Cryptocurrencies

Cryptocurrencies

Cryptoasset or cryptocurrency use strong cryptocurrencies to protect transactions, control the creation of additional units, and use distributed ledger technology to verify the transfer of assets. Cryptocurrencies are alternative or digital currencies.

There are disputes over whether cryptocurrencies should be decentralized or centrally controlled by a central bank or other institutions.


The management of each currency is done through a decentralized database (usually a blockchain). This database acts as a public financial transaction database.


The first cryptocurrency to go live was Bitcoin in 2009. Since then, other cryptocurrencies with various characteristics have appeared such as Litecoin, Ethereum, Bitcoin Cash, Ripple, and Dogecoin.



Characteristics


In the electronic money system, the security, integrity and balance of account statements (accounting) are structured by authenticated (untrusted) actors (file transfers are partitions or sources of multiple file transfers) are called miners mutual.

Guaranteed by the network. In most cases, be public and actively protect the network (fabric) while maintaining high algorithmic processing speed. Thus, you will have the possibility of receiving small tips that will be distributed randomly.


Mathematically, it is possible to bypass existing security with cryptocurrencies, but the cost of doing so is mysteriously high.


For example, an attacker trying to crack Bitcoin’s proof-of-work system needs more computing power than the entire network of all miners in the system (ransom), but the chances of success are limited, in other words, breaking the security of Bitcoin requires more capabilities than Google’s tech companies.
Quantum computing may become a reality in the future and is a proprietary technology that can lead to imbalances if developers do not implement the system in time to use post-quantum algorithms.

This system:

No middleman reduces transaction costs. Save hours. Online payments are fast, but the agreement between the parties takes time and the seller receives the amount a few days after payment.
With cryptocurrencies, the delay is only a few minutes.


Eliminates the need for financial agents for transactions. In addition, among these stand out a certain number of advanced exchanges that allow the registration, the entry of information and the opening of the exchanges.


This is very beneficial for users who trade cryptocurrencies.



History



In 1983, American cryptographer David Chaum designed a cryptocurrency cryptosystem called eCash. Then, in 1995, he founded DigiCash, which uses encryption to anonymize monetary transactions, but issues and payments are centralized.


This system requires software that specifies a specific encryption key before withdrawing funds from a bank and sending them to recipients.


This makes it impossible to trace the issuing bank, the government, or a third party.


In 1996, the NSA published a survey titled «How to Make a Mint: Anonymous Cryptocurrency Encryption.» This study described the cryptocurrency system posted on the MIT mailing list. Then, in 1997, it was published in the American Journal of Law (Volume 6, Issue).


The concept or idea of Cryptocurrency was first explained by Wei Dai in 1998. So he had the idea of creating a new decentralized currency using cryptocurrencies as a means of control, but the first cryptocurrency was created.


In 2009 It was developed in 2009 by a developer under the pseudonym Satoshi Nakamoto. it works (SHA256 to be exact) as a Proof of Work (PoW) scheme. Subsequently, other cryptocurrencies such as Namecoin appeared (trying to decentralize).


Using Litecoin (using scrypt as a PoW scheme to speed up transaction verification), Peercoin (PoW / PoS [Proof of Work / Proof of Stake]) makes it extremely difficult to censor the internet. ], also has an inflation rate of around 1%) and Freicoin (which implements Silvio Gesell’s concept by adding depreciation).

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All were not successful, but they contributed in particular ways to the innovation. Otherwise, many other cryptocurrencies have been created. Since its inception, the cryptocurrency has always received the attention of the public and the media. Interest has grown rapidly since 2011, especially during Bitcoin’s bull run in April 2013.


6th August 2013


The UK launched a cryptocurrency research initiative. This research should include an analysis to determine the role of currency in the UK economy and the regulations to consider.

The first online casino to use only the cryptocurrency protocol was launched in 2017 and is called Edgeless. Thanks to the decentralized network, you can securely encrypt the percentages of payments, transfers and RTP.

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