29 agosto, 2018 0

Do you know what cryptocurrencies are? We’ll explain it to you

Do you know what cryptocurrencies are? We’ll explain it to you

The digital world’s incredibly big, and its increasing even more currently. This way, we’ve seen how digitization has advanced from our computers to our lifestyle. As technology entered our social life, it has been entering since late 80s and 90s to our financial life. Thus, we’ve seen how we went from a world of cash a checks to transfers. But since the last decade, we’ve seen how that world expanded more to one where digital coins were born and are being normalized.

Joined by the distrust on the classic financial sector, we saw how these digital coins withour backup started entering our lifes. This way, since 2.009 with the emergence of Bitcoin, the cryptocurrencies were born. If you’re new to this world, we’ll explain what these digital coins are about and how they really work. We hope it helps-

Do you know what cryptocurrencies are? We’ll explain it to you

Definition

By cryptocurrency we undestand virtual coins that use a digital encryption for its operations. This way, you can make money transactions without requiring an intermediary, like a Bank or the State. Thus, they make use of cryptography to keep a safe and totally decentralized economy, keeping it away from gevernmental or institutional control.

These differ from conventional coins in the sense that they’re only digital, and cannot be physically obtained. Their transactions are almost inmediate, simple to use and its fees are minimum, making it attractive to the eye for any person that wants to save their money.

How they work?

Now that you know what they’re about, you’re probably asking, how can these cryptocurrencies work? Well, their functioning can sound a bit complex, but it’s more understandable than what you think. Through cryptographic techniques (they make transactions more safe), the sending of a number of coins is done. This way, falsification of a cryptocurrency is very difficult, we can say almost impossible.

These coins must pass a blockchain, where transactions made by a person are registered. These coins are stored on Wallets, where together with security codes, keep your cryptocurrencies safe.

What are they for?

Well, as any coin, cryptocurrencies have today an almost equal use as conventional coins. There are many places where you can buy with cryptocurrencies, you can buy goods with them, even when many people use them as a way of saving. Even, you can increase your number of cryptocurrencies with trading or mining. There’s people that has made it their job.

There are many ways of using cryptocurrencies nowadays. Currently, there are more than 3.000 cryptocurrencies on the market, and its increasing. This way, we can say that this method of making transactions is here to stay. If you haven’t entered the cryptoworld, what are you waiting for?

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