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Sakakido Kou

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Posted 2019-02-28 at 11:21
What is Cryptocurrency?

Cryptocurrency is a digital currency made to act as a means of exchange.
It uses cryptography to secure and verify transactions as well as control the creation of new units of a particular cryptocurrency. Basically, cryptocurrency is limited in a database that no one can change unless specific conditions are met.

1. Function
Irreversible: After confirmation, a transaction cannot be reversed. You, your bank, your miners, even the president of the United States, or Satoshi can not do it. No one can help you, if you send money aimed at fraud or if a hacker steals them from your computer, there's no safety net.

Anonymous: Both transactions and accounts are not connected to real-world identity. You get Bitcoin on addresses which are random strings seem to have about 30 characters. Although it is often possible to analyze the flow of transactions, it is not necessary to be able to connect the real identity of the user with those addresses.

Fast & global: Transactions are transferred almost instantly in the network and validated in a few minutes. Because they happen in a global computer network, so wherever you are in the world after just a few minutes, you will receive money.

Security: The cryptocurrency funds are locked in a public key cryptosystem, only the owner can open and transfer them. Strong security and the magic of numbers make it possible for hackers to do bad things. Bitcoin addresses are safer than Fort Knox.

No force: No one can ask or force you to use cryptocurrency, everything is voluntary by you. You can transfer to Bitcoin or other Altcoin types after installing the application.

2. What can you do with Cryptocurrency?

PURCHASE

Currently, we can use cryptocurrency to buy directly, online, drink coffee, buy books, pay for hotels, flights, jewelry, applications, computer parts and even a great deal. learn.

Other digital currencies such as Litecoin, Ripple, Ethereum ... have not been widely accepted. Things are changing better, with Apple authorized at least 10 different electronic currencies as a viable form of payment on the App Store.

INVEST

There are a lot of people who have become millionaires due to their coin investment, Bitcoin has also increased dramatically since early 2017 at a price of $ 1,000 and reached nearly $ 20,000 in the middle of the year. Every investment has risks, for the cryptocurrency market to increase very strong but also very deep.

If you decide to invest in cryptocurrency, Bitcoin is still clearly dominant. However, in 2017, its market share in the cryptographic market has dropped significantly from 90% to 40%. There are many options available, with some coins focused on privacy, others less open and decentralized than Bitcoin and some just completely copy it.

There are many exchanges you can invest such as Bittrex, Binance, Huobi, Kucoin ... Or you can buy Altcoin that is said to be potential and stock in the long term will be very profitable. Once you have purchased your electronic money, you need a way to store it. All major exchanges offer wallet services. However, while it seems convenient, it's best if you store your property in an offline wallet on your hard drive, or even invest in a hardware wallet. This is the safest way to store your money and it gives you total control over your assets.

MINING EXPLOITATION (MINING COIN)

Exploiting is the most important part of any electronic money network, and like transactions, mining is an investment. Basically, miners are providing accounting services to their respective communities. They contribute their computational power to solve complex encodings needed to validate a transaction and record it in a distributed public ledger called Blockchain.

One of the interesting things about mining is that the difficulty of coding continues to increase, correlating with the number of people trying to solve it. Therefore, certain cryptocurrency becomes popular, the more people try to exploit, the more difficult the process becomes.

Many people have become wealthy by mining Bitcoin. Back in the days when you first appeared, you could make a significant profit from tapping with just a desktop computer, or even a powerful laptop.

ACCEPT THE PAYMENT (FOR BUSINESS)

If you happen to own a business and if you are looking for new leads, accepting cryptocurrency in the form of payment can be the solution for you. The interest in cryptocurrency has never decreased but is increasing. Along with growing interest, there is also an increase in the number of ATMs encoded worldwide. ATM Coin currently lists nearly 1,800 ATMs in 58 countries.

First of all, you need to let your customers know that your business accepts crypto money. Subsequent payments can be accepted using hardware terminals, touch screen applications or simple wallet addresses via QR codes.

There are many different services that you can use to be able to accept payment by cryptocurrency. For example, CoinPayments currently accepts more than 75 different digital currencies, only a commission of 0.5% for each transaction. Other popular services include Cryptonator, CoinGate and BitPay.

3. Some popular cryptocurrencies
(Please go to coinmarketcap.com to update the newest list)

Bitcoin - The first crypto.

Ethereum - A fully programmable currency that allows developers to build different distributed applications and technologies with Bitcoin.

Ripple - Unlike the most other cryptocurrencies, it doesn't use Blockchain to gain network-wide consensus for transactions. Instead, a repeated consensus process is done, making XRP faster than Bitcoin but also making it vulnerable to attack by hackers.

Bitcoin Cash - A bitcoin branch supported by the largest Bitcoin mining company and a Bitcoin ASICs chip manufacturer. Just appeared but has reached the top 5 cryptocurrency rankings.

NEM - Unlike the most other cryptocurrencies using the Proof of Work algorithm, it uses Proof of Importance, requiring users to have a certain amount of money to receive new money. It encourages users to spend money and track transactions to determine the importance of a specific user to the overall NEM network.

Litecoin - Cryptocurrency was created with the intention of becoming "digital silver" compared to Bitcoin's "digital gold". It is also a branch of Bitcoin, but unlike its predecessor, it can create blocks four times faster and has 84 million coins.

IOTA - This crypto breakout technology is called "Tangle" and it requires the sender in a transaction to make a proof of approval for the two transactions. Therefore, IOTA has removed specialized miners from this process.

NEO - It is a smart contract network that allows all types of financial contracts and third-party distribution applications to be delivered in its platform. There are many goals similar to Ethereum, but developed in China, potentially giving it some advantages by improving relationships with Chinese managers and local businesses.

Dash - This is a two-tier network, the first is that miners secure the network and record transactions, while the second includes the ‘masternodes’ that forward transactions and allows instantSend and PrivateSend transactions. The old is significantly faster than Bitcoin, while the second is completely anonymous.

Qtum - It is a combination of Bitcoin and Ethereum technologies aimed at business applications. This network prides itself on Bitcoin's reliability, while allowing the use of smart contracts and distributed applications, most of it works in the Ethereum network.

Monero - Crypto with private trading capabilities and one of the most dynamic communities, it's open and private.

Ethereum Classic - The original version of Ethereum, separated after a decentralized autonomous organization built on the foundation of the original Ethereum was attacked.

4. Future
Cryptocurrency is increasingly familiar to users. Almost every day a new crypto appears, some become millionaires, but others are unfortunate. Each cryptocurrency comes with an idea and promises, mostly a big story to turn the world around. Newcomers are very easy to give up when they first enter the market, most of the price is pumped unconsciously from the many whale BTC.

Cody Littlewood and Codelitt's CEO:

“In the next 2 years, I believe that cryptocurrency will gain legitimacy as a protocol for business transactions, micropayments and overcoming Western Union as a priority money transfer tool. About business transactions - you'll see two ways: There will be financial businesses to use it for free, the ability to move almost any amount, and there will be people using it for Blockchain technology. its. Blockchain technology offers the greatest benefit with untrusted testing, the only source of truth, smart contracts and color coins."

The market is not clean, but this does not change the fact that cryptocurrency is here to change the world. People around the world buy Bitcoin to protect themselves against the devaluation of their national currency. Much in Asia, a lively market for Bitcoin money transfers has appeared, and Bitcoin uses the darknets of cybercriminals that are flourishing. More and more companies discover the power of Smart Contracts or token on Ethereum, the first practical application of Blockchain technology.

Revolution happened, investors and organizations started buying cryptocurrency. Banks and governments realize that this invention is able to take their control away. Electronic money changes the world, step by step, step by step. You can stand by and watch - or you can become a part of history in creating.