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Post Info TOPIC: Crypto Definition


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Crypto Definition
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Below is a list of six things that every cryptocurrency must be in order for it to be called a cryptocurrency;

  1. Digital: Cryptocurrency only exists on computers. There are no coins and no notes. There are no reserves for crypto in Fort Knox or the Bank of England!
  2. Decentralized: Cryptocurrencies don’t have a central computer or server. They are distributed across a network of (typically) thousands of computers. Networks without a central server are called decentralized networks.
  3. Peer-to-Peer: Cryptocurrencies are passed from person to person online. Users don’t deal with each other through banks, PayPal or Facebook. They deal with each other directly. Banks, PayPal and Facebook are all trusted third parties. There are no trusted third parties in cryptocurrency! Note: They are called trusted third parties because users have to trust them with their personal information in order to use their services. For example, we trust the bank with our money and we trust Facebook with our holiday photos!
  4. Pseudonymous: This means that you don’t have to give any personal information to own and use cryptocurrency. There are no rules about who can own or use cryptocurrencies. It’s like posting on a website like 4chan.
  5. Trustless: No trusted third parties means that users don’t have to trust the system for it to work. Users are in complete control of their money and information at all times.
  6. Encrypted: Each user has special codes that stop their information from being accessed by other users. This is called cryptography and it’s nearly impossible to hack. It’s also where the crypto part of the crypto definition comes from. Crypto means hidden. When information is hidden with cryptography, it is encrypted.
  7. Global: Countries have their own currencies called fiat currencies. Sending fiat currencies around the world is difficult. Cryptocurrencies can be sent all over the world easily. Cryptocurrencies are currencies without borders!

This crypto definition is a great start but you’re still a long way from understanding cryptocurrency. Next, I want to tell you when cryptocurrency was created and why. I’ll also answer the question ‘what is cryptocurrency trying to achieve?’

The Origin of Cryptocurrency

In the early 1990s, most people were still struggling to understand the internet. However, there were some very clever folks who had already realized what a powerful tool it is.

Some of these clever folks, called cypherpunks, thought that governments and corporations had too much power over our lives. They wanted to use the internet to give the people of the world more freely. Using cryptography, cypherpunks wanted to allow users of the internet to have more control over their money and information. As you can tell, the cypherpunks didn’t like trusted third parties at all!

At the top of the cypherpunks, the to-do list was digital cash. DigiCash and Cybercash were both attempts to create a digital money system. They both had some of the six things needed to be cryptocurrencies but neither had all of them. By the end of the
the nineties, both had failed.

satashi nakamoto creator of bitcoinThe world would have to wait until 2009 before the first fully decentralized digital cash system was created. Its creator had seen the failure of the cypherpunks and thought that they could do better. Their name was Satoshi Nakamoto and their creation was called Bitcoin.

Understanding cryptocurrency means first understanding Bitcoin…



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Oh, it's cool that you wrote all these concepts. Many newbies will enjoy it. That's right before you Buy cryptocurrency on Switchere.com, you should definitely familiarize yourself with what cryptocurrency is and all that. Every person, being anywhere in the world where there is the Internet, can send, receive cryptocurrency in a matter of seconds, almost free of charge, while a bank transfer will be expensive and take a long time to take a huge amount of effort. And then I went to the site switchere.com">Switchere.com and everything is ready.

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Fantástico resumen sobre las criptomonedas. Muy bien, deberías hacer la versión en castellano.



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It was so good to see you acknowledging this topic, it really feels great. Thanks for sharing such a valuable information which is very hard to find normally. I have subscribed to your website and will be promoting it to my friends and other people as well. Famous Jackets



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Cloud mining is one of the most popular ways to mine cryptocurrency. It brings together a group of miners who extract currency not at their own facilities, but at remote services. But it is necessary to choose only high-quality and proven sites, otherwise you may face fraud. Pump is one of the types of fraudulent schemes, analogous to a dump. Its essence is in a planned system of buying up cryptocurrencies in order to create a deficit and increase demand among investors. After the growth in value, they begin to sell at a high cost. Key - This means the same as the wallet address. Satoshi - this is how the anonymous person introduced himself, who proposed the idea of ​​creating bitcoin.

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Thanks for the this post. I think that such information will be interesting for those who start to work with a cryptocurrency and want to improve own knowledges in this sphere. This sphere is really profitable buy you must to do all right. I want to give advice to you. If you want to save your money you must to create wallet on proven site. It helps you to get the safest wallet for bitcoin



-- Edited by Sviter on Monday 4th of January 2021 04:46:18 AM

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Good post. Info is great!

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In general, if you want to start dealing in cryptocurrency, then coinigy will be the perfect option for you. The guys have mobile applications for android and IOS. They have a lot of interesting features, starting from the internal calculator to the fact that you can trade on 11 different exchanges. So their coinigy prices are updated in real time.



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