The cryptocurrencies known as digital currencies, virtual or electronic money, are digital means of exchange and use digital encryption in their operations, such as money transfers or the payment of a certain product or service.
Currently, the cryptocurrency bitcoin is used to save, invest, send remittances to family and friends, and make loans to individuals or companies with whom the terms and conditions of such operation have been agreed.
Why the term Cryptocurrency?
The term crypto refers to the cryptographic system (mathematical encoding-encryption) used to create, store and transfer digital currency.
The best-known Cryptocurrency is Bitcoin, but since the launch of Bitcoin in 2009, different “virtual” currencies have emerged that currently exceed sixty. Some of them: Namecoin, PPcoin, Feathercoin, Litecoin, and the recent Primecoin.
What are Cryptocurrencies for?
Bitcoin was created back in 2009 by a group of people under the pseudonym Satoshi Nakamoto, and is based on free software and a peer to peer network. Since this moment, cryptocurrencies have not stopped growing, and a multitude of alternative digital currencies to Bitcoin have emerged, each with a peculiarity. You’ve probably ever wondered.
What can be done with a virtual currency?
Cryptocurrencies could seem a few years ago just a fad that wouldn’t go too far. But today paying with Bitcoins is possible in various establishments, especially as of December 2013, when the price of Bitcoin rose rapidly, reaching the sum of a thousand dollars. Today, there are ATMs where you can exchange physical money for virtual currencies and even debit cards to pay with your Bitcoins wherever you want.
What is the value and usefulness of cryptocurrencies?
Bitcoin has a global value much higher than that of other virtual currencies, which makes it the main Cryptocurrency, this makes it the main currency when we think of digital currencies.
What about the other cryptocurrencies?
Their usefulness is the same: you can exchange your money for them and use them to make transactions.
Bitcoin has a global value much higher than that of other virtual currencies: it is the main Cryptocurrency.
Where and how to get Bitcoins?
Since transactions with this type of currency are made without intermediaries, directly from person to person, using cryptocurrencies to send money to other countries represents savings to consider by avoiding third parties. There are many websites to do so. One of the most popular is Coinbase. A website where you can store Bitcoins, buy and sell in addition to sending Bitcoins, one of the most successful operations of this digital currency.