Cryptocurrency is one of the types of digital currency . It is created by calculating a cryptographic algorithm and this is its ballast. In the same way that currencies like the Real (R $) have physical characteristics and numbers to prevent counterfeiting, cryptocurrencies have auditable security and integrity mechanisms, which have increased the confidence of cryptocurrency fans over the past few years.
This is still a recent technology, but with a great prospect of growth and increasing acceptance. Many companies are already adept at this payment system. Some countries have also legalized the use of cryptocurrencies. Some recognize it as currency and others as a commodity. According to the Crypto-Currency Market Capitalizations website – the cryptocurrency registry bank – there are more than 1300 cryptocurrencies worldwide. However, this number is quite volatile, as new currencies are created every day and others are extinguished.
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Main features of Cryptocurrencies:
Cryptocurrencies are created through a process called mining. Mining requires a great deal of computational effort, as new currency units are created through the solution of complex cryptographic algorithms.
Basically, the computer must perform millions of calculations until a valid solution is reached. Equipment, energy and maintenance costs are often high.
For this reason, for each cryptocurrency created, for each calculated block and for each validated transaction, miners earn rewards. There is no fixed amount. The percentage of gain varies, respectively, according to the degree of complexity of the solution found and the value of the validated transfer.
Cryptocurrencies are not inspected or controlled by any government, country or financial institution. They are based on a point to point network, where each user can be a maintainer of the network, as long as they have computational equipment compatible with mining requirements.
In addition, there are no minimum and maximum values, geographical limits and high transaction fees are not charged. The amount charged is just a reward with no fixed percentage for the miner who validated the transaction. Such validation is done with the aim of preventing fraud. The lower the value of the transaction, the higher the fee charged. This is done in order to prevent small mass transactions from being carried out in order to overload the network.
Thus, when comparing transfers in cryptocurrencies with the services provided by financial institutions, cryptocurrencies gain in terms of speed and low cost of fees.
How to acquire Cryptocurrencies?
To carry out transactions with cryptocurrencies the user needs to have a wallet. In an analogy with a conventional bank, the cryptocurrency wallet is quite similar to a bank account. The big difference is that it is not necessary to provide any personal data or wait for approval or release.
The creation of a wallet is instantaneous and the biggest security premise is the definition of a secure password that is not known by third parties or forgotten by the wallet owner. Since it is not necessary to provide personal data, recovering a wallet is impossible if the user does not have his password. There are also a number of other security mechanisms at the logical and physical level for portfolios, such as the use of physical portfolios on hardware devices.
After creating the wallet the user can now buy cryptocurrencies. Exchanges can be made at exchange offices or between users using cash, products or services.
Each cryptocurrency has a record book that shows all the information regarding the creation of new units of value and even the origin and destination of the transactions. It is important to note that the source and destination addresses shown are the public cryptographic keys for each wallet.
That is, there is no information that identifies the holder of a wallet at the public address. Unless this address is widely publicized with links to a person or institution. Secrecy in transactions is one of the biggest attractions for users of this type of currency. Therefore, it is essential to monitor the development of the business because, as it is a volatile trade, the value of each cryptocurrency is defined considering the supply available and the demand.