Cryptocurrencies are digital assets designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems. The decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.
In the modern world, cryptocurrencies have become a part of our lives. ONLINICO believes that money transfers with cryptocurrencies are faster and cheaper than bank wire transfers. Or, at least, they used to be faster and cheaper. A couple of months ago fees for small amounts of money have become comparable to fiat transfers.