What is a cryptocurrency money used in a country
Let's start at the start.
You may have heard many things about what a cryptocurrency is, but you may still be looking for a clear statements of. I hear you, I was in the same boat for a long time.
in place of getting too special to some science or trade, here's the most comfortable way to have in mind that about cryptocurrencies
A cryptocurrency is basically money on software 1 flat structures.
It is important to keep in mind that the teams/companies that are behind these cryptocurrencies are not only making come into existence a new form of money used in a country, but a new software 1 flat structure. To put examples on view of how this works, let's take a look at other software 1 flat structures that you are probably already common with.
going into with care how these flat structures work will help you get through knowledge cryptocurrencies
Here are a few software 1 flat structures that many people use:
Windows: A software 1 flat structure for personal knowledge processing machines Dropbox: A software 1 flat structure for storing and having the same Documents 2 fedwire A software 1 flat structure that sends money between money business institutions On each of these flat structures, a sort of money is used, in exchange for using the flat structure:
Windows: You make payment to us dollars (or your nearby Fiat money used in a country) to give money for a License 3 for Windows to use on your knowledge processing machine. If you give money for a knowledge processing machine that already has Windows on it, the License 3 Fee 4 is included in the thing got for money price. Dropbox: You make payment to us dollars (or your nearby Fiat money used in a country) to give money for a listed as having made payment for to use the software 1 for a month or a year, depending on which map you give money for. fedwire You make payment to a bit of business Fee 4 to use the system and you send Fiat money used in a country it-self. Each of these systems also have a knowledge-base connected to it:
Windows: knowledge-base is stored on your nearby knowledge processing machine Dropbox: knowledge-base is stored on the Dropbox computers fedwire knowledge-base is stored on the fedwire computers cryptocurrencies necessarily give another in place of the us dollars (or your nearby Fiat money used in a country) that you use to thing got for money these software 1 arms. The knowledge-base that cryptocurrencies give you way in to is based on blockchain technology.
But wait, what are the software 1 services that you are getting? is Not a cryptocurrency like bitcoin just a money used in a country, like us dollars?
The end, purpose of cryptocurrencies is usually to get well on some sort of having existence software 1 system or network 5. When you send money via paypal 6, fedwire or Western coming together, you are basically sending Fiat money using electronics, like to bitcoin
however, that's where the likeness ends.
flat structures like paypal 6 have serious limiting conditions on what you can and can not do. For example, you can not send/receive money from certain countries (like Nigeria).
cryptocurrencies like bitcoin need to make money business bits of business more open and readily got to everyone around the earth.
Other cryptocurrencies get answer to other questions, which we will have a look for later in this guide.