Part 1 — Cryptocurrency
We have received many questions regarding the Crypto world, what it is and how it works. We have created this series of articles to help answer and clarify some of them.
After discussing Gimmer and its features with lots of people, we realized that many still have doubts about the cryptocurrency market and how everything works. So we decided it would be a good idea to create this series of articles to help those who don’t really know that much about cryptocurrencies and who also don’t know where to start. However, if you already know a lot about the subject, you might still learn something new, so we invite everyone to read this series of articles.
The questions we were asked the most are: “I wanted to invest in cryptocurrencies, where do I start?”, “How does this blockchain work?”, “Can I buy using a Bitcoin?”, “What is a bot and how does it work? “. In order to answer these and other questions, we need to start by explaining a bit about the cryptocurrencies and how they work. How did it start and how is this movement revolutionizing our century.
First of all, Bitcoin is not the only existing crypto-currency, although it was the pioneer that broke all frontiers, enabling the creation and evolution of this new market. There are currently numerous other crypto-coins available on the market (100+ with huge asset movements), such as Bitcoin Cash, Ethereum, Litecoin, Zcash, Monero, Iota, among many others.
What are cryptocurrencies?
A cryptocurrency is a type of digital decentralized currency. The method used to verify transactions in most crypto-coins is based on blockchain technology. This technology is used to ensure encryption and the validity of transactions as well as the creation of new assets.
Cryptocurrencies have not stopped evolving, and neither have their technologies and applications. We believe that they are the technological basis for a lot of future developments in the international economy.
In many countries, digital coins are considered to be what is called a security and can not be used to buy or sell products and services. But from the developments that we have been following, it is only a matter of time before this changes since many countries have already begun to accept them and establish regulations for their use.
But what is blockchain?
Blockchain is a type of ledger that records all the transactions that occur on the servers and computers where it is installed and distributes these transactions to all nodes in the network, ensuring that everyone has the same information. This way, all the transactions of the network are authenticated and their movements are registered and can be followed by everyone.
As already mentioned, there are currently several networks with their respective currencies that were developed based on blockchain technology. Here is a website where you can view the top cryptocurrencies and find out more information about them.
- CoinMarketCap — https://coinmarketcap.com/all/views/all/
One of these networks, which has stood out a lot, is Ethereum. This decentralized platform is able to execute something called smart contracts and it allows for the creation of decentralized applications on top of it.
At Gimmer, we use the Ethereum network as the basis of our development. Our entire application is based on it’s technology in addition to many other innovative technologies, all helping facilitate and automate your crypto-bot’s strategic buying and selling.
That’s it for the first part of the series. We hope this article has helped answer some basic questions about cryptocurrencies. Now, the next step is to teach you how to buy your crypto coins. See you in part two of the series.