A simple guide to cryptocurrency definitions and properties
Today it is very difficult (even risky) to remain on the edge of the technological revolution, and of the constant changes that this implies for the world as we know it. For this reason, you have surely heard the myths and success stories that surround cryptocurrencies as a global phenomenon, in the focus of the international financial debate.
Knowing a bit more about cryptocurrencies
A cryptocurrency is a type of digital currency that functions as a medium of exchange, where cryptography is used to control the creation of new currency units, as well as to conduct and verify existing cryptocurrency transactions.
Cryptocurrencies have opened up a world of possibilities for reliable operations, using digital encryption, and without the need for intermediaries. In this way, they provide a secure, intangible, decentralized, and alternative payment system to traditional money.
The Cambridge University Dictionary defines cryptocurrency as “a digital currency produced by a public network, rather than any government, that uses cryptography to make sure payments are sent and received safely” This term was popularized with the creation of Bitcoin, the first registered cryptocurrency.
On the other hand, experts in the world of cryptocurrencies such as Iacopo Piersantelli (CEO of Cryptounify), add that it is “a decentralized digital currency, represented by a non-duplicable code chain, which is transferred between users through the Bitcoin protocol (commonly called blockchain). This protocol guarantees ownership through encryption and avoids double-spending (i.e. duplication)”.
Properties of cryptocurrencies
Cryptocurrencies are not the most used payment method yet, but their use is becoming more and more recurring thanks to its innovative characteristics, such as: the use of cryptography, decentralization, the absence of intermediaries, and their privacy. In addition, its main transactional properties are: irreversibility, confidentiality, speed, and global reach, unmatched security, anonymity, and the possibility of exchanging for other currencies.
Cryptocurrency ranking (until 2020)
There is a huge variety of cryptocurrencies tailored to specific exchange needs. Among the most popular are: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Binance Coin (BNB), Bitcoin Cash (BCH), Tether (USDt), Tron (TRX) and Cardano (ADA).
Currently, the pioneering digital currency Bitcoin remains at the forefront of the crypto market. Until 2020, it remains the most capitalized and the one with the highest volume of transactions. Predictive analyzes in this regard ensure the continuity of its preponderance throughout the year. You can find up-to-date information about cryptocurrency capitalization on this list.
Once you know better how cryptocurrencies work and the possibility of use, you can join the community of crypto users that takes advantage of the benefits they offer. Currently, cryptocurrencies and their benefits are today an impossible reality to ignore. They came to revolutionize the international financial system forever.
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This information is provided for educational and informational purposes. It should not be considered as a guarantee or indication to buy or invest in certain assets or software. It is important to note that no system or methodology can guarantee a profit or be free from loss. And always remember: don’t risk more than you are willing to lose.
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