The world of finance and business is a very complex world, which is complicated by its high correlation with the advanced technology that walks at the speed of lightning and generates every day wonders that the mind can not believe. Among these wonders are digital currencies(crypto currency). What is the reality of these digital currencies and their usefulness?
What is the digital currency Cryptocurrency?
Are fully encrypted digital currencies based on the principle Peer to Peer and means the direct interaction between the two without the existence of intermediary behind it or control the price and is the goal that I created for it from the outset, where I want it to be a free currency Controlled by the aim of liberalizing the economy and removing the traditional currency of the currencies controlled by several parties. Digital currencies are currencies designed primarily to trade in the virtual world of the Internet, but this does not prevent them from having a strong value on the ground where you can buy anything and convert it to any paper currency you want.
How the digital currency appeared?
The invention of the first digital currency, Bitcoin, is attributed to a Japanese person named Satoshi Nakamoto. In 2008, this unknown person published a research paper in which his idea of using digital money was described as an electronic financial system that relies on direct interaction between users without intermediary. The first launch of Bitcoin's digital currency was in 2009, when Nakamoto released an open-source program licensed by MIT. The transaction system for this currency is based on two things: the first is the electronic signature of each property of the currency, The second is the Block Chain system, which is a huge record to record all transactions in this currency and track their history since they were created in databases that can not be tampered with.
How to create a digital currency?
The digital currency is formed by open-source software that enables anyone anywhere, anytime, to review the code and start producing digital currencies through free special software that solves complex calculations called mining. By digging for gold, for example, where people are digging in the ground to access gold and in the digital currency we are drilling in the calculations and algorithms Algorithm to obtain some currencies, but it has become difficult for individuals recently as he and with the large turn on the digital currency has become Exploration p They require very sophisticated and expensive means, so big investors start to invest their money in mining companies and provide this service to individuals.
Who controls and manages the digital currency?
No one can control the digital currency technology except the users themselves are spread all over the world, as the people's demand for currency and the recognition of traders are the main players in the value of currency, as it is not subject to no state or party or bank. People and people.
Currency Revolution Figure on the traditional financial system?
All know the complexities and costs of the traditional financial system as banks are mainly the role of mediator between investors and savers and borrowers and the work of banking experts to circulate the people's money for them in exchange for very generous commissions, which made the banking institutions to collect large sums of money re-lending to people and bodies at a great benefit, Which has become a number of questions about the fairness and legitimacy of banking systems and the huge numbers resulting from financial intermediation by banks and here reflects the strength of the alternative to the digital currency as it eliminates all these burdens and complexities in being completely independent, and not subject to any party and Adtha are directly without the need for mediator also, that the transfers are made electronically and quickly without the need to fill any papers or checks, and many other advantages, and all this in exchange for simple administrative commissions received by the Governor.
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