What is cryptocurrency?

Cryptocurrency or cryptocurrency (Saxon cryptocurrency) is a virtual currency used for the exchange of goods and services through a system of electronic transactions without going through an intermediary. The first cryptocurrency to be traded was Bitcoin in 2009, and since then many others have appeared, with other features such as Litecoin, Ripple, Dogecoin and others.

What is the advantage?

When cryptocurrency is compared to money in a ticket, the difference is as follows:

They are decentralized: they are not controlled by a bank, government or any financial institution

They are anonymous: Your privacy is preserved when making transactions

They are international: everyone washes with them

They are safe: your coins are yours and no one else’s, they are kept in a personal wallet with non-transferable codes that only you know

No intermediaries: transactions are done person to person

Fast transactions: sending money to another country charges interest and often takes days for confirmation; with cryptocurrencies in just a few minutes.

Non-refundable transactions.

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

They cannot be faked 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 is currently worth more than $1,000 and like stocks, this value can rise or fall based on supply and demand.

What is the origin of Bitcoin?

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

Its specialty is that you can only perform operations within a network of networks.

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

So what is Bitcoin?

Bitcoin is a virtual and immaterial currency. That is, you cannot touch any of its forms like coins or bills, but you can use it as a means of payment in the same way as these.

In some countries, you can cash out 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 differentiates Bitcoin from traditional currencies and other virtual means of payment like 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, which is controlled by the United States Federal Reserve.

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 cause inflation by producing more. Its production and value are based on the law of supply and demand. Another interesting detail about Bitcoin is the limit of 21 million coins, which will be reached in 2030.

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 volume of transactions and transactions with Bitcoin in real time. The current price of Bitcoin is 9300 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.