What is the source of crypto currency and how does it multiply

Alexandoy

VIP Contributor
My orientation is the bank where money is created by the central bank. With crypto currency I am at a loss on the source of the crypto currency, how is it originated and how does it multiply. There are more than 1,600 crypto currency at the last count and to be honest I am still quite ignorant on the crypto. I see crypto currency as a commodity and I want to know how a crypto gets into existence. Do you think I can invent my own crypto currency if there are friends who will support my venture and would buy from me?
 

Islamavet

New member


Brian Martucci


Cryptocurrencies, or virtual currencies, are digital means of exchange created and used by private individuals or groups. Because most cryptocurrencies aren’t regulated by national governments, they’re considered alternative currencies – mediums of financial exchange that exist outside the bounds of state monetary policy.
Benefits and Drawbacks
Due to their political independence and essentially impenetrable data security, cryptocurrency users enjoy benefits not available to users of traditional fiat currencies, such as the U.S. dollar, and the financial systems that those currencies support. For instance, whereas a government can easily freeze or even seize a bank account located in its jurisdiction, it’s very difficult for it to do the same with funds held in cryptocurrency – even if the holder is a citizen or legal resident.
On the other hand, cryptocurrencies come with a host of risks and drawbacks, such as illiquidity and value volatility, that don’t affect many fiat currencies. Additionally, cryptocurrencies are frequently used to facilitate gray and black market transactions, so many countries view them with distrust or outright animosity. And while some proponents tout cryptocurrencies as potentially lucrative alternative investments, few (if any) serious financial professionals view them as suitable for anything other than pure speculation.
 

anil02

Verified member
My orientation is the bank where money is created by the central bank. With crypto currency I am at a loss on the source of the crypto currency, how is it originated and how does it multiply. There are more than 1,600 crypto currency at the last count and to be honest I am still quite ignorant on the crypto. I see crypto currency as a commodity and I want to know how a crypto gets into existence. Do you think I can invent my own crypto currency if there are friends who will support my venture and would buy from me?
Don't know who create it, this currency have not and base like our phsycial currency. Speculators are behind ups and down. I listen that Indian central bank RBI will issue crypto. If it will happen that it will be first crypto which have some base. I think it is not wise to invest in crypto our earning .
 

Alexandoy

VIP Contributor
@Islamavet thank you for the explanation on the function and use of the crypto currency. But my question is how is the crypto currency created and who creates it. From what I read about Dogecoin it was created by Elon Musk, the richest person on earth. May I repeat my question - can I create may own crypto and how do I do it?
 

eojo2401

Active member

Brian Martucci


Cryptocurrencies, or virtual currencies, are digital means of exchange created and used by private individuals or groups. Because most cryptocurrencies aren’t regulated by national governments, they’re considered alternative currencies – mediums of financial exchange that exist outside the bounds of state monetary policy.
Benefits and Drawbacks
Due to their political independence and essentially impenetrable data security, cryptocurrency users enjoy benefits not available to users of traditional fiat currencies, such as the U.S. dollar, and the financial systems that those currencies support. For instance, whereas a government can easily freeze or even seize a bank account located in its jurisdiction, it’s very difficult for it to do the same with funds held in cryptocurrency – even if the holder is a citizen or legal resident.
On the other hand, cryptocurrencies come with a host of risks and drawbacks, such as illiquidity and value volatility, that don’t affect many fiat currencies. Additionally, cryptocurrencies are frequently used to facilitate gray and black market transactions, so many countries view them with distrust or outright animosity. And while some proponents tout cryptocurrencies as potentially lucrative alternative investments, few (if any) serious financial professionals view them as suitable for anything other than pure speculation.
I think we need you in aso villa to come and help us orientate the old man. If you analyzed how cryptocurrency works to him one on one, I will support cryptocurrency in Nigeria but the issues here is that majority of his kitchen cabinets didn't know there left hand to right. May God help us in the most populous black nation.
 
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Xanthosis2

Guest
On my view on cryptocurrency is an investment that deals with fallen and rising of currency like Bitcoin,litecoin,etherum,and tron.as for now Bitcoin has rise to what you can’t imagine,and in cryptocurrency you gained and you lose when the peak refuse to rise.
 

Olajidey

Active member
Bitcoin is a digital currency that is used to trade from one person to another, it was invented in the year 2009. Thou the identity of the person who creates the bitcoin is still not known but Satoshi Nakamoto is used as the name of a group of people behind the invent of bitcoin. The way it multiply is stil a mystery to me.
 

Kingsley

Valued Contributor
Cryptocurrency is a currency that is not back up by any physical item such as gold and platinum, it was set up to give the people a degree of freedom that is not given with the everyday currency we use as a medium of exchange, the government control and influence over the generally accepted currency affects its purchasing power.
 

Abezol21

New member
My orientation is the bank where money is created by the central bank. With crypto currency I am at a loss on the source of the crypto currency, how is it originated and how does it multiply. There are more than 1,600 crypto currency at the last count and to be honest I am still quite ignorant on the crypto. I see crypto currency as a commodity and I want to know how a crypto gets into existence. Do you think I can invent my own crypto currency if there are friends who will support my venture and would buy from me?
A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records.

It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.

Future of Cryptocurrency.

Imagine that virtual reality takes off, and there are economies inside virtual reality, spanning many nations. A crypto asset might be a more convenient means of payment within those networks than the dollar, if only because of the cumbersome reporting requirements for larger dollar transfers. Still, the motive for using that same crypto asset to purchase your next Toyota, or to borrow from your bank to start a restaurant, is less than clear.
 

Wisdom01

Valued Contributor
I tjink you create your crypto currency i think its really possible but note that the procedures is very hard and requires more financial backing i think , so its best to consider all these before you even think of creation your crypto currency at the fist instance i think , and crypto currency has been originated a long time ago
 

wizyoung54

New member
Cryptocurrency is created by developers using high technologies such as bitcoin by Satoshi. At first, not all the coin is put out in the open, some are mined too. The price of coins multiply due to actions of investors in the crypto market. There are investors that buy and hold cryptocurrency for the sake of selling when high. Due to theory of demand, when the coins are scarce, the few available goes for higher prices and it keeps increasing until when others start selling
 
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