A cryptocurrency is a digital money-asset that functions as a trading instrument, such as any currency. The Cryptocurrency is based on the principles of cryptography, a method that does not allow third parties to access information. The Cryptocurrency leverages blockchain technology to gain decentralization, transparency and immutability. Their production, storage and handling, as
The most important characteristics of the cryptocurrencies are the following: They are a “peer-to-peer” decentralized electronic money form that is based on the principles of “cryptography” to secure the network and verify transactions. Most cryptocurrencies use a “Distributed Database” as the backbone of their system, the so-called “Blockchain”. They can be used with full anonymity,
The word cryptocurrency was first described in 1998 by Wei Dai (computer engineer) in the mailing list of cypherpunks. His desire was to create a currency based on cryptography to ensure its creation, ownership, and fraud, while government involvement would be permanently banned and permanently unnecessary. In 1998 he published an article in which he
Today, cryptocurrencies have become a global phenomenon that may not be familiar to most people. The vast majority of people have very limited knowledge of what cryptocurrencies are. So what are cryptocurrencies??? The cryptocurrencies belong to the group of virtual currencies. They are seen as a digital currency instrument such as ‘classic’ currencies, but rely
The idea of cryptocurrencies is not new, the philosophy of “Be your own bank / banker” that is, “create your own bank” or “become your banker” was born in the 1980s and since then the use of electronic has begun. computer in the realization of banking transactions. The first idea for an “electronic” currency appeared
Durability Money needs to be durable. Have the ability to maintain their value. Do not change over time, such as gold and silver. Verification of authenticity Banknotes and gold are quite easy to verify as to their authenticity. However, despite the special features on the surface of the paper to prevent counterfeiting, there are problems.
Irreversible payments: Any mistake made when transferring an amount of digital currencies is irreversible. If the payment amount is transferred to the wrong recipient, no procedure can be performed to detach the wrong recipient. The only way to do this is to accept the wrong recipient to refund and make the transfer himself. It is