Algoritmo de bitcoin

Cryptocurrency for Dummies: Bitcoin and Beyond

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The approved Motion mentions the general aspects that the future regulatory proposal should take into account. From what was said there, more than what was mentioned by the senators who publicly defended it in the parliamentary debate here the video , I mention the main aspects of this Motion:.

Bitcoin vs. Litecoin: What's the Difference?

Do you know the content of the Motion on cryptocurrencies presented by the Popular Parliamentary Group to the Senate on On February 8, , the Bank of Spain and the CNMV published a Joint Statement addressed to investors and users of retail financial services, where they warned of five specific risks related to the acquisition of cryptocurrencies and participation in an ICO [9]. For the subject of this post, only and exclusively I will mention the risks related to cryptocurrencies:. The sale of Bitcoins, to date, is legal in Spain and the rest of the EU. In Spain there is a tendency to demonize cryptocurrencies to such an extent that official bodies recommend their use with caution.

In the rest of the world we find positions located in opposite poles some allow it and others forbid it. In any case, the sale buying and selling of Bitcoins, to date, is legal in Spain and the rest of the European Union. Therefore, it is also legal to establish and manage Bitcoins and exchange exchanges in this country. There are issues on which nothing has been said so far or little has been said [10]. The first question is that not all cryptocurrencies are the same: although the underlying technology in most of them is very similar, the logic behind each differs.

COMERCIE LA VOLATILIDAD DE BITCOIN COMO UN PROFESIONAL A TRAVÉS BITCOIN ERA

For example, some cryptocurrencies have the typical features of traditional currencies since they serve as the unit of account or measure with which the value of goods and services is calculated, and as exchange value, acquisition or means of payment, all of which brings them closer to real national currencies ; other cryptocurrencies may «represent» other rights also and their value depends on what «others» do, which brings them closer to financial products, such as transferable securities and derivatives.

The second issue is that the value of cryptocurrencies depends not only on the market but also on security issues. It is important to ensure the vulnerability of the platforms where they are marketed. And since these currencies exist in the virtual world, the sites where they are sold are vulnerable to cybercriminals , although «hacking» the Bitcoin network can be difficult though not impossible. Investors should be informed about what type of Blockchain technology is being used and who developed the computer code. In addition, it is essential that the interested parties have access to information on what type of cybernetic audits have been carried out before and during the issuance of the virtual currency.

The third issue is to be clear that the value of Bitcoin comes from the fact that another person wants to accept it. That is, if you had a Bitcoin and you could not sell it, it would not be worth anything to you. Eric Maskin Nobel Prize in Economics in has said that «the fundamental value of a Bitcoin is zero» [11]. The key, in any case, seems to be to achieve an ideal balance: that the supervisory and regulatory authorities protect the financial markets, while leaving room for innovation.

If you found this post useful, leave us your comments at the end and share it on your social networks. Thank you. This article can be read in Spanish here. Simplemente indica lo siguiente:. Legal regulation of Bitcoins and other cryptocurrencies in Spain [online]. Algoritmo Legal. Abogado y socio director de Algoritmo Legal. Su cuenta de Twitter es RicarditoOliva y su email es ricardo algoritmolegal. Recibir un email con los siguientes comentarios a esta entrada. Recibir un email con cada nueva entrada. Introduce tu email.

Email: info algoritmolegal. Introduction 2.

Should we regulate cryptocurrencies? How do we regulate? What do Spanish notaries public say? What lessons have we learned? The sites where cryptocurrencies are sold are vulnerable to hackers. Mis tuits. Apariciones en Medios. List of Partners vendors. Over the past several years, public interest in cryptocurrencies has fluctuated dramatically.

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But with the advent of the s, investor interest in cryptos has surged. The main focus of this interest has been Bitcoin , which has long been the dominant name in cryptocurrency—not surprising since it was the first digital money to really catch on. Since the founding of Bitcoin in , however, hundreds of other cryptocurrencies have entered the market. LTC currently trails behind Bitcoin as the 6th-largest digital currency by market cap. On the surface, Bitcoin and Litecoin have a lot in common.

At the most basic level, they are both decentralized cryptocurrencies. Whereas fiat currencies such as the U. Litecoin was launched in by former Google engineer Charlie Lee, who announced the debut of the "lite version of Bitcoin" via a posted message on a popular Bitcoin forum.

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For this reason, Litecoin adopts many of the features of Bitcoin that Lee and other developers felt were working well for the earlier cryptocurrency, and changes some other aspects that the development team felt could be improved. One important similarity between Bitcoin and Litecoin is that they are both proof of work ecosystems. That means the underlying process by which both cryptocurrencies are mined—that is, generated, authenticated, and then added to a public ledger, or blockchain—is fundamentally similar though not exactly the same, as we will see below.

For an investor, many of the basic elements of transacting with Bitcoin and Litecoin are very similar as well. Both of these cryptocurrencies can be bought via exchange or mined using a mining rig. Both require a digital or cold storage "wallet" in order to be safely stored between transactions. Furthermore, the prices of both cryptocurrencies have over time proven to be subject to dramatic volatility, depending upon factors ranging from investor interest to government regulations.

One area in which Bitcoin and Litecoin differ significantly is in their market capitalization , the total dollar market value of all the outstanding coins. Bitcoin as a network still dwarfs all other digital currencies.

Going down the rabbit hole

Another of the main differences between Bitcoin and Litecoin concerns the total number of coins that each cryptocurrency can produce. This is where Litecoin distinguishes itself. The Bitcoin network can never exceed 21 million coins, whereas Litecoin can accommodate up to 84 million coins. In theory, this sounds like a significant advantage for Litecoin, but its real-world effects may ultimately prove to be negligible. This is because both Bitcoin and Litecoin are divisible into nearly infinitesimal amounts. In fact, the minimum quantity of transferable Bitcoin is one hundred millionth of a bitcoin 0.

Users of either currency should, therefore, have no difficulty purchasing low-priced goods or services, regardless of how high the general price of an undivided single Bitcoin or Litecoin may become. In November , IBM executive Richard Brown raised the prospect that some users may prefer transacting in whole units rather than in fractions of a unit, a potential advantage for Litecoin. Although technically transactions occur instantaneously on both the Bitcoin and Litecoin networks, time is required for those transactions to be confirmed by other network participants.

Litecoin was founded with the goal of prioritizing transaction speed, and that has proven an advantage as it has grown in popularity. According to data from Blockchain. In principle, this difference in confirmation time could make Litecoin more attractive for merchants. For example, a merchant selling a product in exchange for Bitcoin would need to wait nearly four times as long to confirm the payment as if that same product were sold in exchange for Litecoin.

On the other hand, merchants can always opt to accept transactions without waiting for any confirmation at all. The security of such zero-confirmation transactions is the subject of some debate. By far the most fundamental technical difference between Bitcoin and Litecoin are the different cryptographic algorithms that they employ. Bitcoin makes use of the longstanding SHA algorithm, whereas Litecoin makes use of a comparatively new algorithm known as Scrypt.

The main practical significance of these different algorithms is their impact on the process of mining new coins. In both Bitcoin and Litecoin, the process of confirming transactions requires substantial computing power. Some members of the currency network, known as miners, allocate their computing resources toward confirming the transactions of other users. In exchange for doing so, these miners are rewarded by earning units of the currency which they have mined.

SHA is generally considered to be a more complex algorithm than Scrypt, while at the same time allowing a greater degree of parallel processing. Consequently, Bitcoin miners in recent years have utilized increasingly sophisticated methods for mining bitcoins as efficiently as possible. The practical consequence of this has been that Bitcoin mining has become increasingly out-of-reach for the everyday user unless that individual joins a mining pool. Scrypt, by contrast, was designed to be less susceptible to the kinds of custom hardware solutions employed in ASIC-based mining. This has led many commentators to view Scrypt-based cryptocurrencies such as Litecoin as being more accessible for users who also wish to participate in the network as miners.

Given all the hoopla around its prices and market cap, it may seem that Litecoin exists mainly to be bought and sold back and forth, to paraphrase the old traders' joke about soybeans.

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