Comand Crypto: How do cryptocurrencies work?

Each of the transactions that are carried out are sent between pairs from the wallets of the people who are involved in the transaction, just when the public codes coincide. These public codes are related to each of the private passwords or cryptographic keys created by users and ensure that each transaction reaches the other person's digital wallet. Then, the transactions that were made are recorded in the public ledger, better known as “Blockchain” or in Spanish: blockchain. Any user who is part of the same cryptocurrency will be able to access the ledger, as long as they have downloaded a full node wallet instead of a virtual wallet, such as Coinbase. Once they have accessed they will be able to view the amounts of each of the operations, but not the account number (since it is encrypted).

Transactional properties of cryptocurrencies

Irreversibility
Any transaction that includes cryptocurrencies is irreversible. After the validity of the transaction has been confirmed, no changes can be made. This includes any government entity, the creators of the cryptocurrency with which it operates or the miners, who will not be able to reverse the transaction under any circumstances.

Confidentiality
The use of cryptocurrencies for lawful purposes is done under anonymity. In other words, user accounts and transactions will never be linked to their identity in the real world. In the case of Bitcoins, a string is used that contains approximately thirty digits and that complies with being the address where the cryptocurrencies will be sent or received, better known as a wallet or “wallet” for its translation in English. Users can rest assured that no personal data will ever be in the public domain.

Speed
It will only take a few minutes for the completed cryptocurrency transaction to be confirmed and effective.

Global reach
You will be able to send or receive cryptocurrencies from wherever you are, thanks to the fact that the cryptocurrency network is operating worldwide and allows the use of any computer to enter it.

Unmatched security
The cryptography with which cryptocurrencies operate secures the funds that correspond to each of the users. In turn, these are the only ones that can be accessed using their private key. This cryptography system is considered unbreakable in all the aspects that comprise it.

Without restrictions
You can use cryptocurrencies for the activity you want, as long as it remains outside the law. It is not necessary to process a permit to use the Bitcoins that you acquire, for example. You could download a platform or the cryptocurrency market of your choice (and free) to start exchanging them as you like, from anywhere in the world and without prior authorization.

Comand Crypto

How do cryptocurrencies work?

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