Cyprus Investment Company: Foreign Exchange

Foreign exchange (Forex) is an innovative type of business that brings together buyers and sellers from all over the world, regardless of time and place. In other words, buyers and sellers immediately conduct foreign exchange transactions. Cyprus is considered an attractive location for the foreign exchange market. Attractive regulatory and taxation schemes as well as low operating costs and high quality financial, accounting and legal services motivate international Forex companies to do business in Cyprus. Furthermore, Cyprus legislation is harmonized with EU directives, as Cyprus is a full member of the EU. To be precise, as a member of the EU, Cyprus is fully aligned with the EU Markets in Financial Instruments Directive.
bitcoin price today
Nonetheless, it should be emphasized that Forex companies need to be authorised by the Cyprus Securities and Exchange Commission (CySEC) in order to conduct business activities and provide services in Cyprus. Forex companies fall under the category of Cyprus investment companies. Therefore, Forex companies must comply with the provisions of Law 144(I)/2007.


The main requirement is that the applicant must be a Cyprus company with a specially drafted memorandum and articles of association. In addition, the company headquarters must be located in Cyprus.

Licensing Criteria:

1. Submit all company documents such as Certificate of Incorporation, Director/Secretary Certificate, Shareholders Certificate, Memorandum and Articles of Association, etc. together with the Cyprus Investment Company Application Form (Form 144-03-01).

2. Submit a three-year business plan, internal procedures manual, and anti-money laundering and know-your-customer (KYC) procedures.

3. CySEC will make a decision within six months of receipt of the application and supporting documents.

Main requirements:

  • The company memorandum must clearly state the nature of its business activities.
  • Applicants must meet minimum capital requirements.
  • At least one director is a permanent resident of the Republic of Cyprus and meets CySEC’s criteria that the director must be a reputable and experienced individual.
  • The company needs to have an office in Cyprus.
  • The company is obliged to develop internal control mechanisms, procedures and policies.
  • CySEC must be satisfied that the company has internal procedures to avoid potential conflicts of interest with clients.

registery fee:

Applicants must pay the relevant fees in accordance with the provisions of Directive DI144-2007-04 Part I of 2011 and Directive DI144-2007-04A of 2012.

The fee payable is EUR 3.000 plus:

One. EUR 1.000 per investment service in paragraphs 1, 5 and 7 of Part I of Annex III of the Law;

b. EUR 1.500 for each investment service in paragraphs 2 and 4 of Part I of Annex III of the Law;

C. EUR 2.000 per investment service/activity in paragraphs 3 and 6 of Part I of Annex III of the Law;

d. 10.000 euros for investment activities in Annex III of Part I of the Act8;

e. EUR 500 per ancillary service of Annex III, Part II of the Law;
ripple price
Reporting and Compliance Requirements: Finally, it should be noted that CySEC-licensed investment firms have ongoing reporting obligations to CySEC. In addition, they are obliged to comply with anti-money laundering regulations and have “know your customer” procedures in place.


7 Ways to Invest in Gold

Those interested in investing in gold have many options. Investing can be done by buying and storing physical gold, buying items that represent gold ownership, or buying stocks.
7 Ways to Invest in Gold #1 – Gold Coins

The governments of several different countries issue gold bullion coins as legal tender. The price of gold coins is determined by their fineness, or the ratio of the actual gold content to the other materials in the coin. Supply and demand also affect prices. Common coins include the American Golden Eagle, the Canadian Golden Maple Leaf, the South African Kruger, the Australian Gold Nugget, the Austrian Philharmonic, the Chinese Golden Panda, the British Monarch and the French Coq Gaulois.
trivago hotels
7 Ways to Invest in Gold #2 – Bullion

Gold bars are the most traditional form of gold investment and are sought after by many central banks around the world. Investors can buy gold bars in various sizes such as one kilogram, ten ounces, one ounce, ten grams and 100 grams. One of the most popular gold bars is the 400 troy ounce London Good Delivery Bar. Generally speaking, the premium of gold bars is lower than that of gold coins, but investors should always beware of fakes. Bars with certification should always be purchased.
flying spirit airlines
7 Ways to Invest in Gold #3 – ETFs

Exchange-traded funds, or ETFs, trade in a similar way to stocks on major stock exchanges. For gold ETFs, U.S. stock exchanges are the most important trading venues. ETF funds buy large amounts of gold and store it. Then they issue shares corresponding to the price of the bullion. If the price rises by 5%, the individual ETF will rise by the same 5%. ETFs allow investors to easily trade and buy in small amounts. ETFs may require a small annual storage fee.
sw airlines
7 Ways to Invest in Gold #4 – Certificates

Certificates represent ownership of gold without requiring investors to physically store any bullion. The assigned certificates relate to the ownership of specific numbered gold bars stored in various banks. However, in the event of a run on the issuing bank’s gold, the unallocated gold certificates do not guarantee an equal exchange of bonds. Certificates are historically significant in the United States, where they were considered legal tender from 1882 to 1933.
delta flights
7 Ways to Invest in Gold #5 – Accounts

There are five types of accounts: allocated, unallocated, gold pool, e-money and gold accumulation plan. Allocated accounts allow investors to own gold bars or coins stored in a vault managed by a recognized bullion custodian or dealer. Unallocated accounts do not imply ownership of a specific bullion. Gold pool accounts allow people to make very small investments. E-money allows investors to make online payments using money pegged to stored gold. Then an accumulation plan is similar to a savings account, where the investor receives a fixed fixed amount each month.
continental flights
7 Ways to Invest in Gold #6 – Derivatives
frontier airlines
Derivatives include options, futures and forwards. These financial instruments can be traded on several exchanges around the world or through private exchanges.Gold futures are most traded on Nymex and Euronext.liffe
trivago vacation packages
7 Ways to Invest in Gold #7 – Mining Companies
united airlines reservations
Buying shares in mining companies is another investment option. As prices rise, a mining company’s profits are expected to increase, leading to an increase in the value of the company’s stock. Mining stocks are subject to some market volatility, but many companies hedge prices ahead of time to reduce that volatility.
allegiant airlines flights


Rare American Coin and 1840-1873 Statue of Liberty Seated Silver Dollar

Liberty Seated series silver dollars are impossible to complete in MS conditions due to the very small mintage and low survival rate. The collection started out as a slight variation of Christian Gobrecht’s original frontal design. The reverse of the original Gobrecht Soaring Eagle was replaced by John Reich’s improved Heralding Eagle design, which was first used on coins in 1807.
airline tickets
Robert Power Hughes modified Gobrecht’s original frontal creation “in the name of decency.” He chopped off some of her rock seats, made the free word on her shield clearer, and added more ruffles to her left sleeve. He also added 13 stars on the obverse instead of putting them on the reverse.
delta flights
It was first cast in Philadelphia, then in New Orleans in 1846. The Liberty Seated was the last silver dollar minted before the 1873 Coinage Act. The Coinage Act of 1873 stopped the production of silver dollars for domestic use and began to use silver dollars for foreign trade transactions.
all inclusive packages
The Mint Act also ended private citizens being able to mint their personal silver or gold into legal tender. The main source of silver before 1870 was ordinary citizens, and not much silver was usually minted.

By 1859, the Comstock Lode had a much better supply of silver, so production of free-seating dollars increased at the end of the 1871 and 1872 series. The trade dollar fills the gap between the Free Seated Silver Dollar and the Morgan Silver Dollar.

The total output of all free-seating dollar commercial strikes was 6,487,747. The Philadelphia Mint produced 5,465,463 of these coins. In fact, between 1871 and 1872, the Philadelphia Mint minted a total of 2,179,300 coins, making it the most “common” coin in the series.

In 1851 and 1852, the Philadelphia Mint produced only 2,400 coins in total. The branch mint only minted free-seated silver dollars for four years, with production in New Orleans in the early days and San Francisco and Carson City in the later period.

In total, the New Orleans Mint only minted $875,000 of these dollars. Thanks to the 1962-64 U.S. Treasury release, the New Orleans piece has by far the highest mint status survival rate in the entire series.

It is believed that 1 to 3 bags of 1,000 fresh $1859-O and 1860-O mint seal bags were found in Morgan and Peace silver dollar bags sold to the public in the 1960s.

1870-S Seated Dollar Mint unknown. Estimates range from 25-300 pieces. There are only a dozen or so specimens of the population identified today. In fact, the most famous specimen of 1870-S is the MS-62. The 1870-S is considered the king of the Liberty Seated series.

1866 was the first year that the words “IN GOD WE TRUST” were added to US coins. This date is actually more common in MS conditions than many previous dates.

The Carson City Mint produced only $18,584 in total during its four years of production. 1870-CC accounted for 63% of the total coinage and was the most “common” in the Carson City silver dollar series. A “few” MS examples have emerged.

1873-CC is the second rarest date after 1870-S, with a total mint of 2,300 pieces and an MS-64 found. Because this collection contains too many “plugs” and is significantly more expensive than the Morgan or Peace collections, the Free Seated collection unfortunately did not interest collectors.

Importance of investing in silver coins

Ancient silver coins are probably the oldest form of mass coinage ever recorded. Along with gold coins, they were among the first coins to be used thousands of years ago. But are silver coins a good investment for today’s investors?

Silver coins are a popular way to hedge against inflation and balance portfolio risk. Historically, it has been the most affordable precious metal. Unlike gold, silver purchases do not require reporting. It has unique properties that make it an ideal and a necessity for global industries. And create a situation where there are no alternatives at all. Silver has huge industrial applications. It’s present in most things from cell phones to computers. As the world’s demand for electronics continues to grow, so does the need for more silver. Additionally, the medical industry has discovered almost as many ways to use silver as the industry. These applications make it a consuming investment. And not just another pretty face.

Silver and gold are of course used as a form of currency and have been used for gambling purposes since ancient times. They are metallic and usually disc-shaped. Coins date back to the BC era. By around 700 BC, the Mesopotamians began to use precious metals as a medium of exchange.

The United States Mint is a government-controlled coin production facility. It also produces what is widely regarded as the most beautiful silver coin in America, the Walking Liberty Half Dollar. The mint takes all the silver from the dime and quarter. The silver content of the half dollar is reduced to 40%. The Mint continued to produce silver coins until 1971. In lieu of silver coins are the so-called “fiat money systems”. Fiat currency is money that has no real value. But enforced by the government as legal tender. The problem arises when money is produced in large quantities without increasing its real value. The result is that “fiat money” becomes less valuable, while coins with precious metals become more valuable.

Precious metals investors often ask “Should I invest in silver or gold”. Silver has historically been the most affordable precious metal. Silver Eagles are easy to buy and sell on most coins, precious metals and brokerages. “Precious metals have value in all civilizations and have survived all financial crises. They can be expected to do the same in the future.” Now is the time to buy gold and other precious metals. However, silver and gold are more popular precious metal investments than platinum and palladium.

in conclusion. Silver and gold coins are probably the oldest forms of mass coinage in recorded history. These tokens are a popular way to hedge against inflation and balance portfolio risk. Silver coins can be a good investment for a number of reasons. Today, the best reason is that silver is affordable for most people and its demand is growing every day.

5 things you didn’t know about Bitcoin

Most people have heard of the term bitcoin, but have no idea what it is. Simply put, Bitcoin is a decentralized peer-to-peer digital currency system designed to enable online users to process transactions through a digital unit of exchange called Bitcoin. In other words, it is a virtual currency.

The Bitcoin system was created in 2009 by an undisclosed programmer. Since then, Bitcoin has attracted a lot of attention and controversy as an alternative to the dollar, euro and commodity currencies such as gold and silver.

A dedicated network of computers connected by a shared program is used to conduct transactions and process payments in Bitcoin. The creation of Bitcoin is based on increasingly sophisticated mathematical algorithms, and its purchases are made in standard national currencies. Bitcoin users can access their coins through their smartphones or computers.

As an emerging and evolving virtual currency, Bitcoin has certain distinct advantages over the traditional government unified currency.Here are 5 benefits you will enjoy when using Bitcoin

1) No tax

When you make a purchase in USD, EUR or any other government fixed currency, you must pay an additional tax to the government. Each purchasable item has its own designated tax rate. However, when you make a purchase through Bitcoin, sales tax is not added to your purchase. This is seen as a legitimate form of tax evasion and one of the main advantages for Bitcoin users.

With zero taxation, Bitcoin can come in handy, especially when buying luxury items that are exclusive to foreign countries. Such items are often heavily taxed by the government.

2) Flexible online payment

Bitcoin is an online payment system, just like any other such system, users of Bitcoin can pay their coins from any corner of the world with an internet connection. This means you can buy coins while lying in bed instead of going to a specific bank or store to get work done.

Additionally, online payments via Bitcoin do not require you to fill in details about your personal information. Therefore, Bitcoin processing Bitcoin transactions is much simpler than transactions made through U.S. bank accounts and credit cards.

3) Minimum transaction fee

Fees and exchange costs are an important part of standard wire transfers and international purchases. Bitcoin is not monitored or regulated by any intermediary or government agency. Therefore, unlike international transactions through traditional currencies, transaction costs are kept very low.

Apart from that, Bitcoin transactions are known to be not time-consuming as it does not involve the complexities of typical authorization requirements and waiting periods.

4) Hide user identity

All Bitcoin transactions are discrete, or in other words, Bitcoin gives you the option of user anonymity. Bitcoin is similar to cash-only purchases in that your transactions can never be traced to you, and those purchases are never tied to your personal identity. In fact, the Bitcoin address created for a user’s purchase will never be the same for two different transactions.

You can choose to voluntarily disclose and publish your Bitcoin transactions if you wish, but in most cases users will keep their identities private.

5) No external intervention

One of Bitcoin’s greatest strengths is that it eliminates third-party interference. This means that governments, banks and other financial intermediaries have no right to disrupt user transactions or freeze bitcoin accounts. As mentioned earlier, Bitcoin is strictly based on a peer-to-peer system. Therefore, Bitcoin users enjoy greater freedom when shopping with Bitcoin compared to using traditional national currencies.

Digital currencies such as Bitcoin are relatively new and have not been significantly tested. Therefore, many people believe that there are certain risks in using Bitcoin. Regardless of Bitcoin’s potential disadvantages, it’s clear that its advantages are enough to make it a legitimate contender to challenge traditional currencies in the near future.

Benefits of Panaesha Capital Exchange (PCEX)

The cryptocurrency market boomed in 2017-2018; last year, the total market capitalization of cryptocurrencies reached $700 billion. With the huge market potential offered by cryptocurrencies, digital currency trading is booming, with several cryptocurrency exchanges launching within a year, with many more in development. Cryptocurrency exchanges are platforms where traders can exchange cryptocurrencies for other cryptocurrencies or fiat currencies.

Panaesha Capital Exchange (PCEX) is a cryptocurrency exchange platform that will be launched in Q3 2018. PCEX is safe, fast, offers high liquidity and employs broker channels for increased security. The platform is a one-stop trading solution; offering crypto-to-crypto exchanges and crypto-to-fiat trading.

Benefits of PCEX

Multifunctional trading platform

Many cryptocurrency exchanges, even well-known platforms, only support cryptocurrency-to-crypto trading, forcing traders to conduct activities on multiple exchanges. Crypto traders first buy cryptocurrencies for fiat currencies on a specific platform, and then distribute the currency across multiple exchanges to ensure liquidity and profits. In order to convert digital currency to fiat currency, traders can only choose from a few platforms. PCEX is a comprehensive solution that provides high liquidity; crypto traders can do all their trades on one platform and will also ensure decent returns.

high liquidity

To facilitate the liquidity of digital assets on PCEX, the platform embodies all the key attributes of a fast mobile exchange;

A simple user interface to simplify the trading process. For familiarity, PCEX is constructed similar to the national stock exchange format.

Low transaction fees (PCEX insists platform transaction fees are extremely low).

Sophisticated buying and selling procedures with a superior matching engine. Trading orders will be quickly matched on the platform.

High quality order matching

PCEX provides users with a price limit trading program to buy and sell assets at a set price; the matching engine will try to increase sales by matching users’ transactions with more favorable prices for a limited time. The limit time will be set by the trader, after which the trade order will be removed from the platform. PCEX has the ability to quickly match orders through an excellent order matching engine.

affordable cost

To trade on PCEX, crypto traders only need to pay two fees: transaction fees and withdrawal fees. Transaction fees on PCEX are much lower than other platforms offering similar services. A significant portion of trading fees goes to PCEX’s brokers and sub-brokers; the platform will receive a small cut.

Broker and Sub-Broker Channels

Brokers and sub-brokers for crypto trading are a unique feature of the PCEX trading platform. Traders on crypto trading platforms often face poor customer support and slow response times. PCEX bridges this gap by hiring brokers and sub-brokers to personally assist traders on every trade. Traders on PCEX will be assigned a single point of contact who they can contact for assistance at any time. No unresponsive dark period was associated with PCEX.

Through brokerage channels and excellent service, PCEX aims to build long-term relationships with users. Proxy channels also add a layer of security to the platform.

High security

By the way, PCEX has several layers of security. The platform features a Clark-Wilson model security architecture to ensure data integrity. The security system will verify the acceptance of the information on PCEX, thus working together to prevent data leakage. Security operations on the platform require auditor collaboration; devices and identities are in place to secure the website. PCEX provides cryptocurrency traders with an impenetrable level of security and protects traders’ identities and digital assets from hacking and accidental losses.

All users, brokers and sub-brokers on PCEX are required to complete KYC/AML protocols; PCEX is preparing for any regulations that may arise in the future. Traders can also rest assured of legal behavior on the platform.

in conclusion

Cryptocurrency trading is a volatile atmosphere, with prices peaking and falling almost daily. Prices fluctuate depending on country or state regulations, security, acceptance of digital currencies by vendors, big players, etc. Cryptocurrency trading offers higher returns on investment compared to traditional stock exchanges; early investors in cryptocurrencies made millions in profits in 2017-2018.

To support the growing demand for digital currencies and digital currency trading platforms, PCEX employs an advanced framework and a full range of service tools. Everything crypto traders need for smooth and easy trading is available on PCEX. In fact, PCEX goes one step further.

Explore new and great cryptocurrency exchanges at http://www.pcex.io.

Online store sells digital currency-based gold products

Armies fought for metal and burned cities. All the while, every time gold has stood the test of time, it’s easier than ever to own it for yourself. IRAs also have bullion rounds approved and certified. 1 Oz and 1/10 Oz Gold Wheels offer so many products at the best prices one can find. Legal gold coins are available in 1/20 oz, 1/10 oz, 1/4 oz, 1/2 oz and 1 oz sizes. They’re IRA-approved, which means good for IRAs, and certification means seniors and other targeted investors from the U.S. can rest easy on their assets. There are plenty of wealth builders for buyers who buy a lot of stuff every day. Some are considered historic. Buying from a commercial website is buying directly from the supplier without any retail operations. A website that offers no additional fees does ensure safe shipping and handling. When someone places an order for 100 coins or more, consumers don’t worry about ordering freshly minted factory-made coins from wholesale companies. Products will be brand new and original. Customers regularly shop online to purchase high quality 9999 Premium Gold Bars and Coins from The Mint.

One of the latest additions to the website menu is dedicated to cryptocurrency collect. Its size is 1 oz.it’s called gold bitcoin .9999 Fine Gold Circle.customer looking at monitor bitcoin The icon is designed in physical form on the front and a picture of the earth on the back.

This coin is minted in the form of gold bars.It is .9999 solid gold or 24 carats

The condition is not designed for spending, it is not designed for cash flow. This is a work of art.

It weighs 1 troy ounce.Priced at $1,289.40 or $1,341.00

it is reed in its creation. This coin has a Latin phrase meaning many numbers called vires.This article number The number is CRYPTOBITC1.0AU

Bitcoin was the first digital cash flow to shift power from a central point to certain local governments, now in the name of gold. Some people can buy anywhere from one to dozens from a website called Mint by salespeople.voters used Blockchain (some type of bitcoin wallet) Be sure to buy this coin in the United States of America.

Wholesale Sources offer free shipping on all orders of $500 or more, and delivery is safe in the United States of America. Fewer deliveries are subject to export laws.

Helvetia Head (Vreneli) 20 CHF Gold Coin

Vreneli gold coins are the informal name for a series of gold coins made in Switzerland. This coin has several names, the official name being Helvetia Head (English) Tête d’Helvetia (French) or Helvetiakopf (German). Informally, it is also known as Vreneli, Helvetia, Swiss Miss or just as Gold 20 CHF. Vreneli is a gold coin, but also has numismatic supporters.

These coins were issued between 1897 and 1936, 1947 and 1949. The coin ceased to be legal tender in 1936, and all coins issued after 1936 are reminted.

The collection includes 10, 20 and 100 CHF coins. 20 francs is by far the most popular. The 100-franc coin was only issued in 1925, and only 5,000 were issued. In this series, approximately 61 million coins have been produced.

All coins are made of 90% gold (900 per cent).

On the front is the head of a young lady with only “HELVETIA” written on it. Female figures have curly hair and a dress draped over their shoulders. The background is the Swiss mountains.

The reverse of the 20 franc coin is a Swiss shield with the Swiss Cross on it, an oak wreath tied with a ribbon, the denomination on the left (20 in this case) and the currency on the right (FR stands for Swiss Franc).

one coin, many names

The design was designed by Fritz Ulysse Landry in 1895 and the model for the front is believed to be Françoise Engli.

Since there is only one inscription on the obverse, the coin is called Helvetia. Helvetia is the female national incarnation of Switzerland, officially known as Confœderatio Helvetica, the Swiss Confederation. Helvetia is also a variant of Switzerland’s official Latin name.

The name Vreneli, although derived from Verena, is the incarnation of another female portrait of the Swiss Confederation (similar to the American Statue of Liberty). This is why these coins are sometimes colloquially referred to as Miss Switzerland.

The coins were minted at the Swiss Mint in Bern (although the dies were engraved at the Paris Mint). These coins bear Bern’s “B” (pointless) mint mark. Mints that strike again are marked “L”.

The specifications for the 20 franc coin are:

  • Diameter: 21mm
  • Thickness: 1.25mm
  • Weight: 6.45g, so gold content is 5.805g or 0.1866 oz

The 10-franc coin weighs 3.23 grams and the solid gold is 2.9 grams.

Multi-layered cryptocurrencies

Questions have arisen about whether Bitcoin is turning into a multi-layered system. Well, the answer is yes. This article aims to provide an overview of the various layers that Bitcoin sits in. It’s all yours!

Have you heard of those who refer to Bitcoin as digital gold? Clearly, cryptocurrencies are rapidly gaining popularity and acceptance in the crypto world. It is estimated that the value of the coin will be higher. However, it is also important to note that tokens can gain or lose 50% of their value overnight. This has caused speculation among investors, but the coin is still “digital gold.” And for the question of whether Bitcoin is a multi-layered system, it should be known that Bitcoin has two main layers. These are mining and semantic layers.

mining layer

This is the layer where the coins are created. In addition to Bitcoin, this layer also creates Ethereum. After coins are created, valid Bitcoin blocks are transferred to the ledger. At this point, currency generation is complete. It should be noted that currency is generated from transactions contained in Bitcoin blocks. These blocks are called transaction fees. Currency can also be generated from the network itself, or you can say “generated out of thin air”. The main advantage of generating currency from the network is to provide incentives for miners.

semantic layer

This provides a very important platform. The semantic layer is the layer that uses Bitcoin as a means of payment. It also provides a platform for Bitcoin to be used as a store of value. Layers seem to be important, don’t they? Bitcoin holders sign a valid transaction, which marks the beginning of Bitcoin transfers between semantic layer nodes. Transfers can also be achieved by creating smart contracts. Smart contracts transfer coins between different accounts.

Lightning Network

You may not have heard of the Lightning Network. This is the latest invention from the Bitcoin community. This layer will be able to run on top of Bitcoin. With the present invention, there will be an application layer on top of Bitcoin. It will be very exciting. The most interesting aspect is that its value can also be used to pay. This will be achieved by transferring its value from person to person. With the invention of the Lightning Network, Bitcoin will be the transport layer and the application layer.

As of today, Bitcoin is estimated to be worth around $9 billion. As we all know, Bitcoin is a decentralized cryptocurrency. This means it can work without the control of the bank or administrator. Bitcoin will definitely take over the crypto world.

Just as importantly, the technology used in the Bitcoin mining process is called blockchain technology. It works by allowing digital information to be distributed rather than copied. Cryptocurrencies are indeed an exciting topic and Bitcoin may overtake our mainstream currency in the near future.

The history of cryptocurrencies

The advent of cryptocurrencies has taken over our daily transactions. Cryptocurrency is a digital asset that exists in the crypto world, and many people refer to it as “digital gold”. But what exactly is cryptocurrency? You must be wondering.

This is a digital asset designed to be used as a medium of exchange. Obviously, this is a near-substitute for money. However, it uses strong cryptography to secure financial transactions, verify asset transfers, and control the creation of additional units. All cryptocurrencies are either virtual currencies, digital currencies, or alternative currencies. It must be noted that all cryptocurrencies use a decentralized control system rather than a centralized system of banks and other financial institutions. These decentralized systems work through distributed ledger technology that serves public financial databases. Usually, blockchain is used.

What is blockchain?

This is an ever-growing list of records that are linked and secured using encryption technology. This list is called a block. A blockchain is an open distributed ledger that can be used to record transactions between two parties in a verifiable and permanent way. In order for a block to function as a distributed ledger, it is governed by a peer-to-peer network that collectively adheres to a protocol for validating new blocks. Once data is recorded in any one book, it cannot be changed without changing all other blocks. Therefore, blockchain is secure by design and is an example of a distributed computing system.

The history of cryptography

American cryptographer David Chaum discovered an anonymous cryptocurrency called ecash. This happened in 1983. In 1995, David implemented it with Digicash. Digicash was an early form of encrypted electronic payment that required user software to withdraw notes from banks. It also allows specifying a specific encryption key before sending to the recipient. This feature makes it impossible for governments, issuing banks, or any third party to trace the digital currency.

Bitcoin was created in 2009 with continued efforts over the following years. This is the first decentralized cryptocurrency created by the anonymous developer Satoshi Nakamoto. Bitcoin uses SHA-256 as its cryptographic hash function (proof-of-work scheme). From the launch of Bitcoin, the following cryptocurrencies were also released.

1. Namecoin (April 2011)

2. Litecoin (October 2011)

3. Dotcoin

These three coins and many others are called Altcoins. The term is used to refer to alternative variants of Bitcoin or just other cryptocurrencies.

It must also be noted that cryptocurrencies are exchanged over the Internet. This means that their use is mainly outside the banking system and other government agencies. Cryptocurrency exchanges include cryptocurrency exchanges with other assets or with other digital currencies. Traditional fiat currencies are an example of assets that can be traded with cryptocurrencies.

atomic swap

These refer to a proposed mechanism whereby one cryptocurrency will be able to be exchanged directly from another. This means that with atomic swaps, there is no need for a third party to participate in the exchange.