The point that holds them together is the interchangeability they present. With cryptocurrencies, we begin to talk about value in the form of money, and we do it in such a way that the ‘internet of value’ is created.
Now, taking into account the growth that virtual currencies are experiencing in society, we believe that this may be a good time to clearly mark the main differences between cryptocurrencies and traditional currencies.
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The most significant differences between cryptocurrencies and traditional currencies
From chewing gum to a house. The euro, the dollar, or the peso are examples of them, but how are they different from cryptocurrencies? Pay attention:
TRADITIONAL
1.Money is exchanged to acquire something of value
2.They are physical
3.Its core is in a specific country or countries
4.They are controlled by central banks and economic reserves
5.They become part of the economic system through bonds
6.The great influence of inflation and interest rates
7.They are issued by governments
8.Value transfers are very slow and bureaucratic
9.Commission costs
10.Not all people in the world have the power to have a bank account
CRYPTOCURRENCY
1.Value is exchanged in the form of cryptocurrencies
2.They are virtual
3.They are global
4.They are controlled by all users and blockchain technology
5.They enter the market directly
6.Supply / Demand is the only influence
7.They are offered by decentralized mining
8.Payments between individuals are made instantly without intermediaries
9.Costs are for software maintenance
10.They can be used by the whole society, including those parts of the population without access to financial resources
Why is value being talked about in cryptocurrencies?
Although some people agree in pointing out virtual currencies as a kind of raw material, the truth is that no raw material in the world has an intrinsic value as such. Surely, you have heard about the soaring of cryptocurrency values and endless other news.
A couple of years ago, people began to talk about the internet of value as a consequence of a crypto-revolutionary phenomenon. We are increasingly convinced that blockchain technology is exciting, that virtual currencies are born from its hand and that what is exchanged is value in the form of cryptocurrencies.
Following this line of analysis, it was sought to give this valuable characteristic to elements that had great ease of movement (not like gold, or printed banknotes), such as digital items (cryptocurrencies).
Some even already believe that the internet of information is also that of value, although it is necessary to know that the price of crypto assets does not always coincide with their intrinsic value.
Conclusion about the differences between traditional currencies and virtual currencies
There are very clear differences between these two types of currency, but they also coincide in their exchange objective and in encompassing different currencies in turn. For example: within traditional currencies, we find endless names: euro, peso, dollar, penny, etc. The same thing happens in cryptocurrencies, since under its name there are a multitude of different cryptoactives, such as Litecoin, Bitcoin, Davies, Ripple, Dash, Monero,etc.
Many companies and ordinary citizens have found in cryptocurrencies an ideal place to make loans, test new technologies and have control over their own money.
Of course, never confuse value and price.
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With all the benefits and options available, Dfinance has a great chance of becoming one of the leading platforms in DeFi by 2021.The Dfinance project is not exactly what the WING Foundation intended to create from the ground up.
-as.Therefore, the WING foundation decided to create a platform where these non-technical financial wizards can show their creativity with very little easy-to-do technical knowledge about the blockchain.
On the other hand, this will allow Elrond users to access existing instruments and build their DeFi tools on the Dfinance platform.This partnership will drive what Dfinance has set out to achieve: full access to DeFi’s potential.The main technologyConsensus mechanismDfinance opted for the Consensus Network’s Tendermint Proof-of-Stake (PoS) mechanism.
Even Ethereum has planned to switch to its own PoS.Tendermint’s inherent Byzantine Fault Tolerance (BFT) feature enables the Dfinance network to withstand unpredictable malicious attacks or network node failures.Help in p2p communications and for security purposes.The architectureThe Dfinance network consists of three main components:dnode — The blockchain node is built with the Cosmos SDK.
It will be available once the mainnet launches and can only be acquired through WING token exchanges.The smart contract execution platformIn its quest to offer a powerful code execution platform, Dfinance uses the Move language and Facebook’s Libra virtual machine (VM) on its decentralized nodes.
Unlike other EVMs, the Move platform feature is resource-oriented and offers bytecode verification, making it much more secure.The module type is issued on the blockchain storage and archived in the publisher’s account.
CNBC reported the news first.The banks will provide cryptocurrency rewards on credit and debit cards on the Mastercards’ global payments and reward points on the purchases like hotels and airlines that can be paid with cryptocurrency.
"We will not only empower our partners to offer a dynamic mix of digital asset options but also deliver differentiated and relevant consumer experiences," says Sherri Haymond, executive vice president of digital partnerships at Mastercard, in a statement.
What are Cryptocurrency coins?Cryptocurrency coins are digital wallets that store the transactions of digital currency.They are based on blockchain technology, which is a decentralized database that stores all transactions in blocks.
This procedure is called "mining".The blockchain works by broadcasting all transactions in blocks across its network of computers (called "nodes").
"Cryptocurrency coin developmentAbout 10 years back cryptocurrencies are just limited to books and are not much known to the world.
Today, many people are aware of cryptocurrencies.The cryptocurrency market is gaining popularity in a variety of disciplines of government, business, and personal financial activity:Government agencies and large corporations are now actively watching the cryptocurrency market to determine how they can adapt the transaction mechanism, specifically blockchain technology, to exchange value.Many businesses have launched blockchain projects to explore the feasibility of implementing this innovation into their transactions.Blockchain technology is the second type of internet with value where it connects people all over the world and enables data exchange.Our world is becoming more digital day by day.
