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LESSON 1

What are cryptocurrencies?

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November 23, 2017 | 

Joanna Newman |  1 Comments | 

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What are cryptocurrencies?


Welcome to the Academy InteractiveCrypto.

We offering a series of courses that will allow you to better understand the exciting world of cryptocurrencies, and to subsequently invest or trade cryptocurrencies.

To understand cryptocurrencies we must first understand what the currency is for and see if the virtual currencies are currencies in the first sense of the concept.

First of all, what is the use of money?


1-Currency is a unit of account that measures the value of goods and services traded.

2-It is an instrument of exchange.

3-It is a store of value allowing to postpone its purchases or to constitute a saving.

Who issues the currency?


As for the functioning of current currencies, they are issued by the central banks of the different countries, which issue them according to economic and political imperatives.

These are so-called centralized currencies.

Today, most trades made in traditional currency are made electronically (transfers, CB ...), and therefore pass through the banks.

The value of these currencies depends on the law of supply and demand on the stock markets.

What about cryptocurrencies? Do they meet the same rules?


As far as the function of money is concerned, cryptocurrencies correspond to the same principles. As for their value, here too, it depends on the law of supply and demand of the markets. On the other hand, as far as its operation is concerned, we are not at all in the same technologies nor in the same centralized system:

First, the cryptocurrency has no physical support (coins, notes ..) It is a purely virtual currency. Moreover, cryptocurrencies no longer depend on banks or states and their economic or political interests.  It is a decentralized currency.

As for its technology, it is quite revolutionary, based on mathematical algorithms, and on the principle of blockchain, developed by the designer of the first digital currency in 2009, Satoshi Nakamoto (alias, the character remaining unknown) Bitcoin.

These currencies are actually created by "miners", who are thousands of individuals or companies who put the computing power of their computers to the services of this technology.

To understand how it works we advise you to follow our second course: What is Blockchain?

TAGS: CRYPTOCURRENCY

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COMMENTS (1)

batholomew brown  batholomew brown . I’m a bitcoin trader and the time I’m writing this blog I can’t find a single review about many bitcoin trading signal services and companies. I have lost lots of money testing them for over an year. I don’t want you to be scammed too.   3 years ago from Canada

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Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.

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Symbol

Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.

24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current price and the price24 hours ago.

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