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Odds of most popular cryptocurrencies resemble stairs from August 28. In half an hour on Wednesday evening bitcoin became cheaper by $ 600. The next two smaller stairs appeared in the next 12 hours.
Over the past 24 hours, the most important cryptocurrencies have seen a major discount. The bitcoin exchange rate fell by 9% during this time, and for one BTC on August 29 at 10 it was necessary to pay around 36.4 thousand PLN.
Similar trends can be observed for the other most popular cryptoactivities. Everywhere on the charts is clearly visible the quick sell-off, which took place around 8pm on Wednesday, 28 August. Ethereum got cheaper by more than 12 percent during the day, bitcoin cash by 10 percent, and litecoin by 12 percent. Slightly less lost XRP token used in the Ripple system – 8%.
Banks are institutions that officially mediate in financial transactions. The Bank’s main task is broadly understood money service. The Bank is a legal person established in accordance with the provisions of laws, acting on the basis of permits authorizing to perform banking activities that incur risky funds entrusted under any repayable title.
Blockchain technology is used to store and send information about transactions concluded on the internet. These transactions are arranged in consecutive blocks of data. Each block contains information about a specific number of transactions.
After filling it with transaction information, another data block is created, followed by the next and next block. This creates a kind of chain (hence the name: blockchain is a block chain). A new block appears on average every 10 minutes. It may contain information about various transactions, e.g. commercial transactions, ownership status, shares, shares, electricity generation and the purchase or sale of currencies, including cryptocurrencies – electronic currencies.
The essence of blockchain is to maintain a joint and collective transaction accounting book, in digital form, scattered throughout the network, in the same copies. This book is a collection of all transactions carried out at the moment in blockchain. This technology is based on peer-to-peer networks without central computers, transaction management and verification systems. Any computer on the network can participate in transaction transmission and authentication. In the case of blockchain, these will be blocks within the transaction book. The book is open to everyone, but fully secured by complicated cryptographic tools against unauthorized access.
Thanks to this entry, transactions are public, available to everyone, but visible only under the user’s access rights. Their entire history, from the beginning of blockchain existence to today, can be reviewed and verified.
Currently, blockchain can be used to handle various transactions, but work is underway to use the block chain as an accounting book in banking, a document authentication system, a digital signature in state administration and a notary record. All these transactions can take place outside the system that has been functioning for centuries – without the participation of public trust institutions, directly between the parties to the transaction. You can store any type of transaction in blockchain data blocks. One of the applications is the cryptocurrencies mentioned for example Bitcoin.
Bitcoin is a form of digital currency, created and stored electronically. Established in 2009, by its creator Mr. Satoshi Nakamoto. It was the first virtual payment method of this type in the world. Thanks to several important features, it is one of the largest financial innovations of recent years.
At the moment, due to the lack of bank intermediation in funds transfer, bitcoin is considered by many investors as a cheaper alternative, especially for larger amounts.
Two other important features of cryptocurrencies payment system are definetely security and anonymity. Information on transactions carried out using bitcoin is encrypted using a technology called “blockchain”. At the moment, its mode of operation and continuous verification seems to be virtually unbreakable. Creating an account in this cryptocurrency has no formal conditions and the accounts are anonymous. The only thing the user receives to the invoice is a 54-character login and password.
A huge advantages of this payment method are also the speed and ease in making the transfers online. In the process of transferring funds, the distance to the place where we send the money does not matter and the transaction is carried out without intermediaries. Bitcoin transfers have no restrictions in the form of weekdays or holidays, we can send funds 24 hours a day, 7 days a week. Transactions are approved almost every 10 minutes.
In comparison to traditional banks that have a centralized database system, information about the status of bitcoin accounts is simultaneously found in many places on earth in the same form. That makes it definetely more secure.
These factors as much as the fact that according to the assumptions, a limited amount of 21,000,000 bitcoins will be created by 2140 have largely influenced the popularity of bitcoin, which is reflected in its market value. At present, approximately 16,500,000 bitcoins have already been circulated, and the pace at which others will hit the market will slow down.