Crypto Currency

What Features Does Cryptocurrency Have In Comparison With Regular Money?

In general, you need to understand that the creators of the cryptocurrency were concerned that it became a virtual analogue of gold. It was under this that the mathematical-cryptographic model of its implementation was sharpened. Its total supply should be limited, the extraction of new monetary units is difficult and there is no way to get around this (print new money).

Belo ware some features of thecryptocurrency

  1. Anonymity – based on blockchain technology, you can create a truly anonymous system if you wish. Few people need such anonymity, but everyone can have problems regaining access to their account (loss of address or password, for example). And no one will help you here, because no one knows you (it won’t work out how to come with a passport in the bank and restore everything at the moment).
  2. Simplicity – it’s easy to work in the system, you do not need to pay large commissions and you do not need additional intermediaries for serious transactions. No one will withdraw the money you received and will not be able to appeal the transfer. Again, the flip side of such simplicity is also there – your translation errors cannot be corrected either.
  3. The lack of cryptocurrency – in fact, this money is not backed up by anything (neither gold nor state support behind them).
  4. Security – the system is reliably protected from interference both from outside and from inside. To change something in a distributed database, you will need to have access to more than half of their copies scattered around the world, and this is almost unrealistic. However, such security is provided only with a large number of participants and finding copies of bases (blockchains) in many different hands. Young cryptocurrencies do not immediately achieve this. There are probably no such problems, perhaps only with Bitcoin.

List of the most popular cryptocurrencies for 2017

In principle, they do not need to disguise themselves, but now bitcoin, blockchain and crypto money are heard, so they skillfully use the hype. Bitcoins rush app is good option to get detail about bitcoin

Recognizing highs (high-risk earning patterns with an inevitable end) is not so difficult and difficult, especially if you read the text presented above. But just in case, I’ll explain.

How to distinguish hype (pyramid) from a real cryptocurrency:

  1. Only in hype is there a centralized issue of monetary units (issue controlled by someone). In the real blockchain system, everything is agreed in advance (at launch) and then no one can release additional monetary units at will (they can only be mined).
  2. Only in hype you will be promised some predictable income. The rate of real cryptocurrency is impossible to control. It can fall sharply and this will be quite normal. Only in hype everything at first is very healthy and steadily growing, so that later it becomes completely nothing at all.

Cryptocurrency mining, exchanges and calculators

In the process of working with information, cryptosystems require significant computer power. Since today bitcoin, ethereum, lycoin and other coins require enormous computing power for their work. Where to get them?

Mining – what is it?

Most cryptocurrency systems provide for the process of extracting monetary units through resource-intensive calculations. This process is called mining (I already wrote about this in quite some detail in the above article). In fact, the ordinary owner of the PC can give part of the power of the video card or processor of his computer to solve problems related to cryptocurrency. As a reward, he will receive certain shares of coins for each extracted monetary unit.

To make money on mining, you need to go to some site where other moneymakers gather, there are a lot of similar resources on the network, download the program, install, determine the maximum power that you are ready to donate, and get to work. The computer will do everything on its own; it is up to the person to observe from the side.

They installed many special computers only for cryptocurrency mining. Then there was a decline in interest, but now amid the growth in the Bitcoin exchange rate, mining was again actively remembered.

Atif Mallo

Atif Mallo is a freelance blogger with huge interest in technology, science, life hacks and health. He loves coffee, cheesecake and chess. Drop a line in comments to leave feedback for him.

Related Articles

Leave a Reply

Back to top button