Crypto currencies: the insurrection against the banking occupation
Start writing a post
Health Wellness

Crypto currencies: the insurrection against the banking occupation

Crypto currencies are an innovation in the banking and finance industry, although their applications continue to be discovered in different areas such as politics.

41
Crypto currencies: the insurrection against the banking occupation

They can be described as deflationary currencies inherently regulated by a network of computers that use their computational power to solve algorithms whose union maintains a decentralized public Ledger; that is, there is no need for a central authority to verify the transactions made among its users. For some, Crypto currency exchange Development Company are the crystallization of accumulated mistrust in the current financial system. . For others, it represents the birth of a "global insurrection against the banking occupation" and the change to a social paradigm that moves away from Keynesian economic models that have taken the world economy to the breaking point." It is worth mentioning that both groups are not exclusive, rather they seek to give confidence to those who have a libertarian mind and desire to move towards a free economy of excessive levels of debt, and by founding in its place a solid monetary platform that encourages saving and prudent financial behavior.

When cryptography began to be widely available and understood in the 1980s, many researchers began using it to build digital currencies. These first projects of digital currencies issued digital money and usually backed by a national currency or precious metals such as gold. However, although these digital currencies worked, they were centralized and, as a result, they were easy targets for attacks carried out by governments and groups of crackers. The first digital currencies used a "central clearinghouse" to settle all transactions at regular intervals, just like a traditional banking system. Unfortunately, in most cases, these nascent digital currencies were attacked by antagonistic governments and finally were taken to litigation where they were left out of the economy. Some failed spectacularly when the parent company liquidated a bruptly To deal with this problem of intervention by antagonistic governments, be they legitimate or organized crime, the decentralized digital currency was needed to avoid a single point of attack. Bit coin is that system, designed to be completely decentralized and free of any central authority or control point that can be attacked or damaged. Bit coin represents the culmination of decades of research in cryptography and distributed computing systems. Do you want to join the technological revolution that is putting the financial industry upside down? Read this text and reflect.

What is Bit coin technology?

Surely you have heard one of your friends "techies" talk about the Internet currency (Andreas Antonopoulos coined this way). Bit coin consists of the following four parts:

• A decentralized peer-to-peer network (the bit coin protocol).

• A public book of transactions (the block chain).

• A mathematical and deterministic decentralized currency issue (distributed mining).

• A decentralized transaction verification system (transaction script).

Bit coin is a collection of concepts and technologies that form the basis of the most popular digital money system. Currency units called bit coins are used to store and transmit value among the participants in the bit coin network. Bit coin users communicate with each other using the bit coin protocol, mainly through the internet, although other transport networks can be used. The bit coin protocol stack, available as free access software, can be launched on a wide range of computers, including laptops and smartphones and even tablets, making it an easily accessible technology. Users can transfer bit coin in the network to do almost anything that can be done with conventional currency (Mexican peso in our case) including buying and selling material goods, sending money to people or organizations. Bit coins can be bought, sold and exchanged for other conventional currencies. For Andreas Antonopoulos (2015: 1) Bit coin "is somehow the perfect form of money for the internet because it is fast, secure and without borders".

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
Being Invisible The Best Super Power

The best superpower ever? Being invisible of course. Imagine just being able to go from seen to unseen on a dime. Who wouldn't want to have the opportunity to be invisible? Superman and Batman have nothing on being invisible with their superhero abilities. Here are some things that you could do while being invisible, because being invisible can benefit your social life too.

Keep Reading...Show less
houses under green sky
Photo by Alev Takil on Unsplash

Small towns certainly have their pros and cons. Many people who grow up in small towns find themselves counting the days until they get to escape their roots and plant new ones in bigger, "better" places. And that's fine. I'd be lying if I said I hadn't thought those same thoughts before too. We all have, but they say it's important to remember where you came from. When I think about where I come from, I can't help having an overwhelming feeling of gratitude for my roots. Being from a small town has taught me so many important lessons that I will carry with me for the rest of my life.

Keep Reading...Show less
​a woman sitting at a table having a coffee
nappy.co

I can't say "thank you" enough to express how grateful I am for you coming into my life. You have made such a huge impact on my life. I would not be the person I am today without you and I know that you will keep inspiring me to become an even better version of myself.

Keep Reading...Show less
Student Life

Waitlisted for a College Class? Here's What to Do!

Dealing with the inevitable realities of college life.

92771
college students waiting in a long line in the hallway
StableDiffusion

Course registration at college can be a big hassle and is almost never talked about. Classes you want to take fill up before you get a chance to register. You might change your mind about a class you want to take and must struggle to find another class to fit in the same time period. You also have to make sure no classes clash by time. Like I said, it's a big hassle.

This semester, I was waitlisted for two classes. Most people in this situation, especially first years, freak out because they don't know what to do. Here is what you should do when this happens.

Keep Reading...Show less
a man and a woman sitting on the beach in front of the sunset

Whether you met your new love interest online, through mutual friends, or another way entirely, you'll definitely want to know what you're getting into. I mean, really, what's the point in entering a relationship with someone if you don't know whether or not you're compatible on a very basic level?

Consider these 21 questions to ask in the talking stage when getting to know that new guy or girl you just started talking to:

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments