How Does Cryptocurrency Work? GCC GROUP CEO PRESENTATION

How Does Cryptocurrency Work? GCC GROUP CEO PRESENTATION

01. What is a cryptocurrency?
A cryptocurrency is a virtual medium of exchange that uses cryptography to secure the transactions and to control the creation of new units. In short term, cryptocurrency represents money in digital form. It is based on cryptography, networking and open-source software. It lets people avoid fees that banks charge and take part in non-cash transactions anonymously while still guaranteeing that transactions would be secure.
02. How many cryptocurrencies exist?
The number of cryptocurrencies is constantly growing since almost anyone can create his or her own using open-source code. At the moment there are more than 500 cryptocurrencies. One of the most up-to-date list of the cryptocurrencies, along with the most fundamental data on each of them, is available at coinmarketcap.com.
03. What is an alternative currency?
It is a currency which is an alternative to the officially used national or international currency. They are created by an individual, corporation or organization, they can be created by national, state or local governments, or they can arise naturally as people begin to use a certain commodity as a currency.
04. Is it difficult to obtain a coin of a given cryptocurrency?
It depends on a few factors. Generally speaking, if the cryptocurrency was introduced relatively recently, the computing power needed to mine a coin is significantly lower than the well-established cryptocurrency coins.
You can get it:
• As a payment for goods or services.
• by purchasing coins at coin exchange websites.
• by exchanging coins with someone near you.
• by earning it through mining.
05. Why should I get involved?
Because it is very profitable. You can either mine coins or you can simply invest in them. Ever-expanding ecosystems provide multiple opportunities for doubling or even tripling your assets. What is more, the value of cryptocurrency is constantly being evaluated and re-evaluated as more and more people join. At the beginning of the cryptocurrency revolution an initial 100$ investment brought hundreds of thousands of dollars of profit- and this opportunity is still available to you!
06. What is a difference between the particular cryptocurrencies?
Basically all cryptocurrencies follow the same peer-to peer consensus network mechanisms, although every currency has its own unique characteristics, like calculating algorithms. The difference lies mostly in popularity of the given currency- how many people are involved in circulating the coin, and how many places accept the currency.
However, most currencies are not compatible to each other and do not interoperate – they operate in their own ecosystems.
07. What is the difference between a cryptocurrency, a digital currency, and a virtual currency?
Virtual Currency is any currency that is not printed on paper or stamped into metal. It’s virtual because it only exists in the virtual world. Virtual currency potentially can represent physical currency. Money you have in a bank can be considered virtual currency, as it is not in physical form and only exists in the bank’s ledger. If they lose the ledger, your money is gone.
Digital currency is a virtual currency that specifically exists in the digital space, meaning that it maps to some digital storage, likely a hard drive somewhere. Digital Currency includes things like Microsoft Points, Wii Points, Facebook points and cryptocurrency.
Cryptocurrency is both digital and virtual currency that is created based on some cryptographic algorithm. No one ‘mints’ this currency, they solve cryptographic algorithms using hardware and electricity to get the representation of one unit of value, typically called a ‘coin’. Bitcoin, Litecoin, and altcoins are all cryptocurrencies.
08. Where can I use cryptocurrency?
With many companies accepting the change and others getting ready to, cryptocurrencies are an extremely fast-spreading currency. Small businesses aren’t missing out on the action; many small shops have made the switch as well. QR codes are the biggest help in real-world bitcoin transfers. Using a smartphone and a coin wallet app, a user scans a label and presses a small buttoned aptly named “spend.”
The list of companies, organizations, hotels, restaurants and many, many other enterprises that accept cryptocurrency is constantly growing as more and more people get involved with the “people’s money”.
09. What can I use cryptocurrencies for?
Anything you would use regular money for! And with a growing market more and more companies (small and large) are jumping the bandwagon.

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