What is cryptocurrency?

Encrypted currency or cryptocurrency (the cryptocurrency of Saxon) is a virtual currency that works on exchanging goods and services through an electronic transaction system without having to go through any medium. The first cryptocurrency to start trading was Bitcoin in 2009, and since then many other currencies have appeared, with other features such as Litecoin, Ripple, Dogecoin, among others.

What is the advantage?

When comparing a cryptocurrency to the money in a ticket, the difference is:

They are decentralized: they are not under the control of a bank, government, or any financial institution

Anonymous: Your privacy is preserved when conducting transactions

They are international: everyone’s opera is with them

They are safe: your coins are yours and from everyone else, they are kept in a personal wallet with non-transferable tokens that only you know.

It does not have middlemen: the transactions are from person to person

Fast Transaction: To send money to another country, they charge interest, often it takes days to confirm; With cryptocurrency just a few minutes.

Irrevocable transactions.

Bitcoin and any other virtual currency can be exchanged for any global currency

It cannot be forged because it is encrypted with a sophisticated encryption system

Unlike currencies, the value of electronic currencies is governed by the oldest rule in the market: supply and demand. “They are currently valued at over $ 1,000, and like stocks, this value can either rise or fall in supply and demand.

What is the origin of Bitcoin?

Bitcoin, was the first cryptocurrency Satoshi Nakamoto created in 2009. He decided to launch a new currency

Its peculiarity is that you can only perform operations within the network of networks.

Bitcoin stands for both the currency, protocol, and red P2P that it relies on.

So, what is Bitcoin?

Bitcoin is a virtual and intangible currency. That is, you cannot touch any of its shapes as you can with coins or bills, but you can use it as a method of payment in the same way.

In some countries, you can generate income through an electronic debit card page that performs money exchanges with cryptocurrencies such as XAPO. In Argentina, for example, we have more than 200 Bitcoin terminals.

Undoubtedly, what makes Bitcoin different from traditional currencies and other virtual payment methods such as Amazon Coins and Action Coins is decentralization. Bitcoin is not controlled by any government, institution, or financial entity, whether governmental or private, such as the euro, which is controlled by the central bank or the dollar by the United States Federal Reserve.

In Bitcoin, real users control, indirectly through their transactions, through P2 P exchanges (point-to-point or point-to-point). This structure and lack of control makes it impossible for any authority to manipulate its value or cause inflation by producing more quantity. Its production and value depend on the law of supply and demand. There is another interesting detail in Bitcoin with a cap of 21 million coins, which will be accessed in 2030.

How much is Bitcoin worth?

As we indicated, the value of Bitcoin is dependent on supply and demand, and is calculated using an algorithm that measures the amount of transactions and transactions with Bitcoin in real time. Bitcoin is currently priced at $ 9,300 (as of March 11, 2018), although this value is not the least stable and Bitcoin is ranked as the most unstable currency in the foreign exchange market.