Cryptocurrencies are digital symbols that represent a value; a ticket is a paper that represents said value backed by the Central Bank of a certain country.
Cryptocurrencies do not bother with this obsolete notion. because they are completely digital and live in a digital database called “blockchain” or “blockchain”.
The blockchain or blockchain is the complete history of transactions made with a certain cryptocurrency. Let’s analyze this in parts:
Blocks: When two users send cryptocurrencies between them, from one wallet to the other’s wallet, a transaction is taking place. This transaction contains, among other details, the sender’s portfolio address, the recipient’s portfolio address and the amount of cryptocurrencies sent.
When a transaction is made, it is recorded in a block. Depending on the cryptocurrency, each block can support a different number of transactions. For example, Bitcoin has a block size of 1 megabyte, while Bitcoin Cash has a much larger block size of 8 megabytes.
Once the transaction is written to a block, it cannot be edited and cannot be deleted.
You can think of a block as a page of a book that contains a list of transactions. Once the block is filled, the miners verify the transactions (we will talk about mining later) and the block will be ready to be connected to the chain
Each block is connected digitally, like each link in a chain. It is attached to the one that comes before and the one that comes after, creating an unbroken and unchanging history of each transaction executed in the history of the cryptocurrency. Each block receives a number, and anyone can look back and see the transactions that took place in each block.
Here is a list of some of the main cryptocurrencies that can be bought and sold today.
Ether (ETH). Commonly referred to by its platform, called Ethereum, Ether is marketed as a “next generation” currency that allows exchanges of “smart contracts” without an intermediary.
Litecoin (LTC). Litecoin is more similar to Bitcoin but with an exchange capitalization level of the highest among cryptocurrencies.
Dogecoin (DOGE). Inspired by the “doge” puppy memes, Dogecoin has been widely used to make targeted donations and tips online.
Monero (XMR). Focused on privacy, Monero states that it is “secure, private and impossible to track” through a user signing process consisting of several layers.
Dash (DASH). Named for “Digital Cash,” Dash focuses on speed and privacy combined with the ability to spend it through debit cards accepted worldwide.
Ripple (XRP). Integrated with the Earthport blockchain, Ripple can now be used to pay for services with some banks such as HSBC.
Tether (USDT). This currency is “tied” to the US dollar, offering a more stable value for investors.
BitShares (BTS). Among the most popular cryptocurrencies. The founder of BitShares describes this altcoin as “actions” distributed on a network and software that accepts public keys.
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