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Tarea Modulo 7 Ingles

The document discusses Bitcoin and other cryptocurrencies such as Ethereum, Dogecoin, Cardano, Litecoin, and Binance Coin. It explains what Bitcoin is, how it works through blockchain technology, and the basic steps for using Bitcoin like purchasing a digital wallet and making transactions. Additionally, it outlines some of the criticisms of Bitcoin and analyzes the most important types of cryptocurrencies currently in use.

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Judit
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59 views8 pages

Tarea Modulo 7 Ingles

The document discusses Bitcoin and other cryptocurrencies such as Ethereum, Dogecoin, Cardano, Litecoin, and Binance Coin. It explains what Bitcoin is, how it works through blockchain technology, and the basic steps for using Bitcoin like purchasing a digital wallet and making transactions. Additionally, it outlines some of the criticisms of Bitcoin and analyzes the most important types of cryptocurrencies currently in use.

Uploaded by

Judit
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Technological University of Honduras

Subject
English IV

Homework
Module 7

Teacher
Madelin Moreno

Student
Estefany Judit Matute Mejía

Account Number
201820050013

MARCH 26, 2021


INTRODUCTION

In the following research work we are going to see a little about what Bitcoins are,
we will see some types of bitcoins that are most recognized worldwide, the steps
that must be followed, among other things. We have to keep in mind that bitcoins
are electronic currencies and that they only work through a virtual platform.
BITCOINS
Bitcoin is a virtual currency or a means of electronic exchange that is used to purchase
products and services like any other currency. But this currency is decentralized, that is to
say that there is no authority or control entity that is responsible for its issuance and
registration of its movements. It consists of a cryptographic key that is associated with a
virtual wallet, which discounts and receives payments.

Steps to use them

❖ Purchase a coin purse: There must be a system to store and operate


bitcoin, called an electronic wallet, which contains pairs of cryptographic
keys, that is, a public key and a private key.
❖ Download the application: The wallets can be used from computers or
mobile devices as long as there is an application that has bitcoin to carry out
the operations.
❖ Carry out transactions: You can transact with other people who have virtual
wallets.

It is a cryptocurrency and payment system with no central bank or single


administrator. In principle, bitcoin users can transfer money to each other through a
peer-to-peer network using free and open source software. Transactions are verified
and cryptographically guarded by a decentralized network of volunteer nodes, which
record account history in a public database known as a “blockchain” or blockchain,
and prevent double-spending or counterfeiting of money. The nodes do not have to
trust each other and their operation is coordinated through a consensus protocol and
complex mathematical calculations. In exchange for such work, which is
computationally expensive, the bitcoin network protocol rewards verifying computers
by creating new bitcoins. This work is known as bitcoin mining. It was conceived in
2008 by an entity known under the pseudonym Satoshi Nakamoto, whose exact
identity is unknown. Satoshi worked on the reference application's source code along
with other volunteer developers until December 2010, at which time decided to
conclude its public activity and leave its development in charge of the community.
Criticisms have been raised about the high use of electricity from the mining process,
use in illicit trade and extortion payments, the loss of decentralization as mining
difficulty increases, scams that take advantage of new users interested in acquiring
bitcoins, as well as the growing financial speculation compared to its use as current
currency. As it is an unprecedented financial phenomenon, the opinions of
economists about cryptocurrencies vary enormously in terms of their true value and
long-term stability. However, the adoption of bitcoin to acquire goods, services and
even other currencies is increasing. Since its appearance, the value of bitcoin has
been extremely volatile, and at the same time, extremely growing. Falls of 80% of its
value in 2018, 50% in 2021. They have been accompanied by a general appreciation
(as of 2021) of approximately 20,000% of its value just five years ago.

Most important types of bitcoins

❖ Bitcoin-BTC

Bitcoin was created in 2009 by someone identified under the pseudonym Satoshi
Nakamoto using blockchain technology. It was intended to be used as a payment
method that is not affected by government oversight, transfer delays, or transaction
fees. Currently, Bitcoin is mainly used as a form of investment. It can be said that its
characteristics are more similar to raw materials than to traditional currencies.
However, its high volatility prevents it from being a legal alternative to fiat money. It
is considered the most important among the different types of cryptocurrency by
experts.

❖ Ethereum, Ether ETH

After Bitcoin, Ethereum is the digital currency with the highest market capitalization
among the different types of cryptocurrency. Its chain allows you to create
applications based on blockchain technology, as well as your own individual tokens.
The Ether is responsible for providing the necessary fuel to process the
decentralized applications of the network. Ether releases are limited to 18 million per
year, which is 25% of the initial supply. And, transaction costs are calculated based
on their complexity, bandwidth, and storage.
❖ Dogecoin DOGE

It was created on a modified Bitcoin protocol in order to reach more recipients than
BTC itself. Currently, 128.2 billion DOGE circulate on the market, and each coin is
divided into 100,000,000 decimal places. The advantage of this cryptocurrency is
that it is cheap, since one coin costs only $0.05037. Dogecoin mining rewards have
decreased from $1,000,000 to $10,000. DOGE. Blocks are mined relatively quickly,
approximately every 1 minute.

❖ Cardano ADA

ADA is one of the types of cryptocurrency that any user, anywhere in the world, can
use as a secure exchange of value, without an external intermediary. All transactions
are permanently, securely and transparently recorded on the Cardano blockchain.
Each ADA holder also owns shares in the Cardano network. Each ADA stored in the
digital wallet can be delegated to the common fund or mortgaged to the same fund
in order to increase the probability of earning rewards.

❖ Litecoin ltc

Litecoin virtual currency is a peer-to-peer open source currency. This means that the
Litecoin source code is public and anyone can access it. It is an open source, fully
decentralized, global payment network and transaction system without
administrators. LTC is one of the types of cryptocurrency based on a peer-to-peer
network that allows instant payments. In addition, it is capable of guaranteeing the
transparency of the project and shows how it works in each of its stages.

❖ Binance Coin BNB

Is a cryptocurrency issued by the world's largest exchange, Binance. Initially used


as a utility token anchored with the operation of the exchange, it is now a full-fledged
means of payment. Also, it offers the advantage of being able to reduce the cost of
transaction fees for people with BNB tokens in their account. Additionally, a certain
number of tokens can be received as compensation for recommending the use of
the exchange to other people.
CONCLUSION

To conclude, it can be said that Bitcoin is more of a financial asset than an


operational currency, although it has great potential. This article analyzes the most
used cryptocurrency today called Bitcoin and that was created in 2009, it consists of
a decentralized currency that does not depend on any government or state.
BIBLIOGRAPHY

❖ https://economia3.com/types-of-most-important-cryptocurrencies/
❖ http://especiales.dinero.com/bitcoin/index.html
❖ https://es.wikipedia.org/wiki/Bitcoin
ANNEXES

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