Many people I talk to ask me a question - cryptocurrencies, Bitcoin what is it?
So I decided to share my knowledge on this subject.
When I started to research this topic some time ago, my knowledge was dim and vague.
I knew that this is a modern technology based on some innovative BlockChain solution that you can pay them online, turn them into earnings, and in addition they are quite anonymous.
What a crazy idea.
There is a method in this madness.
A modern online payment system based on a peer-to-peer system - each with each computer creating a distributed, non-centralized and uncontrolled database - accounting book.
Satoshi Nakamoto, the creator of Bitcoin, describes it very accurately in his Bitcoin and Peer-to-Peer Erectronic Cash System, but for our needs, he will try to simplify it and explain it with "his words".
So what is the difference between the BlockChain-based transaction and the classic banking transactions?
In the case of a classic banking transaction, data about our account, our personal data, balance assigned to the account number saved on the central banking server.
Each bank account number collects the above information, and by transferring funds the central bank of the sender's bank communicates with the central bank computer of the receiver, which as a result of this operation reduces the increase, increases the balance of both operators.
In the case of transfer in BlockChain technology, our personal data is unnecessary and the transaction takes place only between users and more precisely their "account number" which, incidentally, is significantly different from the classic 24 digital accounts from banking systems. When entering into a transaction, this information is added to the chain called BlockChain.
The attached illustration shows that there was a transaction between two accounts.
Information about each transaction is added to BlockChain, which is a stream of information about all payments made by all system users.
We can, with our "account number", check whether the transaction took place, whether it was successful and what is the final balance amount.
You can do it using the website
https://www.blockchain.com/pl/
Every transaction falling into the BlockChain stream requires confirmation, is copied and because the chain is infinite so the essence of the system is the total decentralization of this payment system.
This method makes it possible to recreate the state of having a user from the BockChain chain because the copy is still stored on subsequent servers - as if an endless tape on which each user records their data and only the essence is to search for information that directly concerns the interested party.
Transactions are encrypted, and fully secure.
In the case of classic banking transactions, what crazy complications would cause the failure of the banking server where standing at the ATM will go away empty handed knowing that our funds are physically in the account.
For payments in this system, we use contractual payment units having their specified and countable value in classical payment methods (USD, EUR PLN)
Nearly 4 thousand crypto accounts are registered, but I advise you to stick to the best known ones (BTC, Etherium, Dash, BTH, Zcash)
You see the most populous cryptocurrencies and their value in USD.
For beginners, I recommend playing the website www.eobot.com where after registration you can get the first cryptocurrencies for free and get used to the topic.
They are stored on Wallets - wallets, from which we can freely transfer funds to other users and pay them.
At any time we can check what value our assets have on
CoinMarcetCap
We can also freely rotate our cryptocurrencies through exchanges
https://auth.bitbay.pl/ref/laptopy2005/2/pl-PL
The most popular Polish marketplace used by me is BitBay where at any time we can exchange our cryptocurrencies for classic payment methods and transfer to a bank account.
At the end, I will present the differences between classic means of payment and cryptovalies.
Graphic published by the London Block Exchange.
Finally, try to answer the question in the title.
I believe that crypto-currencies are so modern technology that they will sooner or sooner become popular, but whether they will someday displace traditional means of payment rather doubt because through decentralization and lack of control is not in the interest of governments to support their development.
As an added value, they will enter the world's largest stock exchanges, which will cause them to grow in popularity, and due to a limited number of them, this will cause a huge increase in their stock prices, similar to the "Gold Rush in the US"
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