He’s just kidding. stick around and scream, ‘Danger! Danger! Dragon!’

Why is this? Because dragons are not real. As Harari explains, the human imagination, our ability to believe and talk about things we have never seen or touched have elevated the species to collaborate with foreigners in large numbers. There are no gods in the universe, no nations, no money, no human rights, no laws, no religions and no justice beyond the ordinary imagination of human beings. We make them like that.

It’s all a pretty magnificent preamble to where we are today. After the cognitive and agricultural revolution, Harari takes you to the scientific revolution, which began only 500 years ago and which could start something completely different for humanity. The money, however, will remain. Read this book to understand that money is the greatest story ever told and that trust is the raw material from which all kinds of money are minted.

Quote of choice: “Sapiens, by contrast, lives in a three-layered reality. In addition to trees, rivers, fears and desires, the world of Sapiens also contains stories of money, gods, nations and corporations.”

Internet money ~ Andreas M. Antonopoulos

If the two books mentioned above help us understand the historical context in which Bitcoin first appeared, then this book expands the ‘why’ with infectious enthusiasm. Andreas Antonopolous is perhaps the most respected voice in the crypto space. He has been traveling the world as a bitcoin evangelist since 2010, and this book is a summary of speeches he gave in a circle between 2013 and 2016, all of which were ready for publication.

His first book, Mastering Bitcoin, represents a technically deep dive into technology, specifically aimed at developers, engineers, and software and system architects. But this book uses some metaphors of choice to explain why you can’t ban Bitcoin or turn it off, how the scaling debate doesn’t really matter, and why Bitcoin needs designer help to ensure mass adoption.

“When you drive your brand new car for the first time in the city,” he writes, “you ride on horses used by horses with infrastructure designed and used for horses. No traffic lights. No traffic rules. No paved roads. And what happened? Cars are they got stuck because they didn’t have balance and four feet. ” But rewinding a hundred years ahead and cars that were once ridiculed are absolutely the norm. If you want to swim around in the philosophical, social and historical implications of Bitcoin, this is your starting point.

Quote of choice: “Bitcoin is not just money for the internet. Yes, it is perfect money for the internet. The current one, it is safe, is free. Yes, it is money for the internet, but it is much more. Bitcoin is the internet of money. Currency is only the first If you understand that, you can look beyond price, you can look beyond volatility, you can look beyond whim. At its core, Bitcoin is a revolutionary technology that will change the world forever. Join us. “

This year, the value of bitcoin has jumped, even over one golden ounce. There are also new cryptocurrencies on the market, which is even more surprising as it brings the value of cryptocurrencies up to more than one hundred billion. On the other hand, the long-term outlook for cryptocurrencies is somewhat blurred. There are quarrels due to the lack of progress among its main developers, which makes it less attractive as a long-term investment and as a payment system.

Bitcoin

Still the most popular, Bitcoin is the cryptocurrency that started it all. It is currently the largest market capitalization of about $ 41 billion and has existed for the past 8 years. Around the world, Bitcoin is widely used and so far it has not been easy to exploit weaknesses in the method it works on. Both as a payment system and as a stored value, Bitcoin allows users to easily receive and send bitcoins. The blockchain concept is the foundation on which Bitcoin is based. It is necessary to understand the concept of blockchain in order to gain insight into what cryptocurrencies are about.

Simply put, a blockchain is a database distribution that stores each network transaction as a piece of data called a “block”. Every user has blockchain copies so when Alice sends 1 bitcoin Mark, every person online knows it.

Litecoin

One alternative to Bitcoin, Litecoin is trying to solve many of the problems that hinder Bitcoin. It’s not quite as resilient as Ethereum with its value stemming mostly from the adoption of solid users. It is worth noting that Charlie Lee, a former Google employee, runs Litecoin. He also practices transparency with what he does with Litecoin and is quite active on Twitter.

Litecoin has been Bitcoin’s second instrument for some time, but things started to change in early 2017. First, Coinbase adopted Litecoin along with Ethereum and Bitcoin. Then, Litecoin solved the Bitcoin problem by adopting Segregated Witness technology. This gave him the capacity to reduce transaction fees and do more. The deciding factor, however, was when Charlie Lee decided to focus exclusively on Litecoin and even left Coinbase, where he was director of engineering, for Litecoin only. As a result, the price of Litecoin has risen in recent months, and its strongest factor is the fact that it could be a real alternative to Bitcoin.

Ethereum

Vitalik Buterin, a superstar developer, designed Ethereum, which can do everything Bitcoin can do. However, its purpose is primarily to be a platform for building decentralized applications. Blockchains are what make the differences between them. Basically, the Bitcoin blockchain records the type of contract, one that states whether funds have been moved from one digital address to another. However, there is a significant expansion with Ethereum because it has a more advanced language script and a more complex, wider range of applications.

Projects began to emerge at the top of Ethereum when developers began to notice its better qualities. Through the mass sale of tokens, some have even raised millions of dollars, a trend that continues to this day. The fact that you can do wonderful things on the Ethereum platform makes it almost like the internet itself. This has caused a dizzying rise in prices, so if you bought Ethereum for $ 100 earlier this year, it wouldn’t be estimated at nearly $ 3,000.

Money

Monero aims to solve the problem of anonymous transactions. Even if this currency is considered a money laundering method, Monero aims to change that. Basically, the difference between Monera and Bitcoin is that Bitcoin has a transparent blockchain with every public and recorded transaction. With Bitcoin, anyone can see how and where money is moved. However, there is some somewhat imperfect anonymity of Bitcoin. In contrast, Monero has an opaque rather than transparent method of transaction. No one is completely sold by this method, but since some people like privacy for any purpose, Monero is here to stay.

Zcash

Unlike Monera, Zcash also aims to solve the problems that Bitcoin has. The difference is that Monero, instead of being completely transparent, is only partially public in its blockchain style. Zcash also aims to solve the problem of anonymous transactions. After all, no person likes to show how much money they actually spent on Star Wars souvenirs. So, the conclusion is that this type of cryptocurrency really has an audience and demand, although it is difficult to point out which cryptocurrency that focuses on privacy will eventually reach the top of the crowd.

Bancor

Also known as a “smart token,” Bancor is a standard-generation cryptocurrency standard that can hold more than one token in reserve. Basically, Bancor tries to facilitate the trading, management and creation of tokens by increasing their level of liquidity and allowing them to have an automated market price. At the moment, Bancor has a front-end product that includes a wallet and smart token creation. There are also functions in the community such as statistics, profiles and discussions. In short, the Bancor Protocol enables the discovery of the embedded price as well as the liquidity mechanism for smart contract tokens through the innovation reserve mechanism. Through a smart contract, you can immediately liquidate or buy any of the tokens in the Bancora reserve. With Bancor, you can easily create new cryptocoins. Who wouldn’t want that now?

EOS

Another competitor to Ethereum, EOS promises to solve the problem of scaling Ethereum by providing a set of tools that are more robust for running and creating applications on the platform.

Theses

An alternative to Ethereum, Tezos can be upgraded by agreement without too much effort. This new blockchain is decentralized in the sense that it is self-governing through the establishment of a digital true Commonwealth. It facilitates a mathematical technique called formal verification and has features that increase the security of the most financially sensitive smart contract. Definitely a great investment in the coming months.

Verdict

It is incredibly difficult to predict which Bitcoin will become the next superstar on the list. However, user adoption has always been a key success factor when it comes to cryptocurrencies. Both Ethereum and Bitcoin have this, and even if there is strong support from early users of every cryptocurrency on the list, some have yet to prove their endurance. Still, these are the ones to invest in and look out for in the coming months.

What will the future of money look like? Imagine entering a restaurant and looking at the digital menu board for your favorite combined meal. Only, instead of being priced at $ 8.99, it is shown as 009 BTC.
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Can cryptocurrency really be the future of money? The answer to that question depends on a general consensus on several key decisions ranging from ease of use to safety and regulation.

Let’s examine both sides of the (digital) coin and compare and compare traditional fiat money with cryptocurrency.

The first and most important component is trust.

It is imperative that people trust the currency they use. What gives the dollar its value? Is it gold? No, the dollar has not been backed by gold since the 1970s. So what is the value of the dollar (or any other fiat currency)? The currency of some countries is considered more stable than others. After all, people’s trust is that the government that issued the money stands firmly behind it and essentially guarantees its “value”.
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How does trust work with Bitcoin since it is decentralized, meaning that their body is not a governing body that issues coins? Bitcoin is on a blockchain that is basically an online bookkeeping book that allows the whole world to see every transaction. Each of these transactions is verified by miners (people who use computers on an equal footing) to prevent fraud and ensure that there is no double spending. In exchange for their blockchain integrity services, miners receive payment for each transaction they verify. Since there are countless miners trying to make money, each checks each other for mistakes. This proof of workflow is the reason why the blockchain was never hacked. In essence, this trust is what gives Bitcoin value.

Then let’s look at the closest friend of trust, security.

How about if my bank is robbed or there is fraudulent activity on my credit card? My bank deposits are covered by FDIC insurance. Chances are my bank will also cancel all charges on my card that I never made. This does not mean that criminals will not be able to perform stunts that are frustrating and time-consuming to say the least. It is more or less peace of mind that comes from knowing that I will most likely be healed from any wrongdoing against me.

In crypto, there are many choices when it comes to where to store your money. It is important to know whether the transactions are insured for your protection. There are reputable exchanges such as Binance and Coinbase that have proven records of correcting injustices for their clients. Just as there are fewer reputable banks around the world, the same is true for cryptocurrencies.

What happens if I throw a twenty-dollar bill into the fire? The same goes for cryptocurrencies. If I lose my credentials to sign up for a particular digital wallet or exchange, then I will not be able to access those coins. Again, I cannot stress enough the importance of doing business with a reputable company.

The next question is scaling. Currently, this could be the biggest hurdle preventing people from conducting multiple blockchain transactions. When it comes to transaction speed, fiat money moves much faster than crypto. Visa can process about 40,000 transactions per second. Under normal circumstances, a blockchain can only handle about 10 per second. However, a new protocol is being adopted that will increase this to 60,000 transactions per second. Known as the Lightning Network, it could result in the conversion of cryptocurrencies into the future of money.

The conversation would not be complete without talking about the benefits. What do people usually like in their traditional methods of banking and spending? For those who prefer cash, it is obviously easy to use most of the time. If you are trying to book a hotel room or rent a car, you need a credit card. I personally use my credit card wherever I go for convenience, security and rewards.

Did you know that there are companies that provide all this in the crypto space as well? Monaco is now issuing cards with the Visa logo that automatically convert your digital currency into local currency for you.

If you have ever tried to send money to someone, you know that this process can be very tedious and expensive. Blockchain transactions allow the user to send cryptocurrencies to anyone in just a few minutes, no matter where they live. It is also much cheaper and safer than sending a bank transfer.

There are other modern methods of money transfer that exist in both worlds. Take, for example, apps like Zelle, Venmo and Messenger Pay. These applications are used daily by millions of millennials. Did you also know that they start with the inclusion of cryptocurrencies?

The Square Cash app now includes Bitcoin, and CEO Jack Dorsey said, “Bitcoin doesn’t stop us from buying and selling. We believe this is a transformation technology for our industry and we want to learn as soon as possible.”

He added: “Bitcoin offers an opportunity for more people to gain access to the financial system.”

While it is clear that fiat spending still dominates the way most of us transfer money, the new crypto system is quickly getting hit. Evidence is everywhere. Prior to 2017, it was difficult to find media coverage. Now almost every big business news item covers Bitcoin. From Forbes to Fidelity, they all weigh their opinions.

what is my opinion Perhaps the biggest reason why Bitcoin could succeed is because it is honest, inclusive, and provides financial access to more people around the world. Banks and large institutions see this as a threat to their existence. They are at the losing end of the greatest wealth transfer the world has ever seen.

Still undecided? Ask yourself this question: “Do people trust governments and banks more or less every day?”

Your answer to that question may be what determines the future of money.

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.
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Non-refundable transactions.

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.
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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.
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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.
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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.
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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?
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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.
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Bitcoin was a popular word in the financial space. In fact, Bitcoin has exploded on the scene in recent years and many people and many large companies are now jumping on bitcoin or cryptocurrency wanting part of the action.
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People who are completely new to the cryptocurrency space are constantly asking this question; “What exactly is Bitcoin?”

Well, for starters, bitcoin is actually a digital currency that is beyond the control of any federal government, is used around the world and can be used to buy things like your food, drinks, real estate, cars and other things.
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Why is Bitcoin so important?

Bitcoin is not subject to things like government control and fluctuations in foreign currencies. Bitcoin is supported by the full faith (you) of the individual and is strictly equal.
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This means that everyone makes transactions with Bitcoin, the first thing you realize is that it is much cheaper to use than trying to send money from bank to bank or using any other service that requires sending and receiving money internationally.
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For example, if I wanted to send money to say China or Japan, I would have to have a fee from the bank and it would take hours or even days for that money to get there.

If I use Bitcoin, I can easily do so from my wallet or mobile phone or computer right now without any of these fees. If I wanted to send gold and silver, for example, it would require a lot of guards, it would take a lot of time and a lot of money to move the levers from point to point. Bitcoin can do it again with the touch of a finger.
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Why do people want to use Bitcoin?

The main reason is because Bitcoin is a response to these destabilized governments and situations where money is no longer as valuable as it used to be. The money we have now; the paper fiat currency that is in our wallets is worthless and will be worth even less in a year.

We’ve even seen big companies show interest in blockchain technology. A few weeks ago, a poll came out on a handful of Amazon customers to see if they would be interested in using cryptocurrency if Amazon created it. The results showed that many were very interested. Starbucks has even hinted at using the mobile blockchain app. Walmart has even applied for a patent for a “smart package” that will use blockchain technology to track and authenticate the package.

Throughout our lives we have seen many changes happen from the way we shop, watch movies, listen to music, read books, buy cars, look for homes, now how we spend money and banking. Cryptocurrency is here to stay. If you haven’t already, it’s time for anyone to fully study cryptocurrency and learn how to take full advantage of this trend that will continue to thrive over time.