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What is cryptocurrency: concept, pros and cons of cryptocurrencies

Thảo luận trong 'Dịch Vụ Khác' bắt đầu bởi killern1, 1/9/22.

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    What is cryptocurrency: concept, pros and cons of cryptocurrencies


    Over the past 3 years, the cryptocurrency market has grown from a small experiment into a full-fledged financial sector. Back in 2015, the market capitalization of digital assets did not exceed US$1 billion. Today that number is approximately 250 billion.


    At the beginning of 2018, the futures contract of one of the digital assets was launched on the CME and CBOE cryptocurrency exchanges. This is the first step towards the legalization of cryptocurrencies. To understand the prospects of this market, it is necessary to understand what a cryptocurrency is.


    What is electronic money?
    Cryptocurrency is a decentralized digital currency used as a means of electronic payment and cryptocurrency. Many users also consider cryptocurrencies as an investment tool. The creation and accounting of digital currency is based on cryptographic methods.


    Such an asset class first appeared in 2009. At first, cryptocurrencies were not taken seriously and had a low market value. Today, there are about 2,000 digital asset entries, and the value of the first cryptocurrency reached $10,000 (at the time of the 2018 peak price, the value exceeded $20,000).


    Decentralized digital currency means that it does not have a single integrated or external issuer (for example, for national currencies, that institution is the Central Bank). Instead, digital currency is "issued" by the users themselves, unified in a single network. An important concept here is the blockchain and the transaction block.


    Blockchain is a chain of blocks containing information about transactions of a cryptocurrency and built into a certain continuous chain. In such a system, a transaction is considered complete if its signature has been checked and the operations themselves have been written to the block and combined with a chain of other blocks. In this case, each block of transactions contains information about the previous block, and to change the information in a block, you must change the data in all the elements. Therefore, the longest blockchain is considered the most correct and trustworthy. In this structure, there is data about all the transactions that have ever been made. So it would take too long to forge a block of transactions with an order matching method.




    Cryptocurrencies allow you to overcome existing limitations and freely conduct financial transactions on the Internet. This is probably why some states try to ban them by regulating the legal regime of cryptocurrencies. This is mainly due to security - cryptocurrencies can become part of a black market exchange system. As a result, the Central Bank of China in 2016 banned financial institutions from conducting operations with Bitcoin.


    Digital currency and blockchain technology have changed the world of finance. Now mankind has a system that cannot be scammed or appropriated with its help. Today, in the financial industry (financial technology - IT solutions for banks and financial institutions) there is a separate field of research and implementation of a block in the banking sector.


    Blocks are generated from transactions, which are stacked in a single chain - a blockchain. In effect, the "receipt" is an electronic digital signature, the two encrypted notes are the paired public key and the first owner's private key acts as the key of the note. This is how the Bitcoin system works and with it the algorithms of most modern cryptocurrencies. Users can exchange cryptocurrencies and miners are rewarded for processed blocks by acquiring new means of payment. Such an exchange is considered more reliable, because the guarantor is not a single legal entity (for example, a bank), but all the users of the system.


    Talking about cryptocurrencies is even simpler, we can say that it is cryptocurrencies, which do not require intermediaries to make transactions with them. Digital currency bypasses the banking system, making it useless and unnecessary. The exchange system is made in cryptocurrencies that ensure trust between the parties where there could not be trust between them first.

    How did the idea of creating a cryptocurrency come about?
    The first ideas for creating cryptocurrencies appeared in 1998. Then, independently of each other, digital currencies began to be talked about by crypto enthusiasts and Nick Sabo, a scientist in fields of computer science, cryptography and law. In '98, Sabo developed an algorithm for a decentralized digital currency, calling it "bit gold". He also describes the market aspects of using such a system. To date, his developments are considered to be the precursors of Bitcoin and cryptocurrencies, although they were not actually implemented in those years.

    On October 31, 2008, a Satoshi Nakamoto published an article "Bitcoin: A Peer-to-Peer Electronic Cash System" on metatrader 5 . The article and attachment described the operating principles and structure of the decentralized Bitcoin network. It is still unclear who is hiding the identity of Satoshi Nakamoto. Experts say that behind the nickname could be both a person and a group of scientists. Some researchers believe that under this pseudonym is hiding Nick Sabo.


    In an article, Satoshi Nakamoto stated that he started developing the system and interface in 2007. In 2009, the creation of the Bitcoin network client was completed, after which the open source code of the program was published. The "Zero" block was created on January 3 of the same year and with it the first 50 coins went to the developer. The first transaction took place on January 12: Satoshi gave 10 Bitcoins to Hal Finn, the creator of the idea of a connected chain of hashes.


    In September 2009, the first Bitcoin fork appeared - the Namecoin random matching storage system. A fork is a project with a different purpose than the Bitcoin program, but based on its codebase. The second Bitcoin-based cryptocurrency was released in 2011. All forks are given an unofficial name - altcoin (from the treasure trove of "alternative" - alternative).


    Further developments in the field of Bitcoin Blockchain and fork implement several ideas, not just a payment system. Thus, in 2015, the Ethereum platform was created - a decentralized online service based on Turing's full smart contracts. Smart contracts have been embedded in the Bitcoin system, but have yet to be conceived. Ethereum has pushed the concept to the point where it ranks second in terms of market capitalization after Bitcoin.


    Today, cryptocurrency is considered as one of the biggest breakthroughs in the information technology industry of the 21st century. Many scientists believe that Blockchain technology can be applied in hundreds of different directions, from saving store documents to bank transfers.

    Bitcoin - the first cryptocurrency.
    In 2009, Bitcoin emerged as a response to the imperfect financial sector. The 2008 global financial crisis showed that banks in different situations presented themselves as poor intermediaries. It is required to create an independent, yet honest and modern payment system.


    Bitcoin was the first system to use cryptography to protect money transactions. BTC is the currency of the same name used for calculations in this system. Since from an economic point of view, BTC can be considered money, they have a certain rate in the market. To estimate the value of Bitcoins, their prices are usually reflected in US dollars. Cryptocurrencies and currencies are often compared, and for the standard means of payment in the cryptosphere there is even its own term - fiat. The difference between cryptocurrency and fiat money is that the former has no definite, state-established value.

    The bitcoin value in each transaction can be divided into several parts. The minimum amount to be divided is 10^(- 8) (ten in eight minus) and is named "satoshi or satoshi" - after the creator of the first cryptocurrency.


    Satoshi Nakamoto initially assumed that the price of bitcoin would depend on the amount of electricity used to process transactions. Today, more electricity is used to process and produce the first cryptocurrency than is consumed by the whole of Switzerland. But in reality, the price of a coin is affected by many factors:
     

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