The history of the 21st century at a commercial and financial level, will undoubtedly be marked by the creation and development of cryptocurrency, a digital asset that does not require intermediaries such as banks or financial entities to carry out transactions. What has revolutionized commerce, finance and the world of investments, implementing new business strategies that facilitate purchases and sales with currencies that do not physically exist.
In general terms, cryptocurrency is a digital currency that uses a cryptographic system to save its ownership, confidentiality and the integrity of its transactions, in order to prevent them from being duplicated or falsified. For this, it uses the blockchain, a decentralized accounting system. The blockchain is a shared accounting system, with which this type of digital currency is bought or sold, without intermediaries and in a faster way online. Basically, it is a registry in the network, where all the information is verified and saved, which cannot be deleted or modified. Therefore, it is vitally important, to save the keys that certify ownership and allow us to carry out transactions. For this, there are digital wallets, programs in which the information can be stored, as well as transfer or receive cryptocurrencies. It is important to understand that if the keys are lost or stolen, they cannot be recovered. So the entire investment will be lost.
Another very important fact about cryptocurrencies is that they are not issued or regulated by any government or financial institution, so they cannot interfere with or secure them. Therefore, its value depends entirely on the supply and demand of users, not on the usual mechanisms that regulate the stock market.
As I mentioned at the beginning, cryptocurrencies have caused a revolution in the commercial and financial field in the 21st century. Not only because it is a digital currency, which does not physically exist, but also because of the way it stores and carries out transactions with the blockchain system, quickly and without complications. The acceptance of this currency has been of such magnitude that there are currently many cryptocurrency options. Therefore, it is relevant to indicate that the first cryptocurrency was created in 2009 by Satoshi Nakamoto, with the name of Bitcoin. Currency that marked the history, starting a commercial and financial revolution in this century, which in addition to producing profits, also established the foundations to develop a wide variety of currencies, which in turn increased business options.
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References:
Banco Santander, S.A. (2021). Guía para saber qué son las criptomonedas. [Guide to know what cryptocurrencies are.]www.santander.com https://www.santander.com/es/stories/guia-para-saber-que-son-las-criptomonedas
Frankenfield, J. (2022). Cryptocurrency. www.investopedia.com https://www.investopedia.com/terms/c/cryptocurrency.asp
Hayes, A. (2022). 10 Important Cryptocurrencies Other Than Bitcoin. www.investopedia.com https://www.investopedia.com/tech/most-important-cryptocurrencies-other-than-bitcoin/
https://www.pexels.com/photo/four-assorted-cryptocurrency-coins-843700
