The first cryptocurrency, Bitcoin, was released in 2009.
Cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
Read this Term or cryptos were designed as a way to remove banks as intermediaries between sellers and the buyers.
But the ideology of the digital currency is much more complex as each cryptocurrency is based on distributed ledger technology or Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term that is basically an encrypted list of transaction records that is duplicated through the network of computers that record transactions.
The crypto market is largely driven by speculation, as there is no commodity or government supporting it.
The most popular cryptocurrency is the Bitcoin. All other cryptos are called altcoins.
Many companies have issued tokens that are specifically linked to their products or services.
Stablecoins are usually linked to a fiat currency or to an exchange-traded commodity, but sometimes stablecoins are pegged to other cryptocurrencies.
The other variety of digital currency is the nonfungible tokens, or NFT tokens that are linked to a specific item such as images, videos, or audios, and are used as a certificate of authenticity.
Today NFT’s are mostly associated with digital works of arts and are even being sold at the famous Christies auctions.
So, here are five facts about cryptos you need to know.
1. How many cryptocurrencies are there?
Many cryptocurrencies have been created since 2009 when the Bitcoin was introduced but many are no longer in circulation.
According to CoinMarketCap.com, one of the reliable market research websites, as of the beginning of November 2021, some 7194 publicly traded cryptocurrencies have been counted.
Some analyst counted up to 13,000 various cryptocurrencies.
Only a few of them are really forming the modern crypto market.
Cryptos like Bitcoin, Ethereum or Ether, Binance coin, Solana, Tether, Cardano, XRP, Dogecoin are bright representatives of the market puzzle.
The total market capitalization of all cryptos exceeded $3 trillion according to CoinGecko in November 2021. Bitcoin has the largest market cap with $1.26 trillion.
2. How big is the crypto market?
Daily trading volumes of cryptocurrencies vary.
Recent figures show that the daily average trading volume of cryptos is close to $100 billion.
However, it may be much higher, as the record high on September 7 shows, when it hit $161.6 billion.
There are over 300 publicly known crypto exchanges and the most well-known are Binance and Coinbase.
Unlike regular financial markets, cryptos are traded on a 24/7 basis. However, markets’ peak trading hours is typically 8 a.m. to 4 p.m. in its local time. The daily trading amount of futures on cryptocurrencies according to Coingecko is over $200 billion.
3. Who accepts Bitcoin and other cryptos as a payment?
There are over 15,000 businesses that accept Bitcoin, including Microsoft, AT&T, and Overstock.
PayPal is one of the major businesses that allows you to buy products online with Bitcoin.
Bitcoin is recognized only in El Salvador as a legal tender. China has officially banned all cryptocurrency operations.
The United States, Canada and the United Kingdom all allow the Bitcoin to be used.
The European Union considers the use of cryptocurrencies as a supply of services.
4. How can cryptocurrencies be received?
You can buy cryptos at the exchange or receive them from another owner.
You can receive coins as a reward for mining operations.
There are over 800 cryptocurrencies that are non-minable.
5. Do privately issued cryptocurrencies have a future?
This year was marked by a significant expansion of cryptocurrencies as the first future based Bitcoin ETF was registered in the United States.
In November the Securities and Exchange commission started to review Spot Bitcoin ETF, which is expected to have direct exposure to Bitcoin.
This registration is a major step towards cryptocurrencies becoming an undeniable part of the financial market, even though it is not recognized in some countries like China.
And this is now a fact of our everyday life.
Michael Domar, CEO TomiEx exchange and TEX coin https://tomiex-tex.com/
The first cryptocurrency, Bitcoin, was released in 2009.
Cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
Read this Term or cryptos were designed as a way to remove banks as intermediaries between sellers and the buyers.
But the ideology of the digital currency is much more complex as each cryptocurrency is based on distributed ledger technology or Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term that is basically an encrypted list of transaction records that is duplicated through the network of computers that record transactions.
The crypto market is largely driven by speculation, as there is no commodity or government supporting it.
The most popular cryptocurrency is the Bitcoin. All other cryptos are called altcoins.
Many companies have issued tokens that are specifically linked to their products or services.
Stablecoins are usually linked to a fiat currency or to an exchange-traded commodity, but sometimes stablecoins are pegged to other cryptocurrencies.
The other variety of digital currency is the nonfungible tokens, or NFT tokens that are linked to a specific item such as images, videos, or audios, and are used as a certificate of authenticity.
Today NFT’s are mostly associated with digital works of arts and are even being sold at the famous Christies auctions.
So, here are five facts about cryptos you need to know.
1. How many cryptocurrencies are there?
Many cryptocurrencies have been created since 2009 when the Bitcoin was introduced but many are no longer in circulation.
According to CoinMarketCap.com, one of the reliable market research websites, as of the beginning of November 2021, some 7194 publicly traded cryptocurrencies have been counted.
Some analyst counted up to 13,000 various cryptocurrencies.
Only a few of them are really forming the modern crypto market.
Cryptos like Bitcoin, Ethereum or Ether, Binance coin, Solana, Tether, Cardano, XRP, Dogecoin are bright representatives of the market puzzle.
The total market capitalization of all cryptos exceeded $3 trillion according to CoinGecko in November 2021. Bitcoin has the largest market cap with $1.26 trillion.
2. How big is the crypto market?
Daily trading volumes of cryptocurrencies vary.
Recent figures show that the daily average trading volume of cryptos is close to $100 billion.
However, it may be much higher, as the record high on September 7 shows, when it hit $161.6 billion.
There are over 300 publicly known crypto exchanges and the most well-known are Binance and Coinbase.
Unlike regular financial markets, cryptos are traded on a 24/7 basis. However, markets’ peak trading hours is typically 8 a.m. to 4 p.m. in its local time. The daily trading amount of futures on cryptocurrencies according to Coingecko is over $200 billion.
3. Who accepts Bitcoin and other cryptos as a payment?
There are over 15,000 businesses that accept Bitcoin, including Microsoft, AT&T, and Overstock.
PayPal is one of the major businesses that allows you to buy products online with Bitcoin.
Bitcoin is recognized only in El Salvador as a legal tender. China has officially banned all cryptocurrency operations.
The United States, Canada and the United Kingdom all allow the Bitcoin to be used.
The European Union considers the use of cryptocurrencies as a supply of services.
4. How can cryptocurrencies be received?
You can buy cryptos at the exchange or receive them from another owner.
You can receive coins as a reward for mining operations.
There are over 800 cryptocurrencies that are non-minable.
5. Do privately issued cryptocurrencies have a future?
This year was marked by a significant expansion of cryptocurrencies as the first future based Bitcoin ETF was registered in the United States.
In November the Securities and Exchange commission started to review Spot Bitcoin ETF, which is expected to have direct exposure to Bitcoin.
This registration is a major step towards cryptocurrencies becoming an undeniable part of the financial market, even though it is not recognized in some countries like China.
And this is now a fact of our everyday life.
Michael Domar, CEO TomiEx exchange and TEX coin https://tomiex-tex.com/
