Cryptocurrency has several advantages, so many people in the world already use it. Cryptocurrency is a digital product, the value of which constantly fluctuates, like the value of gold and silver, which can be exchanged and disposed of, like any other traditional currency (US dollar, Euro and Chinese Yuan).
Another characteristic of cryptocurrency is that it is outside the traditional decentralized system, where an individual or organization has full control over money. Cryptocurrency uses a fully decentralized, secure and transparent system that allows each person to fully control their funds.
The first cryptocurrency that started working in the market was Bitcoin in 2009, however there are a large number of cryptocurrencies available, each with its own characteristics. Bitcoin, Bitcoin Cash and Ethereum have the highest capitalization on the market, which we currently work with in the Club.
These currencies were developed for the purpose of exchanging digital information through cryptography, which makes transactions safe, secure and fast. Encryption is also used to ensure the reliability of transactions and to create new currencies through a system called "mining".
This is a giant account book in which related transaction blocks are encrypted to protect the security and confidentiality of transactions. At the same time, intermediaries are excluded, all management processes are decentralized, users themselves completely control the process. The block represents the & laquo; current & raquo; the part of the block chain that records all transactions. After the transaction is completed, the block becomes part of the database chain and is shared by the network nodes participating in the system. Each time a block information is processed, a new one is created.There are countless blocks that are related to each other in a linear and chronological order. Each block contains a cryptographic function & laquo; hash & raquo; previous block. This cryptographic function is a mathematical algorithm that converts any arbitrary data block to a new series of characters with a fixed length. Blockchain can provide accurate and specific information, such as what value was sent to a specific address at some point in the past.
Bitcoin is a digital currency created and released by Satoshi Nakamoto in 2009. Bitcoin is an open source currency, is a public and decentralized unit that allows users to fully control their funds. The most important thing is that the whole world can participate in the commercialization of Bitcoin.
Bitcoin is a product that allows you to make a transaction from user to user safely and without the need for a central entity or intermediaries. It classified it as the first decentralized digital currency. Bitcoin is the largest of its kind in terms of overall market value. You can pay for goods and services through a digital wallet. More and more global brands are accepting Bitcoin payments.
Bitcoin Cash (BCH) - This is a cryptocurrency, an alternative version of Bitcoin, which originated from the programmed bifurcation on August 1, 2017. This led to the division of the original Bitcoin block chain into two differentiated and compatible block chains. Currently, Bitcoin, Bitcoin Cache has the ability to process 8 MB of data blocks. Bitcoin Cash is a stable currency that meets the basic characteristics of Bitcoin.The future of this currency is promising due to the possibility of unlimited growth, global introduction, innovations that do not need permits and decentralization. Anyone who owned Bitcoin before Block 478 558 also owns Bitcoin Cash; Starting from this block, both currencies have common public account books. Now Bitcoin Cash has begun an independent existence, with BCH being a derivative, and not a completely new cryptocurrency.
Ethereum- This is a digital currency that was proposed at the end of 2013 by Vitaly Buterin. This is not similar to most existing cryptocurrencies, since it is not just a network that reflects cash value transactions, it is a network for supplying contracts. On the basis of the Blockchain system, smart contracts are allowed between two or more parties.Ethereum is a completely different Blockchain protocol. A group of validators in turn offer and vote for the next block, and the weight of votes of each validator depends on the size of his deposit, that is, the rate. The system began operating on July 30, 2015 with a volume of 11.9 million, which is about 13% of the total turnover. Significant benefits include security, less risk, centralization and energy efficiency. Ethereum has its own currency called Ether (ether), and its goal is to extend the original Blockchain technology in which Bitcoin and Ethereum function.
It includes three functions: add, protect and verify transactions in the block chain, as well as issue new currencies.
Individual blocks added by miners should contain job codes. Mining is a special decoded system that helps miners compete with each other to solve complex math problems.
Miners mine a block that has these transactions using a cryptographic & hasd & rdquo ;. Decoding hash & rdquo; is a math problem. The task solution is a block located in the target space, which determines the difficulty of development and depends on the complete processing of the network. Decoding is a rather complicated task, each block is extracted on average ten minutes.
The decoding process is what we know today as mining.
Trading means exchanging one product for another: it is buying cryptocurrency at a low price and selling at a higher price in order to make a profit.
Trading is becoming a trend in the cryptocurrency market. Trading is becoming popular, especially after trading with Bitcoin. Crypto coins offer very high volatility, which generates many trading opportunities, and the changes are much more pronounced than traditional currencies. That is why in our Club we decided to use Ethereum and Bitcoin Cash in our activities. They are two digital currencies that are gaining momentum, and their value is constantly increasing. The inclusion of these currencies in our Club makes our trading platform relevant and will help us to further develop our organizations.