Cryptocurrencies have experienced an up and down in recent times, as certain billionaire figures – such as Elon Musk – and governments have chosen to give them a boost as legal tender, but they have also presented some setbacks such as the “cryptocrash”, which occurred at the beginning of May of 2022 that put many digital currencies in check.
Despite this panorama, more and more people are choosing to enter the world of cryptocurrencies with the hope of having a medium and long-term investment, despite the volatility that characterizes them.
This is the price of the main cryptocurrencies for this May 6.
He bitcoin It is trading this day at $64,195.09, which implies a change of 0.48% in the last few hours.
The second most popular virtual currency on the market, ethereumhas shown a movement of 1.11% in the last 24 hours, so its value is located at $3,152.11.
About Tether USis trading at $1, so on the last day it had a movement of 0%.
For its part, BNB has a value of 592.27 dollars, with a change of 1.1%, while the litecoin It does the same with 82.12 dollars after a variation of 0.53%.
Finally, the dogecoinone of the digital currencies that Elon Musk himself has promoted, has a value of $0.16 after presenting a change of 1.3% in the last 24 hours.
He cryptocurrency market It works in a decentralized manner and is based on blockchain technology that guarantees the security of its transactions. Although each of them can have specific rules and mechanisms Regarding its operation, there are some general characteristics that can be listed and that facilitate its understanding:
Blockchain: Unless it is a token, all cryptocurrencies use blockchain technology, a decentralized and secure digital registry that allows verified operations to be carried out through a network of computers called nodes.
The blockchain helps record and verify all transactions made with the cryptocurrency and each of them is grouped into blocks, which in turn join a chain of blocks sequentially, thus creating an immutable and transparent history for everyone.
Cryptography: These types of digital currencies use the cryptography technique to protect privacy between users, authenticate transactions and also control the issuance of new currencies.
Mining: Some cryptocurrencies use the mining process to validate and secure transactions on the network. Miners use their computing power and solve mathematical problems to verify and secure transactions in exchange for receiving rewards in the form of new cryptocurrencies.
However, many cryptocurrencies have a limited supply, meaning that only a finite number of new units will be created, to avoid inflation and maintain the value of the cryptocurrency in the long term. The issuance of new ones may be scheduled or may depend on a community consensus.
Wallets– Wallets are applications or devices that allow users to store and manage cryptocurrencies. There are several types: those that are online (in the cloud); software (on the computer or mobile device); and hardware (physical devices that store private keys securely).
Keys– Each user of a cryptocurrency has a public and private key; The first is used to receive funds, while the second is used to digitally form transactions and demonstrate ownership of funds.
Cryptocurrencies in Mexico: The Bank of Mexico (Banxico) has determined that none of the institutions that participate in the national financial system may use or must allow operations of any kind through this means of payment.
However, a study carried out in 2022 by the Finder firm shows that in the country there are around 12 million Mexicans who own cryptocurrencies, with 59% men and 41% women.
In Mexican territory, businessman Ricardo Salinas Pliego, one of the richest in the country, has shown interest in cryptocurrencies and has assured that several of his businesses will accept bitcoin in the future, including his bank; Currently one of the most popular stores already does it.
Cryptocurrencies in Peru: The Central Reserve Bank of Peru (BCR) has made it clear that its mission is not to be the first or the second central bank to regulate the use of cryptocurrencies, due to the instability that characterizes them. However, days ago the president of the (BCR) assured that the BCR was working on its own digital currency project.
Cryptocurrencies in Colombia: In the South American nation there are more than 500 places where it is allowed to pay with cryptocurrencies. Colombia ranks 14th among 26 cryptocurrency adoption countries, according to Finder’s report.
Cryptocurrencies in Central America: in the government of The Saviorhas given him his vote of confidence and on June 9, 2021 became the first country to legalize bitcoin as legal currency. Additionally, President Nayib Bukele announced his intention to create the first Bitcoin City in Conchagua and it would be financed through tokenized bonds backed by bitcoin.
When creating a cryptocurrency it is important to first determine what you want to have: a coin or token. The first uses its own blockchain, while the second is based on a pre-existing network.
According to the Binance site, to create a cryptocurrency you need a large team of developers and experts; while for the token technical knowledge is required but it is possible to create it in minutes through the use of other blockchains like Ethereum or BNB, which are the most popular.
The creation costs, the time required and the use of workforce will depend on whether you choose to make a virtual currency or a token. In the latter case you can also use a established code to create tokens or pay to use a coin creation service.
It is important to know that before creating a cryptocurrency, its usefulness and legal status must be considered.
In the case of choosing to create a cryptocurrency, then a blockchain must be chosen, subsequently a plan must be made according to the operation and functionality of the blockchain to design the nodes and interface.
