How to ensure safety and transparency in cryptocurrencies

Written by Davies on / Reading time: 3 minutes.

How to ensure safety and transparency in cryptocurrencies

We are sure that you have stopped to think about whether this would be a secure system to exchange value, transactions and make instant payments at a low cost.

More and more evidences are emerging stating that the blockchain technology is a promising initiative, as many companies have begun to include it in their systems. It is part of the large business strategies of the future. Just take a look at the use which have already given some companies such as natural Gas Unión Fenosa and Caixabank.

The financial world has been critical of the use of cryptocurrencies, but the truth is that some economic giants have opted for the philosophy of this system: the blockchain. We have some examples, such as multinationals like Hyundai or Walmart, and banks such as Santander and BBVA.

This indicates that the world has found security and transparency in this technology. Will be their next step to commit with cryptocurrencies? How this technology can accomplish to maintain the safety and transparency of virtual coins?

The origin of everything was a cryptocurrency: Bitcoin.

In this way we can get the safety we want in cryptocurrencies

It is a matter of technology, is a matter of logic, is a matter of commitment and is a matter of opening up to the world opportunities. Ten years ago, talking of the financial sector quickly moved us to think of banks and savings banks. However, something has changed. The financial is no longer a sector merely concentrated on banks, but it also turned towards the virtual world through the cryptocurrency use and the security world with the blockchain technology.

This string of blocks is the focus of security and transparency of the operations carried out with virtual coins. We tell you why. This string is used by the cryptocurrencies to record transactions on its network, but at the same time, it is also an engine.

Although some refer to the blockchain technology as an articulated chain of blocks, it is much more than that. With this system it is possible to build, to achieve and to strengthen the transparency and the truth by members themselves.

In this system, all transactions are blocked, including information concerning dates, participants, etc.; each node in the network obtains an identical copy of the full blockchain; transactions are verified by the miners so that there are no errors; each node validates the state's blockchain automatically; everyone has access to a source of transparent and shared information.

Which system is safer?

Many companies and individuals ask this question in relation to cryptocurrencies and banks. Where is your money safer? Where do you put your money? What advantages can you find on one system or another? Have you changed the opinion that you had at first after reading this post?

Until you answer these questions, we want to tell you some things:

  • Cryptocurrencies are not a fad, but a system whose tracking data are improving and has come to stay.
  • The cryptocurrency world enables instant operations at a low cost and tracked them.
  • They allow the value exchange in the form of cryptocurrencies.
  • They make it possible to control your own money without intermediaries.
  • The fact that third parties register transactions makes the transaction immutable and accessible.

Whatever system you choose remember that your security is priceless. The financial world moves at the same time as social needs, and that is the fundamental reason why cryptocurrencies arise.