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Characteristics of cryptocurrencies

ERC20 Token Development

By BoopathiPublished 2 years ago 5 min read
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It is decentralized

This means that there is no regulatory or management authority as such for the currency. There is a ledger, which records all the transactions in the order in which they were carried out, in addition, they are stamped with the time they occurred.

Network with access to Blockchain

It is a shared, unalterable ledger that makes it easy to record transactions and track assets within a business network. So instead of there being just one copy of the log, there is a network that allows virtually everyone to have access to the transaction log. create erc20 token

When there is a new transaction, everyone automatically gets the update, so you can’t spend the same coin twice. If you try to use it more than once, the whole network would find out.

impossible to fake

This is because units are printed from complex math problems. Every once in a while, a new problem is created and the different parts of the network try to solve it, those who quickly solve the problem will get bitcoins as a prize.

This compilation process is called mining. There is no way to fake answers, fake cryptocurrencies, or invent problems outside of the times, which limits the number of existing units.

Transaction Certification

It is carried out by people connected to the network called “miners”, they lend their computing infrastructure to verify the transaction with the incentive of obtaining the cryptocurrency.

When one of the parties has already obtained a cryptocurrency, its possession is certified and it is already their property, to be deposited in a digital wallet, in servers for the protection and exchange of Bitcoins (as if you deposited them in security vaults).erc20 token development company

Characteristics-of-Cryptocurrencies

Do cryptocurrencies innovate your company?

Cryptocurrencies allow two people to transfer value securely, immediately and permanently electronically, without the need for a centralized third party to certify it.

They solve the old problem of double spending, which refers to the fact that digital currencies could be generated or spent more than once, given their digital nature.

In the case of cryptocurrencies, the possibility that all parties see the transaction makes the validation joint, which eliminates the certifying intermediary.

The Blockchain principle can be used not only for financial transactions, but also to verify contracts, property titles, votes, and even be used as a settlement system in capital markets.

Innovation-of-Cryptocurrencies

What determines the price and how can you buy them?

The price is determined by supply and demand. erc20 token creator They have a key or “private key” attached to their code that can be shared to take or grant possession of it.

In the early days of this cryptocurrency, someone who wanted to make a transaction had to personally or virtually search for someone interested in selling/buying.

The inefficiency of the process triggered the appearance of exchanges, which are the cryptocurrency markets. In Mexico it was difficult to buy or sell them for pesos until the appearance of Bitso , the largest crypto exchange house in Mexico.

Price-of-Cryptocurrencies

Virtual operations with surveillance

Despite the fact that in other countries the process becomes independent, the transactions that are carried out with cryptocurrencies in Mexico must pass in one way or another, through the traditional financial system of our country, it may be, through the Electronic Payment Funds, the which operate with virtual assets and must have accounts in the Mexican banking system.

In other words, the capital of the companies that make up this method, as well as the deposits made by their clients, must necessarily be deposited in Mexican banks.

On the other hand, the clients of these funds to acquire virtual currencies, will have to carry out transfers of resources from a bank account.

The same happens in case the client sells his cryptocurrencies, the value in pesos obtained for that transaction will be deposited by the Electronic Payment Fund in the seller’s bank account.

These measures serve to control the origin and destination of the economic resources that are invested in virtual currencies, in addition to being a fiscal verification mechanism.

Virtual-operations-through-cryptocurrencies

Benefits for your company when implementing cryptocurrencies

Innovation ,We live in an evolved and constantly changing world. Digital means of payment, bitcoin and cryptocurrencies, are part of the new economic era where transactions are confirmed instantly, even if they come from different crypto-financial entities and with commissions.

Solutions ,The number of people who only have one means of payment is very low. Checks are in the past, of course they are still present, but it is no longer the most common method, the same goes for debit or credit cards as a traditional means of payment.

A company that receives payments with electronic transfers, text messages, digital wallets, QR code scanning, contactless, NFC (short-range wireless communication technology that allows the exchange of data between devices) has the opportunity to increase its sales and get the most customers.

goodbye to cash

If your company still receives cash, you know that the process afterwards is to take it to the bank. With this new type of cryptocurrency, you can save time, avoid theft and take advantage of the payment channels that new technologies offer you every day.

Strong Currency

Cryptocurrencies are digital assets with value and are exchangeable for currencies through different means. Receiving a hard currency, avoids foreign exchange operations and the loss of commissions with them.

Finally, we find ourselves immersed in a technology that can change the way in which trust is generated in society.

Cryptocurrencies are moving forward to establish the most direct and error-free way of technology that can transform human relationships.

Therefore, it is crucial to explain this new concept and prevent your company from losing the opportunity to immerse itself in this revolution.

You must be aware of the trend and decide if it is convenient for you to execute payments with cryptocurrencies in your company, otherwise, you could lose customers who already prefer to use this form of payment.

erc20 token generator

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About the Creator

Boopathi

Digital Marketer , SEO Analyst

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