Cryptocurrency Write For Us – Interest in digital currencies is becoming more common, making news about cryptocurrencies our daily bread.
So, if you are one of the many interested in cryptocurrencies but are not so steeped in the subject, this note will be of interest to you.
Below we will answer the main questions about cryptocurrencies, so you can decide whether to invest in this digital asset.
What are cryptocurrencies?
A cryptocurrency is a digital currency with the same essential functions as a standard currency.
That is, it has a market value and can be exchanged for goods, services and other currencies.
But it is distinguished from other currencies for two reasons: it only exists virtually, and a central entity does not regulate it.
How do cryptocurrencies work?
Traditional currencies require a central entity -usually a bank- that acts as an intermediary between the buyer and the seller.
This entity is in charge of regulating the exchange of money, avoiding inflation and having support that gives value to its currency.
Without a central entity, cryptocurrencies work without intermediaries, under the idea that the users themselves will be able to regulate their use.
Therefore, its value depends entirely on the market, which means it can grow and decrease enormously quickly.
What does it mean that they are decentralized?
It means that they do not depend on a central bank. Therefore, they do not have backing behind them.
In theory, these coins are supported by supply, demand, and user engagement with this type of coin.
As mentioned in the previous section, the idea is that users will be rational enough to prevent a cryptocurrency from devaluing catastrophically.
How do they get their value in the market?
Cryptocurrencies acquire their value in a very similar way to common money.
That is, the value of cryptocurrencies varies depending on supply, demand, and users’ commitment to their currency.
Thus, the most used cryptocurrencies will gain value compared to others that are niche.
In addition, as more businesses – huge ones – begin to accept one of the many cryptocurrencies that exist, they also gain value.
Why is your price so fluctuating?
Being a currency without backing from a central entity, its value entirely depends on the market.
Precisely because of this, the value of cryptocurrencies is very fluctuating.
In other words, it is entirely in the hands of speculation; therefore, its value depends greatly on public opinion.
As if that were not enough, the balance between supply and demand is unstable, unleashing purchases and sales that tilt to one side or the other in an inconsistent manner.
How are cryptocurrencies used?
In theory, cryptocurrencies can be used just like traditional currencies.
Of course, once in possession of a digital currency, you must store it in a digital portfolio or Wallet to be able to manage its use.
In all cases, its use is done online through the Wallet, which will allow the exchange of digital currencies to another wallet.
The important thing here is to find businesses that accept this type of currency as payment.
In Mexico, it was estimated that just over 100 businesses, including chains and local companies, accepted this payment.
Of course, most people use cryptocurrencies more as a means of saving -or speculation- than as a currency of everyday use.
How to use a digital wallet?
Digital portfolios or Wallets are the way to manage and use our cryptocurrencies.
Through them, you can receive and send your digital currencies to third parties, allowing you to make purchases or exchange currencies.
There are many, and their primary function is to store and manage our cryptocurrencies’ public and private keys.
These keys are what allow us to exchange our coins, and the more secure -and accepted- our Wallet is, the faster our cash will be.
What is blockchain?
The blockchain system makes it possible to determine the authenticity of cryptocurrencies.
It is a piece of software that is a chain of information that allows you to trace the “”istory””of cryptocurrencies.
In other words, the blockchain is the history of the digital currency, allowing us to know where it came from before it reached us.
Simply, it is a chain of information that stores the data related to the transactions carried out with the coins.
When we carry out a transaction, this information becomes part of the chain. Therefore, its origin is not always known.
How do you get cryptocurrency?
There are two basic ways to get cryptocurrency: trading and mining.
In the first case, an intermediary is needed to exchange a commonly used currency for a cryptocurrency.
That is, it is the same as when you exchange pesos for dollars; you have to use an intermediary to exchange your traditional currency for a digital one.
There are many intermediaries, and even some physical ATMs allow you to exchange in a straightforward way.
What does it mean to mine cryptocurrencies?
A process known as virtual “”ining””must be carried out to obtain a new cryptocurrency.
To explain it in a simple way, it was established that, in order to obtain a digital currency, it was necessary to solve complex mathematical problems.
This problem solving is virtual mining, only, over time, it has become so complex that it requires a network of computers working together to solve the problems that allow the cryptocurrency to be “”ined ”
By the way, he also sought to copy other features of traditional mining.
It was decided that cryptocurrencies are a rare commodity, therefore there is a finite number of them.
Furthermore, only a certain amount of bitcoins can be “”ined””per year, which is chosen by means of an algorithm.
What are Bitcoins?
Bitcoin was the first digital currency, therefore, it was the one that marked the main characteristics of the rest.
It arose in 2009, when the mysterious Satoshi Nakamoto published an article that explained how bitcoin works in internet forums.
Virtually all cryptocurrencies have copied the operation of Bitcoin .
Of course, just because it is the first, it is the most stable and, in general, the most valuable.
How much Bitcoin is left to mine?
From the beginning it established that there would only be a total of 21 million Bitcoins .
That , when that number reached, this cryptocurrency will no longer be able to mined , and it will only possible to acquire one through exchange with another currency.
Currently around 19 million bitcoins have mined, just over 90% of all Bitcoins.
According to expert calculations, thanks to certain rules that establish a maximum number of Bitcoin “”xtractions””per year, the last Bitcoin will mined until the year 2140.
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