What are Cryptocurrencies? Part 2/2

Find Part 1 HERE – What are Cryptocurrencies? Part 1/2

Cryptocurrency is: Decentralized

• Our current banking system is CENTRALIZED! All our transactions are processed through Banks (Trusted Third Parties).

Behind each Cryptocurrencies there is a Communication Protocol, which allows to carry out the transactions, but also to run the System (the Blockchain).

The more a Network is Decentralized, the more Reliable, Robust and Secure it will be.

This decentralization is the fact that no information is centralized on a single server, nor a single Database, the millions of users of the Network are the Guarantors of the Security and Authenticity of the Blockchain, which makes it therefore Unforgeable, Immutable and Tamper-proof.

Decentralization is the fact that No one, either a physical person or an entity of any kind, is able to control the Blockchain alone (false Blocks, double expenses …).

This brings a lot of advantages:

• No one owns the property 
• Anyone can be a participant (and receive compensation for it).
• No one may falsify or modify the Network. 
• No one can create more Crypto units than what has been defined in the White Paper.

Cryptocurrency is: also Securing your Blockchain

A Network user allows the System to function properly, thanks to his computer, new Blocks can be generated, allowing transactions to be carried out.

For its commitment to the Network, the user receives compensation in the form of Cryptocurrency (new Crypto generated), generally this is the Network’s Cryptocurrency, which is called ‘Minors’ for the Bitcoin (BTC) Network.

Each ‘Minor’ has an up-to-date copy of the entire History of Transactions made on the Blockchain, which makes it completely forgery-proof (unless you falsify all the Copies recorded on the Millions of computers spread across the Globe).

The other advantage of the Cryptocurrency is that it is international!

You can say goodbye to the obligation to go to an exchange office when you want to go to a foreign country that uses a national currency other than your own.

Whereas for Bitcoin, whether you are in the USA, Russia, the European Union, Australia, China, etc… 1 Bitcoin (BTC) will always be equal to 1 Bitcoin (BTC) and therefore it is no longer necessary to change to another Currency. 

There is an invisible conflict between the Cryptocurrencies and the Financial Institutions of the World, as Christine Lagarde said when she was still General Director of the IMF:

The Cryptocurrencies could eventually destitute the banking sector and call into question the traditional currencies.

Today we can use Cryptomoney for almost all our daily expenses:

• Online Shopping
• Paying our invoices
• Payment for Services 
• Convert to Fiduciary Currency …

Every day, the list of places where it is possible to spend your Bitcoin (BTC), but also Ethereum (ETH), Litecoin (LTC) … is getting longer, here is a short list 

• San Francisco – USA: Hotels, Restaurants
  • Berlin – Germany: Paying your study fees at the ‘European School of Management and Technology’
  • Hannover – Germany: Paying your electricity bills
• Tokyo – Japan: Various Stores and Bic Camera Chain Store
• Dubai – United Arab Emirates: Buy an Apartment & ‘EmCash’ to pay for public and private services (bills, schooling, coffee …)
  • Amsterdam – Netherlands: The World Bike Capital, it’s possible to rent a bike with Cryptos.
  • The Hague – Netherlands: First ‘Bitcoin Boulevard‘ in the world, hundreds of stores and restaurants accept Bitcoin.
• London – United Kingdom: Pay with a VISA card, the Dragoncard (powered by Cryptocurrencies)
• Saint Petersburg – Russia: Paying your gym membership
• Paris – France: ‘Passage du Grand Cerf‘ small Parisian Bitcoin Boulevard

And finally, here is a small quote from Roger VER aka ‘Bitcoin Jesus’ (2017):

“If you have Bitcoin, no institution can seize your money by force. No authority can block your payments.

So if you’re a proponent of Peace, you should love Bitcoin.

Bitcoin is the currency of Peace, the Dollar and other currencies are the currency of War and Corruption”.

Thank you all!

See you soon

Christophe WILHELM

Bitcoin Meister

© Bitcoin Meister