The cryptocurrency revolution: beyond Bitcoin

Cryptocurrencies have been the most important financial revolution in recent years. It's practically impossible to think about cryptocurrencies without Bitcoin and its fluctuations in recent years coming to mind. Undoubtedly, these assets have managed to capture our attention, but are you really informed about everything that virtual currencies offer? Today we talk about the cryptocurrency revolution.

What is Bitcoin and how does it work?

Although since the appearance of Bitcoin we have not stopped hearing striking news such as “the first purchase of a house made entirely with Bitcoin”, it is likely that you are not yet familiar with this cryptocurrency. Bitcoin It is nothing more or less than a virtual currency, currently known as cryptocurrency, which unlike money It's not controlled by the government. Although we have started to hear about him in recent years, the truth is that he was born in 2009, and its value is simply based on the law of supply and demand.The handling of this “currency” is carried out through apps available for download, which guarantee secure transactions and prevent the possibility of counterfeiting. Its value is variable, in recent times it has reached surprising highs but it has also had its lows.

What is Ethereum and how does it work?

Although Bitcoin is on everyone's lips, it's not the only cryptocurrency we can find in the market, another one that has achieved great relevance is Ethereum.Unlike Bitcoin, it cannot be said that it is a cryptocurrency, because rather it is a platform that seeks compliance with an agreement between two parties, without the need for third parties to intervene. The currency you handle is called Ether. The platform is responsible for complying with the agreement once it has been agreed between both parties. So what do you have in common with Bitcoin? The technology, both use Blockchain technology, in fact this is the technology behind most cryptocurrencies.

Other cryptocurrencies

Although Bitcoin and Ether are the best-known virtual currencies, there are currently many others in active use. Here are a few of them:

• Litecoin: It was born 2 years after Bitcoin with the objective of improving it, for example, by optimizing its mining, including different algorithms and offering more speed, thus allowing immediate payments.
• Ripple: Another option is Bitcoin, whose operation is very similar, offering transactions in real time and at a fairly high speed. One of the main differences, and arguably the advantage of this cryptocurrency, is that it has its own currency exchange system, thus allowing transactions without the need for other programs.
• Dash: One of the most recent cryptocurrencies and one that has undergone many modifications in recent years. The transactions carried out through Dash are public and are constantly updated in order to offer users the most innovative services. It differs from other cryptocurrencies in the minimum amount of Dash that must be added to be able to invest, which is 1,000 Dash.
• Namecoin: This cryptocurrency is not for commercial use, but is used to create web page addresses. Addresses are first created and then sold to users interested in them. It is considered a long-term investment since its value in the market so far is not high. Although its use is not the same as that of Bitcoin, the parameters it uses are the same.

Without a doubt, cryptocurrencies have been one of the most recent revolutions. Now that you know all the details about them, are you going to be part of this revolution?