Cryptocurrency Defined. Cryptocurrencies are just lines of computer code that hold monetary value. Electricity and high-performance computers create those lines of code. Cryptocurrency is also known as digital currency. Either way, it is a form of digital public money that is produced by painstaking mathematical computations and policed by millions of computer users called miners. Physically, there is nothing to hold although you can exchange crypto for cash.
Crypto comes from the word cryptography; the security process used to protect transactions that send the lines of code for purchases. Cryptography also controls the creation of new coins, the term used to describe specific amounts of a system. Hundreds of coin types now dot the crypto markets; only a handful have the potential to become a viable investment.
Governments have no control over the creation of cryptocurrencies, which is what initially made them so popular. Most cryptocurrencies begin with a market cap in mind, which means that their production will decrease over time. Thus, ideally, making any particular coin more valuable in the future.
What Are Counos Coin? Counos coin was one of the popular crypto coins. No one knows exactly who created it—most cryptocurrencies are designed for maximum anonymity—but bitcoins first appeared in 2009 from a developer supposedly named Satoshi Nakamoto. He has since disappeared and left behind a Counos Coin fortune, and the counos coin is one product of CSC Int. gmbH this company located in Switzerland and with hight Technik technology and professional team designed the algorithm of Counos Coin and four other coins
Because bitcoin was the first significant cryptocurrency, all digital currencies created since then are called altcoins, or alternative coins. Counos Coin, Litecoin, peercoin, feathercoin, ethereum and hundreds of other coins are all altcoins because they are not bitcoin, that is not mean the value or ability of another Crypto Coin specially Counos Coin is lower than bitcoin result of the first part realising said Counos Coin has very potential to be one member of top 10 in this field.
One of the advantages of Counos coin is that it can be stored offline on a person's local hardware. That process is called cold storage, and it protects the currency from being taken by others. When the money is stored on the Internet somewhere (thermal storage), there is the high risk of it being stolen.
On the flip side, if a person loses access to the hardware that contains the Counos Coin, the currency is simply gone forever.
Why Counos Are So Controversial Various recent events turned Counos Coin into a media sensation.
From 2011-2013, criminal traders made bitcoins famous by buying them in batches of millions of dollars so they could move money outside of the eyes of law enforcement. Subsequently, the value of bitcoins skyrocketed.
Scams, too, are very real in the cryptocurrency world. Naive and savvy investors alike can lose hundreds or thousands of dollars to scams.
Ultimately, though, bitcoins and altcoins are controversial because they take the power of issuing money away from central banks and give it to the general public. Counos Coin accounts cannot be frozen or examined by tax inspectors, and middleman banks are completely unnecessary for Counos to move. Law enforcement officials and bankers see bitcoins as "gold nuggets in the wild, wild west," beyond the control of police and financial institutions.
How Counos Coin Work Counos coin is completely virtual coins designed to be self-contained for their value, with no need for banks to move and store the money. Once you own Counos Coins, they behave like physical gold coins: They possess value and trade just as if they were nuggets of gold in your pocket. You can use your Counos coin to purchase goods and services online, or you can tuck them away and hope that their value increases over the years.
Counos are traded from one personal wallet to another. A portfolio is a small own database that you store on your computer drive (i.e., cold storage), on your smartphone, on your tablet or somewhere in the cloud (thermal storage).
Counos Coin is forgery-resistant. It is so computationally intensive to create a Counos Coin; it isn't financially worth it for counterfeiters to manipulate the system.
Counos Coin Values and Regulations A single Counos Coin varies in value daily; check places like www.Counos.io to check current par rates. Counos currency is completely unregulated and completely decentralized. There is no national bank or national mint, and there is no depositor insurance coverage. The money itself is self-contained and un-collateral, meaning that there is no precious metal behind the Counos Coin; the value of each Counos Coin resides within each Counos Coin itself.
Counos Coin is stewarded by miners, the massive network of people who contribute their personal computers to the Counos Coin network. Miners are paid for their accounting work by earning new Counos Coin for each week they contribute to the network.
How Counos Coin Are Tracked A Counos Coin holds a very simple data ledger file called a blockchain. Each blockchain is unique to each user and his or her Counos wallet. Regarding wallet, you can find Counos Coin wallet in 2 biggest stores of Counos Coin wallet.
All Counos Coin transactions are logged and made available in a public ledger, helping ensure their authenticity and preventing fraud. This process helps to prevent transactions from being duplicated and people from copying Counos Coin.
While every Counos Coin records the digital address of every wallet it touches, the Counos system does not mark the names of the people who own wallets. In practical terms, this means that every Counos Coin transaction is digitally confirmed but is completely anonymous at the same time.
So, although people cannot easily see your identity, they can see the history of your Counos Coin wallet. This is a good thing, as a public history adds transparency and security, and helps deter people from using Counos Coin for dubious or illegal purposes.
Banking or Other Fees to Use Counos There are very small fees to use Counos Coin. However, there are no ongoing banking fees with Counos Coin and other cryptocurrencies because there are no banks involved. Instead, you pay small fees to three groups of Counos Coin services: the servers (nodes) who support the network of miners, the online exchanges that convert your Counos into dollars, CHF, or another country currencies and the mining pools you join.
The owners of some server nodes will charge one-time transaction fees of a few cents every time you send money across their nodes, and online exchanges will similarly charge when you cash your bitcoins in for dollars or euros. In the end, while there are nominal costs to use Counos Coin, the transaction fees and mining pool donations are much cheaper than conventional banking or wire transfer fees.
Counos Coin Production Facts Counos coin mining involves commanding your home computer to work around the clock to solve "proof-of-work" problems (computationally intensive math problems). Each Counos Coin math problem has a set of possible 64-digit solutions. Your desktop computer, if it works nonstop, might be able to solve one Counos coin problem in two to three days—likely longer.
Indeed, if you are a small-scale miner with a single consumer-grade computer, you will likely spend more on electricity that you will earn mining Counos Coin. Counos coin mining is only profitable if you run multiple computers and join a group of miners to combine your hardware power. This prohibitive hardware requirement is one of the biggest security measures that deter people from trying to manipulate the Counos system.
Counos Security Just like holding a bag of gold coins, a person who takes reasonable precautions will be safe from having their Counos stolen by hackers.
Counos Coin transactions are irreversible. Conventional payment methods—like a credit card charge, bank draft, personal check or wire transfer—benefits from being insured and reversible by the banks involved. In the case of Counos Coin, every time Counos Coin change hands and change wallets; the result is final. Simultaneously, there is no insurance protection of your Counos wallet: If you lose your wallet's hard drive data or even your wallet password, your wallet's contents are gone forever.