A Cryptocoin is a currency with no physical entity

Cryptocurrencies are only a digital mean of payment. Their rate of emission and possibilities of use are based on mathematical patterns that are neither supported nor can be altered by any central entity, organism or group, need no intermediaries or financial institutions.

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  • There are no coins or bills for these currencies

The most similar that has existed are metal medals and paper with the appearance of notes. One of the best-known cases is the bitcoins of Casascius, a company that emitted this type of products linked to a specific amount of this cryptocoin until 2013.

  • It is unknown who is behind the cryptocurrencies

Behind the Bitcoin is Satoshi Nakamoto, a pseudonym used by a person or group of people whose true identity is not yet known. The path of the first currency of its kind began in 1998 when Wei Dai first proposed the idea of ​​a new typology of money that used cryptography to control its creation and transactions, but that is as far as it is known.

  • The number of cryptocoins is potentially infinite

There may be as many cryptocoins as mathematical cryptography systems can be developed. However, its liquidity is finite, since in the architecture of these parameters it was established the maximum volume of these coins that may come into existence. In the case of Bitcoin, the limit of the numerical code is 21 million monetary units.

  • Holdings and operations with cryptocoins are not anonymous

Transactions with digital coins are never anonymous, although mechanisms may be used to ensure that the identity of the originators or recipients of a transaction is beyond all possible traceability.

  • There are two ways to get cryptocoins

There are two routes: mining and purchasing in virtual exchange offices. The first option was more popular in the early days, but now it has become more expensive and less productive. In the second case, the process is simple and usually requires paying a small rate.

  • The balances of the cryptocurrencies can not fade

The existence of the same is always fixed in the historical sequence of operations. Despite this, it is possible to steal the cryptocoins from a digital wallet. If a third party has access to the private code, all the money could be transferred to another wallet.

  • The current price of bitcoins changes every day.

Cost continues to be established based on supply and demand on the world’s major physical currencies. However, their use is not yet widespread, nor is their information on development and employment so widespread as to fix rates of change for their own activity or the evolution of the digital economy.

  • Cryptocurrencies have gone from being a threat to a business promise for banking

Initially, these cryptocoins not linked to the traditional financial system were a significant threat to the credit institutions. Nevertheless, the blockchain in which the development of the vast majority of cryptocoins is based is being investigated by big global entities to take the lead in the new trends of banking and digital commerce.

  • They are not the money of the future

Although cryptocurrency statistics point out that the protagonism of the cryptocoins will increase in the future, it is still a long way from being able to speak of these as the money of the future, according to several experts and financial institutes. This is because once each cryptocoin has reached the maximum number of units that can be produced, its value will unavoidably fall.