The lottery of the cryptocurrencies
Much is said recently about cryptocurrencies, also known as virtual money and even as cryptoactives. Some believe that they are a sure value of immediate future, to the detriment of the economy managed by banks and financial entities as we know it today. On the other hand, some think that this is simply fud and a bluff since the first one (Bitcoin) appeared in 2009.
What are the cryptocurrencies and how they work.
In a very simple way we could say that cryptocurrencies is virtual money that were created for digital exchange.
But what do we really know about cryptocurrencies? Are they legal? What, or who can and should decide on the real value of this type of digital medium for financial transactions?
That the things and the own life changed nowadays at a speed of vertigo, is an evidence. Little by little we will have to adapt to this new system of payment methods. In these moments more than a thousand different digital currencies can coexist jointly, although the most known and valued are: The Bitcoin, which was the first, Ethereum, Ripple or Litecoin.
Every day new currencies based on the blockchain appear on the market at the shadow of the first two, and they are usually considered as “altcoins”.
These virtual currencies are actually complex algorithms that authenticate them by following verification processes, so that each transaction is recorded in a digital book “cryptographically protected”.
The real value of cryptocurrencies is determined by two main factors: The interaction between offer and demand and, on the other hand, the acceptance and trust that they generate among the public.
Possible cryptocurrency uses
We could assimilate them by analogy, to the currency market, where we see that there is a constant fluctuation in their values.
To be a little aware of the current valuation of the various cryptocurrencies circulating in the virtual market, we can visit the page https://coinmarketcap.com/ in which the market capital is reflected in an updated way, its price, the volume of transactions in 24 h. and other interesting data of the 100 currencies with the highest market capitalization.
There are several areas to consider regarding the use and its regulation. On the one hand, there is the activity of computing transactions, vulgarly called “mining”. Then you must take into account the way you operate with these virtual currencies, as investment goods, and last but not least, the use of these as means of payment.
The main problems that have arisen to date is to guarantee the security of the funds of this technological element, to avoid theft or attack to the platforms that operate with cryptocurrencies.
Another important issue is the study in a priority way to avoid the use of these virtual currencies for tax fraud, money laundering or terrorist financing.
To date, each country has tried to impose rules that regulate its use. There are governments that impede the activities that can be carried out with these systems, and on the contrary there are others, which not only allow them, but even prepare themselves to implement their own cryptocurrency. Both in the European Union and the American government itself, they are adapting their regulations in this matter.
It is clear that the use of cryptocurrencies in all types of transactions will become more and more frequent.
What can be purchased with cryptocurrencies
They are not only vehicles for speculative operations. Every day there are more possibilities to be able to access to buy products or services with cryptocurrencies.
Things so common use that surprise our elders. Buy goods such as cars or real estate, services such as travels, theater tickets and even lottery through online platforms like ours, where you can buy with more than 50 different cryptocurrencies.
Companies of international scope like Microsoft or Dell, some online platform that commercializes its products through Amazon, also Shopify.
In Japan, they were pioneers in accepting this type of coins in physical stores, and today there are just over 250,000 points that accept purchases on a daily basis with bitcoin.