Cryptocurrencies

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Cryptocurrencies by Mind Map: Cryptocurrencies

1. The history of cryptocurrencies

1.1. The first crypto was Bitcoin in 2009,

1.1.1. $ 0.0007 per unit

1.2. Its creator used the alias Satoshi Nakamoto

2. Ways to get them

2.1. You can buy cryptocurrency with a credit card

2.1.1. We have different pages on the web to do this process, for example Binance, Ripio or Coinbase

2.2. In some cases, get it through a process called “mining.”

2.2.1. The mining process is a very expensive process since very powerful computers are needed.

2.2.1.1. What this does is produce more cryptos and deposit them in your virtual wallet

2.2.1.2. This does not have a positive impact on the environment since they need a lot of energy to produce new cryptos.

3. What they are ?

3.1. A cryptocurrency is a digital medium of exchange that uses strong cryptography to secure transactions, control the creation of additional units, and verify the transfer of assets using distributed ledger technologies. Cryptocurrencies are a type of alternative currency or digital currency.

4. Where can we store our cryptocurrencies?

4.1. Cryptocurrency is stored in a digital wallet, either online, on your computer, or on other hardware.

4.2. we have different virtual wallets such as metamask

4.3. There is also a device called Trazor, there we can save our cryptos

5. Uses

5.1. We can use it as normal money and buy products

5.1.1. On May 22, 2010, the first purchase was made using bitcoin, to buy a pizza.

5.2. It can be used as a way to safeguard your money

5.2.1. for example, the Bitcoin from 2009 until now its price touch $61000 dollars

6. Legal, Regulatory, and Governance Issues

6.1. Cryptocurrencies are not managed by the state so there are no ways to have restrictions

6.1.1. For example, when transferring a cryptocurrency to another person, the transaction will not is confirmed or authorized by any Central Bank or government agency, but that the validation is given by the consensus of the system itself

6.2. Until the moment the government puts a specific law on cryptos, they will not be restricted

7. how many are there in the world?

7.1. There are currently more than 8,400 cryptocurrencies

7.2. The bitcoin that is the mother currency, has a limit of 21 million

7.3. Ethereum is infinite, it is another of the most important currencies