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Cryptocurrency guide for dummies

 December 22, 2017 – 11:07 am

Today, perhaps, only deaf person didn’t hear about cryptocurrency. However, many people still do not fully understand what it is and why humanity needs it. Do you have absolutely no idea how it works? Let's sort it out. When the first electronic money appeared, people began to commit great variety of payment transactions on the Internet. Certainly, administrators of payment systems prefered not to lose the opportunity of benefit and appointed some fees for each committed transfer. Thanks to the transfer of electronic money in real they gained big profit.

Advanced network users asked the question: "How to make a payment transaction fee-free?" Lots of variants were offered. In 2009, the anonymous Satoshi Nakamoto implemented its own vision of solving this problem: he suggested to issue an information currency, provided by nothing, but is able to be a unique medium of exchange. Currency was called "Bitcoin". Cryptocurrency guide for dummies will help you to know more about this type of currency.

No transfer fees are demamded, and if they sometimes occur, they go straight to the hands of the programmer who wrote the program-budget. Thus relationships with banks and other intermediaries become totally unnecessary, with the exception of exchanges dealing with the translation of cryptocurrency in "real". Bitcoin inflation is terrible, and the number of coins is strictly limited. But the most important point here is that these "coins" wallet cannot be obtained without having the code.

Its undeniable advantages include: the availability of the money at any time, impossibility of freezing the account, checking the validity of the operations any time, provision of the fees provided only on a voluntary basis, limited emission, attraction the attention of investors, no exposure to inflation, etc.


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