Virtual currencies

<>

Virtually the entire history of mankind money has played a fundamental role in the development of all types of commerce, also influencing the politics and culture of a certain region. And to date, the different currencies that exist worldwide play an important role in our daily life. But with the advent of technology and the world of computing, many things have changed, including the way we view money.

One of the advantages that the virtual world has presented is that there were no legal regulations for this, so the market adjusted to the needs of users; and one of the most prestigious creations are virtual currencies, pero con este término surgen dudas, como qué son, cómo surgen, qué existe y qué movimientos se pueden hacer con él; por lo tanto para explicar todas estas dudas hemos escrito este post.

What is it?

A virtual currency It is a type of digital money that is not regulated by conventional financial organizations, and that is issued and controlled by developers. At the same time that this type of currency must be used and accepted by the members of a virtual community. This definition is from the European central bank, but to put it in simpler terms we can say that these currencies are a type of digital money that is not issued by central banks or by any other. public authority, y que be utilizado y aceptado por persons normales como medio de pago de bienes o servicios.

Now, with the passage of time and the increase in popularity of these currencies, there are governments that have tried to regularize them; and some have not allowed or defined them as currencies, this they have done to be able to regulate correctly the taxes they imply. "Virtual currencies". However, this means that one currency is not viewed in the same way as another, which makes it unfeasible for the virtual currency to be defined as 'currency'.

However, for practical purposes we will handle virtual currencies as physical currency. But we must explain that there are 3 types of virtual currencies. Some are closed virtual currencies, others are currencies that flow in one direction, and finally we have convertible virtual currencies, let's study each of them.

Closed virtual currencies

On some online platforms there are some types of virtual currencies that serve so that we can promote virtual purchases; An example would be video games, in which we can have coins; despite everything, these coins do not have any direct link to the real world. In other words, with this type of currency we cannot make transactions of physical goods.

Currency with currency flow in one direction

This type of currency is one in which there is a real money to virtual money transactionHowever, it is not feasible to convert from virtual money to real money. An example of this type of virtual currency can be the different portfolios that companies give to their customers in order to offer rewards such as "points" that can later be exchanged for products.

Another example of which could be this type of virtual currencies They are the prepaid cards of some platforms such as apostare, in which we enter real money so that with virtual money we can make the purchase of virtual posts such as movies or various applications. Although this type of currency allows you to obtain multiple goods through the internet, they have the limitation that we cannot make the change from virtual to real currency, but the following type of currency, which is the one that interests us the most, if it is possible.

Convertible virtual currencies

East type of virtual currencies They are the ones that can flow in both directions, both from real to virtual money and vice versa. This type of currency is what allows us to carry out transactions, as well as make currency exchange. Within this type of virtual currency we can find 2 different types, crypto and those that are not encrypted. Let's go over each of those.

By definition, cryptocurrency is the digital currency that's cryptography to protect the various transactions while also protecting the creation of new currencies. This type of currency is the safest and the best, because it makes it possible for our money to be more secure, at the same time, by allowing the various electronic money transactions, will facilitate many of the processes we carry out.

Those who are not Crypto is at risk of being counterfeited., stolen and even created by someone with computer skills. That is why they are the least used. But so far everything seems simple, virtual currencies that have a real value; However, these types of currencies pose great challenges for organizations that were used to regulating only the physical world.

The challenges

The challenges that this type of coins These are mainly for central banks, which are responsible for issuing physical money. On the other hand, it is also a challenge for regulatory organizations in financial areas. To public entities in charge of regulating financial areas such as the Ministry of Finance. But these have not remained immobile, but have made some legal regulations that have advanced in various ways, let's see some of the most iconic events.

El primer event que mencionaremos es el del 20 de marzo de 2013, en el cual el tutorial del Tesoro de los Estados Unidos promovió que la red de control de delitos financieros emitió una guía en la que se aclaró cómo se aplica la legislación de secreto bancario de los Estados Unidos a esas personas. que crean, intercambian o transmiten el virtual currencies. Clearly, this is an attempt to prevent virtual currencies from becoming very popular.

In 2014, the entity known as National Stock Market Commission warned in one of his communications, the dangers involved virtual currencies like Bitcoin. Again we see that financial organizations had an interest in preventing the expansion of this type of currencies.

And it is that the laws were not prepared to regulate this type of markets. However, since this type of currency has gained popularity among people, governments have ended up accepting the use of this type of currency. And they have tried to regulate their behavior with reference to the physical world. And this is how today, bitcoin markets are worth millions of dollars.

Now that we have better understood what a virtual currency is and how this currency has been regulated and popularized, let's learn a little more about the different currencies that exist, starting with bitcoin, undoubtedly the most popular.

Bitcoin

The Bitcoin It is the currency that was most accepted by the general public; this coin was born in 2008. And we owe its existence to Satoshi Nakamoto, from whose contributions the idea that this coin was born arose.

Something very curious about this coin is that although almost anyone with the necessary knowledge can create one of these coins, it is something that over time becomes more complex because both the algorithms and the mining that must be put into practice is more complex.

Es importante destacar que esta criptomoneda fue la primera en emerger y su código es bastante complejo, a pesar de todo, cuando se lanzó su source code para que pasara a formar parte de la comunidad de software libre, surgieron otras monedas alternativas.

PeerCoin

The PPCoin was created by Scott Nadal and Sunny King; Lo importante de esta moneda es que fue la primera en combinar prueba de estado y prueba de trabajo, lo que conlleva que PeerCoin consume menos energía, por lo que no hay un número limitado de monedas que se pueden crear. Esta diferencia con Bitcoin le da una competitive advantage considerable.

Wave

This coin is quite interesting because it makes use of a different protocol from bitcoins, which makes it possible for it to be a distributed currency exchange, which is also a payment method, and at the same time it is a virtual currency. This versatility allows you to have many functional advantages to be able to perform a greater number of movements.

Litecoin

Finally, we will mention the the second most popular virtual currency, Litecoin; Esta moneda fue creada en 2011 por Charlie Lee, y dada la popularidad de esta moneda, se le contempla el segundo mejor programmer de Bitcoin. Pero pese a ser la segunda moneda más popular, tiene algunas ventajas sobre Bitcoin, debido a que como prueba de trabajo usa algunos scripts que pueden ser decodificados prácticamente por la CPU. Debido a esto, dispone de una generación de bloques mucho más ágil que bitcoin. Es esencial mencionar que hoy en día está valorado en 201,8 millones de dólares.