DIGITAL CURRENCIES AS A FUTURISTIC EXCHANGE // BTC Overview

in Project HOPElast month

Author: @madridbg, through Power Point 2010, using public domain images.

Greetings dear members of this prestigious platform, continuing with the socialization of content for the @project.hope community, this time we will leave aside the biotechnological processes and we will focus on a topic of more commercial or capital interest, so that this will be the first of a series of publications oriented to the study of the world of cryptocurrencies.

Therefore, we will be addressing aspects of economic interest associated with the world of crypto-currencies as a commercial exchange that involves little by little the fiduciary world. In general a virtual currency or virtual money, is a form of regulation that is controlled by its developers and is accepted or used by communities in general. [1]

Fig. 2. Cryptocurrencies are projected to replace fiat currency. Author: tombark

Although its creation is recent, so far in 2020 and 2021 they have acquired an overwhelming hegemony and more and more of us are joining the world of blockchain and smart contracts, this due to the current pandemic and being objective I attribute the phenomenon to how decentralized transactions can result where the monetary exchange is carried smoothly between interested parties.

Currently, digital currencies have a reference which we call Bitcoin (BTC), the same is a digital currency that is traded between people using the internet as a support, without the need to have a backing by large governments or private companies. This according to data published on the web was created by a character named Satoshi Nakamoto in 2009 and although his identity is unknown I can consider him as a visionary who came to revolutionize the traditional commercial world and the current digital world.

Fig. 3. Since its inception, the BTC has been on an upward trend, which projects it to reach historical highs. Author: Gerd Altmann

Although many of us do not know how this currency works, in this opportunity and in order to instruct the reader we will approach the explanation given by the founder of BitcoinNordic, he states that the operation of the BTC is like "an email that cannot be copied", which means that when an owner sends it, it is automatically deleted from their records and now appears in the recipient's inbox who has the domain of the same, the important thing about the whole process is how limited these emails are, hence lies the daily valuation that is given to them. It is necessary to make clear that what we do in this article is a simple analogy.

Having an overview of the process, we must know that bitcoin transactions need an exhaustive verification mechanism by which the transaction is distributed among the different participants of the network which compete so to speak for the rewards obtained in each record.

Fig. 4. Representation of BTC operation. Author: Pete Linforth

As you have seen throughout the publication, we have not gone into detail about the elements that make up the cryptocurrencies, this due to my intention to address different writings that allow us to deepen in detail the aforementioned.

In this sense, if you have found the approaches addressed in this publication timely, I invite you to leave your perspective in the comments section.


BIBLIOGRAPHY CONSULTED


[1] Michael McLeay, Amar Radia y Ryland Thomas. (2015). Money in the modern economy: an introduction. Journal of Institutional Economics, vol. 17. Number 33. Article: Online Access


OF INTEREST


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Greetings dear friend @madridbg

Excellent topic that you share with us, no doubt the exchange of cryptocurrencies has strengthened to such an extent, that in the current circumstances the crypto market dominates in several facets to traditional markets, I liked your expression "overwhelming hegemony", it is a good way to qualify the great growth and dominance that cryptocurrencies have in the financial world. Thanks for socializing this kind of content about cryptocurrencies. Best regards. Be well.

Greetings @lupafilotaxia undoubtedly it is remarkable the advantages of cryptocurrencies and the contributions it has given us in Venezuela where in a way the world of blockchain has served as an outlet for the changes we are suffering economically. Thank you for leaving your comment

Cryptocurrency is the future and there is no doubt that bitcoin is the main protagonist of this.
blocks and have no idea what it is about.

We are getting closer and closer to the massive adoption of cryptocurrencies, and I am sure that they will displace the Fiat currency.

That is a reality my friend @reinaldoverdu and as far as possible we of the old and new school must adapt to new advances in technology, thanks for stopping by and leaving your comment.

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