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Cryptocurrency: the future of money?

Cryptocurrency, commonly known as virtual currency, is electronic money stored on computer media and not controlled by central bodies. It can be used in connection with payments or transactions between individuals or between professionals.

The very special thing about cryptocurrency is that it allows transactions to be carried out without resorting to the bank. This means that this currency does not depend on a country, or even on a central bank. In fact, online platforms are independent of the traditional banking system and are managed by complex computer programs based on blockchain (a technology known to be unforgettable). These platforms are anonymous and encrypted to protect users’ personal data.

Transactions made with this virtual currency take place via a digital wallet that acts as a contactless bank card. This type of transaction has several advantages:

  • Anonymity
  • The time saving
  • The ability to easily send your money to the other side of the world

Bitcoin, the first cryptocurrency

Bitcoin is the first cryptocurrency. This virtual currency makes it possible to execute transactions without going through an intermediary. To do this, simply transfer bitcoins using a private key and a public key or by exchanging them with other more common currencies.

The Bitcoin system is based on a decentralized network that brings together all users of this system. Everyone can thus access the entire network and manage it freely, without having to call in an intermediary. In fact, everyone can perform all operations according to their own rules and their own schedule.

Bitcoin is therefore the first decentralized cryptocurrency created by Satoshi Nakamoto in 2009.

Bitcoin is based on a complex technology: the blockchain or chain of blocks, which makes it possible to record all the transactions carried out around the same digital currency in a single and distributed database (each has its own copy).

Ethereum, cryptocurrency 0

If there is one word that we hear more and more today, it is the term “cryptocurrency”.

It is a decentralized virtual currency that allows the user to perform financial transactions without going through a bank or a trusted third party.

When a user performs a transaction on the Internet and transfers euros to another, there is no need for an intermediary so that the parties concerned can validate the transaction. This is done directly between them thanks to cryptocurrencies. These virtual currencies have experienced significant growth in recent years as they allow everyone to trade freely on the Internet. They are decentralized: unlike traditional centralized currencies (banknotes and coins), cryptocurrencies are completely independent of traditional banking systems.

Cryptocurrencies cannot be created or deleted by governments or central banks. They can therefore not be manipulated by this political or financial authority to raise their price or avoid certain investments that are too risky. However, most cryptocurrencies are associated with an official numerical value (like bitcoin). But some are nonetheless closely linked to the current financial system, such as ethereum, which is used to create smart contracts.

Blockchain, the technology behind cryptocurrencies

Blockchain, the technology behind cryptocurrencies? The universe of cryptocurrencies arouses great interest around these virtual currencies.

Ezoicreport this adMost people have heard of Bitcoin or are aware of the existence of Initial Coin Offering (ICOs).

There are, of course, other cryptocurrencies like Monero, Litecoin or Ethereum.

Cryptocurrencies are a new form of payment that is completely decentralized and without intermediaries (bank or government). They allow users to perform peer-to-peer financial transactions without going through a trusted third party. As a result, they may be anonymous and used to carry out illegal activities. These electronic currencies do not pass through central banks, but through a decentralized computer network that guarantees their authenticity. This therefore ensures the security and protection of personal data against any kind of computer hack. In fact, to create a cryptocurrency you need considerable computing power to solve a complex mathematical problem: the difficulty increases over time (it is currently multiplied by 10 every 4 years), this requires a very good knowledge of computer programming, so that the algorithm is effective and that it is not too easily handled by malicious minors.

ICOs, fundraising in cryptocurrencies

Cryptocurrencies experienced a significant boom in 2017, especially thanks to the growing number of investors who began the race to raise funds.

Initial Coin Offering (ICOs) are fundraisers that allow new businesses to raise financing in cryptocurrencies. They allow investors to acquire some or all of the capital of this company. While ICOs may represent an opportunity for new businesses, they also present certain risks and disadvantages. Why fundraise in cryptocurrencies? Cryptocurrencies experienced a significant boom in 2017, especially thanks to the growing number of investors who began the race to raise funds.

Initial Coin Offering (ICOs) are fundraisers that allow new businesses to raise financing in cryptocurrencies. They allow investors to acquire some or all of the capital of this company. While ICOs may represent an opportunity for new businesses, they also present certain risks and disadvantages. Why fundraise in cryptocurrencies? When you want to create your own business, it is important that you can quickly have the necessary capital for development and operation. However, there is hardly a quick way to find this kind of financing.

  • Generally significant cost
  • A long duration
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    Altcoins, other cryptocurrencies

    Altcoins are cryptocurrencies that are not derived from Bitcoin. These are alternative currencies that use a different protocol than bitcoin. They can be created by any person without any guarantee from the state or a banking organization.

    Altcoins brings unmatched diversity of choice and flexibility to the world of virtual currency. Altcoins can actually be created by anyone and offer various functionalities. These virtual currencies therefore offer unlimited potential for those who want to invest in this asset class.

    Extraction of cryptocurrency

    Mining is an activity that consists of using computer resources to secure cryptocurrency transactions. This task is crucial for the proper functioning of trading platforms and digital wallets, as it helps ensure compliance with the blockchain protocol.

    Mining also makes it possible to validate transactions performed on the network and to verify the validity of the created blocks.

    The main activity of mining is monero mining (MCR).

    Miners are paid by an auction system, where everyone offers their computer power to obtain the right to exploit part of the process. In return, they receive monero tokens (MCR).

    There are several ways to mine:

    • The classic computer
    • graphics card
    • ASICs

    Wallets, storage of cryptocurrencies

    Wallets, these electronic wallets that hold your cryptocurrencies are more and more. But how can one tell the difference between a purse that meets the standards and one that does not? Wallets are digital wallets that you can install on your computer, tablet or smartphone.

    They allow you to keep all your cryptocurrencies and use them to make purchases online or directly from your mobile. There are two types of electronic wallets: hardware wallets and software wallets.

    Hardware wallets are physical devices that integrate a special chip and whose operating system is dedicated to this type of platform.

    There are various models, some of which cost almost 300 euros! These devices usually have a unique private key and can be connected to the Internet via a USB cable. In the event of an attack, it is impossible to access the funds stored in the wallet without first entering the correct private key! While software wallets (or “digital wallets”) work like conventional software: they must therefore be installed before depositing our cryptocurrencies, in order to access them later via our computer or our smartphone for example. Some even offer a web version to connect from any internet browser without installing the software on your computer! In order to choose your wallet, you need to find out about the reliability of the merchant site because some sites that offer very expensive hardware wallets do not meet international standards regarding.

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    To conclude, the Wemix cryptocurrency website allows you to get tokens for free. The platform is already well known to investors and traders, it allows you to easily learn about blockchain. However, you need to be careful with the scams found on this type of site.

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