Cryptocurrency

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The question we often ask ourselves is: what are the cryptocurrencies and how do they work?

Cryptocurrencies are encrypted digital assets used for exchanges. A digital asset that is used to complete an exchange through the cryptography technique, able to offer maximum security to the transaction and total control over the realization of another currency.

In the last years a lot of them have been born, in this guide to cryptocurrencies we will present five of the most known and two famous in China and Asia, but less in Europe:

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Bitcoin

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Litecoin

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Ethereum

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Dashcoin

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Monero

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Omisego

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NEO

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The cryptocurrency is born as an option to traditional currencies and is more secure and independent because the transactions are encrypted, hence the name; furthermore, there is no possibility of tracing the origin of the transaction.

But what are cryptocurrencies? And where can they be bought?

The fact that there is no central body that issues cryptocurrencies is, in fact, a positive fact, which generates three advantages:

– cryptocurrencies are not subjected to inflation and deflation

– transactions in cryptocurrencies do not have any brokerage costs

– transactions in criptovalue guarantee total anonymity

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What are Bitcoins?

Designed in 2009 by a group of people behind the pseudonym Satoshi Nakamoto and are based on a P2P system (peer-to-peer or person-to-person) that uses a database distributed among the nodes, ie among all users’ computers, to keep track of all transactions. Even if it is an open source system, that is public, the authenticity and the regularity of the transactions is guaranteed by the public cryptography key, in fact, nobody can spend Bitcoin of which isn’t legitimately owner.

Bitcoins are considered as true units of account and their value can vary over the days, or even hours. If you want to always have a fairly updated situation, there are sites like Spectrocoin, one of the most used where you can exchange Bitcoins for real money, or even BitcoinCharts, which instead shows the Bitcoin value on all major exchange sites.[/vc_column_text][vc_column_text]

What are Ethereum?

It is a cryptocurrency that can be used to manage smart contracts, such as contracts typical of financial markets or crowdfunding platforms.

The positive aspect is that maximum security is guaranteed, without the possibility of fraud, censorship or interference from third parties.

What are the disadvantages? There is not yet a limit on the number of Ethereum in circulation and, in terms of mining, there is no typical Bitcoin mechanism, which provides an ever-increasing interval of time, as units are created, so for these reasons, Ethereum positions itself behind them in terms of quotations.

In addition, in June 2016, Ethereum suffered an attack by a hacker who exploited a flaw in the network. This transaction, whose value was more than 50 million dollars, precipitated the listing of Ethereum and actually removed about 1/3 of the cryptocurrencies in circulation from the market. The developers of Ethereum, then, to solve the problem, have created a new version of the project to which, in a few hours, around 80% of users have joined. Membership entailed the conversion of the Ethereum into the new version.

What are Monero?

La Monero, founded in 2014, is the most important example of the use of the Cryptonight algorithm, which was invented to compensate for the lack of privacy of Bitcoin. In fact, if you use Bitcoin, the path is documented and followed during the transaction. The Cryptonight algorithm is able, on the other hand, to guarantee maximum confidentiality in this sense, not allowing to trace the path made by virtual coins.

Thanks to a new algorithm, called Ring ConfidentialTransaction, it was possible to further increase the confidentiality of transactions, allowing to hide the values and identities of those taking part in the transaction.

Its success is also due to the fact that it is the virtual currency preferred by the Dark Web, in particular, with regard to online drug dealing and the purchase and sale of weapons. The reason is, certainly, more privacy than other types of coins of the same kind, so as to make it difficult to track each operation.

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What are NEO?

During a meeting at Microsoft’s headquarters in Beijing during the month of June 2017, Antshares, the first open source platform created in China, announced a complete rebranding. During this conference the new name and brand of the platform were announced: NEO, ie innovation, innovation and youth.

The rebranding of Antshares represents a new turning point for the development of China’s blockchain community.

Just to better understand, the developers of Ethereum use the Solidity code for their blockchain technology, while Neo supports the use of Java, Kotlin, Go and Python, thus greatly simplifying the work of developers.

In this way, NEO aims to include an increasing number of programmers, thus increasing its community.

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What are Litecoin?

Litecoin was the second virtual currency, created two years after Bitcoin.

Initially, it had caught the attention of investors, due to the fact that it was generated a larger amount compared to Bitcoin but over time, it was unable to find a clear and consolidated position and consequently lost ground, as a value and number of exchanges to the detriment of other cryptocurrencies.

The Litecoin was conceived by Charles Lee, who after resigning from Google, in 2011 had the brilliant idea to make available its computer skills, in the new market of cryptocurrencies. Litecoin can be defined as an online network that people can use to make payments to other entities.

Just like Bitcoin, Litecoin also exploits Peer-to-Peer technology and is decentralized, meaning they are not controlled by any institutional body.

But there are many other advantages, such as:

-the absence of commissions, which normally must be incurred when an operation is carried out with a financial intermediary

-the security and traceability, in fact, the transactions are included within the Blockchain, which is nothing but a sort of big accounting book, where are recorded all the operations carried out with cryptocurrencies, not only with Litecoin.

The Blockchain is public and this allows the operators to verify the actual sending of money made by the counterpart. Furthermore, the transactions are completed in complete security for the parties, thanks to the possibility of acting in total anonymity, as we identify ourselves with a code corresponding to your position, and not with your personal data.

Litecoin is quick, indeed it is immediate.

Another common feature with Bitcoin is the decision to place a finished quantity of Litecoin on the market. Unlike the cryptocurrency created by Satoshi, Litecoin will reach a maximum of 84 million units.

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What are the Dash?

The Coin Dash works in an extremely similar way to Bitcoin, as this cryptocurrency is also totally decentralized and therefore allows to send and receive anonymous payments, thanks to encryption. Like Bitcoin, the Dash currency crypt is also based on a public blockchain, where all the transactions carried out by users are contained.

The Dash is, however, extremely faster than the Bitcoin, and according to experts, this is one of the main reasons that led the Dash to be much more appreciated by experts than Bitcoin. With the Dash, is therefore possible to send payments much faster than Bitcoin.

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What are Omisego?

Omisego, founded by JunHasegawa and spread to Japan, Thailand, Indonesia and Singapore, is a token with particular characteristics. The purpose of Omisego is to create a platform for international payments with very limited costs. The function of the tokenOmisego is not to be the object of the transactions, because these could take place in any currency. Their goal is to be able to exchange Fiat currencies without switching from banking systems, directly through the exchange of Ethereum, Bitcoin and other cryptocurrencies. OmiseGo will be excluded from the banking system simply by coming to directly own authorized reserves in the countries in which it will operate.

The system is based on two essential elements:

an ad hoc blockchain, but connectable with that of ethereum and bitcoin;

a special wallet for the international exchange of ciptovalute

The wallet is of the SDK type and is White, that is it can be easily branded by the companies that use the system. The Blockchain is of the PoS type, scalable without permits and equipped with an internal clearing house.

The wallet gives access to a debit and credit card, as well as to the personal payment platform

So what is the tokenOmisego for? It is necessary to undermine the transactions, ie to earn the small percentages of intermediation that the system still provides.

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