Crypto virtual currencies

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As some governments are in the process of accepting cryptocurrencies as a form of payment and they are an alternative medium that offers great advantages, we believe it is important that you know some of these digital currencies and how they work in a more detailed way.

What are virtual currencies and how did they come about? The cryptocurrencies, digital currencies or virtual currencies were born in and according to studies carried out, in almost 3 million users of virtual currencies were reached and it is estimated to reach 5 million in One could say that it stopped being a fad and has become a reality.

After demonstrating its potential year after year, they have made it clear that they came to stay. A virtual currency is independent and decentralized — since it is not controlled by any State, financial institution, bank or centralized company. It is an intangible currency, although it can be used as a means of payment just like physical money.

Here you can learn about some of the most important virtual currencies that exist to this day, what they are and how they work. Bitcoin [BTC] It is the most famous, valuable and widespread of all virtual currencies in the world, because it was the first to appear among other things.

Bitcoin appeared in but until it did not start working. Its creator is known as Satoshi Nakamoto but nobody really knows who he is, if he is a person or a group of individuals, there has been much speculation about it. Even several people have wanted make believe they were Nakamoto although none have been able to prove it. Satoshi Nakamoto the bitcoin creator Satoshi Nakamoto not only created one of the greatest technological advances of recent decades, but also gave it to the world leaving it in an OpenSource so that anyone can review, modify and improve it.

The Bitcoin is a digital currency, such as the Euro or Dollar, with which you can make all kinds of purchases in businesses which accept this currency. The operations can be performed either from mobile devices such as Smartphones, a Tablet or from a desktop computer. It is not a physical currency but, at the end of the day like all currencies, it is convertible so you can always choose to exchange your Bitcoins for Euros.

And, while in the beginning the price of Bitcoin did not reach the dollar, over the years its value has been increasing, reaching over 20, dollars on December 17, How does Bitcoin work? To start using Bitcoin or any other cryptocurrency the first thing we need is a Wallet, which will do the same function as a physical wallet save our money. This Wallet is an alphanumeric code and has access codes to access it and make payments. Once we have our wallet, the keys and Bitcoin in them, the use is simple: we only have to decide what wallet address and what virtual currencies amount we want to send, once this is done we just have to wait for the confirmation of the shipment and we have made our transaction.

All these transactions are reflected in the Blockchain, which would become a permanent record book, where each and every one of the transactions made with Bitcoin are recorded. Ethereum [ETH] First of all, we have to clear up that the Ether is the cryptocurrency, and Ethereum is the network or system that controls it Blockchain. Currently it is the second most important cryptocurrency after Bitcoin. Just as Bitcoin, Ethereum is based on a network of monetary value exchanges with the characteristic of having no central authority to manage control, leaving everything in the hands of users.

At the same time, it is an OpenSource platform for the creation of smart contracts or tokens. How does Ether work? It allows users or companies to sign Smart Contracts without commissions or control by any centralized organization and with total confidence of compliance. For example, companies or users can sign Smart Contracts from anywhere in the world, without commissions or control by any state, since they are only controlled by decentralized computer systems with a high degree of security.

The biggest advantage of these contracts is that you do not need to trust the counterparty, as this will be resolved automatically if the conditions are agreed. An example would be one in which two parties agree on a contract by which someone offers their products or services in exchange for Ethers and at the time it materializes, the contract will give the product and money to the corresponding parties.

Ripple [XRP] Ripple is known and considered the currency of banks, being completely centralized — moving away from the original idea of the rest of digital currencies. It is a virtual system of payments in real time, used by financial institutions as a faster and cheaper way than other methods, lowering the internal costs of operations since it allows sending and receiving money or liquidating transactions in less than 5 — 10 seconds. Much faster than Bitcoin. How does the Ripple work?

Since it is open source, it is possible for other people to use the majority of the code, make a few changes and then launch their own separate currency. Many people have done exactly this. Some of these coins are very similar to Bitcoin, with just one or two amended features such as Litecoin , while others are very different, with varying models of security, issuance and governance.

However, they all share the same moniker — every coin issued after Bitcoin is considered to be an altcoin. What Is an ICO? ICO stands for initial coin offering. Many of the smaller projects in the crypto space — and a few of the largest ones — raised money from private investors around the world in the crypto equivalent of a crowdfunding campaign.

Investors would send funds — usually in the form of Bitcoin — to the project and receive coin or tokens in return. In , the United States Securities and Exchange Commission SEC clarified their rules relating to fundraising for assets, which made it much harder for new cryptocurrency projects to issue their own tokens in this way.

What Is a Stablecoin? Price volatility has long been one of the features of the cryptocurrency market. When asset prices move quickly in either direction and the market itself is relatively thin, it can sometimes be difficult to conduct transactions as might be needed. To overcome this problem, a new type of cryptocurrency tied in value to existing currencies — ranging from the U. These new cryptocurrency are known as stablecoins, and they can be used for a multitude of purposes due to their stability.

What Are In-game Tokens? Play-to-earn P2E games, also known as GameFi , has emerged as an extremely popular category in the crypto space. It combines non-fungible tokens NFT , in-game crypto tokens, decentralized finance DeFi elements and sometimes even metaverse applications. Players have an opportunity to generate revenue by giving their time and sometimes capital and playing these games. This game was extremely popular in developing countries like The Philippines, due to the decent income they can earn.

Which Is the Best Cryptocurrency to Invest in? CoinMarketCap does not offer financial or investment advice about which cryptocurrency, token or asset does or does not make a good investment, nor do we offer advice about the timing of purchases or sales. We are strictly a data company.