cryptocurrencies

Hello I am new to acs in this beautiful community thanks to @ faisalniazi7 for inviting me and also to @reddileep for also inviting me to this community this is my first post about cryptocurrencies I hope you like it

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surely you've heard stories of people making a millionaire by investing in "bitcoin" or another cryptocurrency. which sounds very attractive

To begin with, it is necessary to understand cryptocurrencies as a monetary system, that is, they do not have a monetary value for the material from which they are made or for their physical utility, if not because we agree to do so.

the difference of a $ 100 bill and a piece of paper with the text "100 dollars"; written concrayones is from people through institutions we agree to say that the first has value and the other does not

The way in which any currency defines its value is by its importance in the market

The more people are interested, in buying them they are more valuable as it happens, it happens in an auction if many people are interested in the article, they offer more for it and its price before the market

The bitcoin is not unique in its kind, there are hundreds of cryptocurrencies, they are so called thanks to their "encrypted" nature; i.e. protected through encryption

This characteristic makes it a very attractive monetary system since it is very difficult to alter or hack since it is not controlled by any bank or government.

cryptocurrencies choose to use a decentralized transaction system

Known as "blockchain"

It works in the following way

1 ° Each transaction that is made is called a "block" and acquires a unique code

2 ° This block is forever registered with detailed information such as the sender and receiver of the exchange among other data ...

3 ° The user network registers the operation virtually immediately

4th This block is "joined" to a huge chain where it is listed, absolutely all the operations carried out with that cryptocurrency are listed.

small work done by me @alexandrabarraez I hope you like it, I don't know much about cryptocurrencies but little by little I am learning, I invite my friend @ ramces97 to this community