I’m going to explain to you in this article. What are the cryptocurrencies. In addition to explaining what they are, we will also try to explain you briefly and easily how they work internally.
What are the cryptocurrencies?
They were named this name by their encrypted nature, i.e. protected through a number of keys. These could be considered a monetary system, they have no value for the material from which they are made as it is the case with silver and gold, they are not dependent on any government or institution but on supply and demand, basically the value we give them to them as the more people have been interested in cryptocurrencies will increase their value. The first to exist was bitcoin, but there are currently hundreds of cryptocurrencies.
Hacer transactions with current money has costs and several intermediaries, but with cryptocurrencies the cost is low and the immediate transaction, as well as the transactions are anonymous.
Breve history
It all came through the 2008 crisis by a person who calls himself Satoshi Sakamoto had the idea of uniting technology and the Internet to try to get out of the system (governments and banks), the ideal of a process in which one person can pass value to another without going through a intermittent of intermediate.
There is an Internet of information that I will have the doors of thousands of pages to look for information or entertainment, and also the Internet of the value that is bitcoin the cryptocurrency that I change everything, so that some consider it the industrial revolution of the Internet.
Blockchain
Every transaction made is called a block and acquires a «unique» and irrepetible code, such as a serial nuemero or DNA code, the block is recorded forever with detailed information such as the issuer and the receiver of the amount exchange, among other details. The user network records the operation virtual and immediately, any user can install Blockchain on its PC. This block joins a huge chain where absolutely all the operations that have been carried out with this cryptocurrency are listed, are shown in a chronological manner and as this duplicated in many accounts is impossible to alter or erase an operation once it has been added to the Blockchain.
Cryptography
It is the one that makes it possible to verify at all times when a cryptocurrency has been used unlike other centralized digital payments such as PayPal as these are not centralized, i.e. they are not governed by a single government institution, anyone with a PC can install Blockchain and track a transaction.