Cosmos Cryto takes a different approach than many alt-coins. I’m not doing this because I think it will make me rich. I’m doing it because I think it will make the world a better place.
There are several reasons to think this. First, we will have an open, transparent, pseudonymous cryptocurrency that allows people to express themselves without censorship. Second, we will have a cryptocurrency that isn’t controlled by just one or two big companies or governments. There won’t be any connection between Cosmos Cryto and “the government,” which is what you have with Bitcoin and other digital currencies that operate in the same way.
Third, Cosmos Cryto is designed to be more useful than Bitcoin: lower fees with no mining; faster transactions; no pre-mined coins; and so on.
The word “cryptocurrency” has become a buzzword. It sounds impressive, but it isn’t clear what it means.
The one thing all cryptocurrencies have in common is that they are decentralized: they aren’t issued by any government or bank and don’t exist on the balance sheet of any corporation. That makes them different from money and bonds, which are issued by governments or corporations and exist on their balance sheets.
Cryptocurrencies are defined by what they’re not: they’re not government-issued money, nor are they corporate-issued bonds. A cryptocurrency is something else, or nothing at all: a virtual currency that is created out of thin air by computers that run a distributed computer system.
A cryptocurrency is just as real as gold or fiat currency (the dollars, euros and yen that circulate in the real economy). But because it exists only electronically, you can’t touch or hold it (like gold) or spend it (like cash). The only thing you can do with a cryptocurrency is trade it with other people in exchange for something else.
The idea was first proposed in 1972 by David Chaum and Stefan Brands, two cryptographers at the University of California at Los Angeles.
Cryptocurrencies are a new kind of money. They are bits of code that can be used to move money without using a bank. That’s useful because most people don’t like banks, and we are all increasingly impoverished by the effects of bank fees, especially in poor countries, where the costs of money transfer can be prohibitive.
Cryptocurrency is driven by two things: (1) the (predictable) desire for privacy; and (2) the (unpredictable) desire to avoid banks. The first is not new. We have had it in cash for a long time, and we have had it in gold before that. What is new is the second one: that’s what makes cryptocurrency different from gold or cash.
Cryptocurrency promises, among other things, technical and social innovation––the possibility of developing better ways of sending money. It concerns me because I worry about avoiding banks; I worry about the effects on poor people if they cannot use cryptocurrency to transfer their money easily to relatives in other countries; I worry about how much more power banks will have when everyone has some crypto-money; I worry about whether crypto-money will be accepted as payment everywhere, or if there will be places that only take fiat currency and nowhere
If you’ve read the previous entry, you may have wondered what a cryptocurrency is. Well, it’s a new way of doing money. There used to be just one kind of currency in the world, called money. It wasn’t created by anyone, and it doesn’t come from any place. You can’t eat it or wear it or keep it at your house. But no one invented money either: money is an invention of humans, which started out as a simple accounting system for trading small stuff around villages and towns.
That was always the problem with money: people always want more of it than they need. And they want to trade things that are difficult to exchange directly. So when you think about money, you should also think about ways to make the process more efficient and the trade simpler. That’s what made the concept of currency work at all in the first place.
The biggest change that happened in history was not when coins were first minted—that happened thousands of years ago—but when people started using them instead of barter. Money works so well because it makes it possible to do business with strangers without worrying about what they have or where they got it from—without having to trust them or demand their permission or even give them anything in return
A cryptocurrency is an Internet-based virtual currency, which operates in a peer-to-peer network without a central authority. In other words, it’s like a money computer, except that it works across national boundaries. There are many different kinds of currencies in the world today (e.g., dollars and euros), and some of them are private and some are public. The most famous cryptocurrency is Bitcoin, which was invented several years ago by a person or group using the name Satoshi Nakamoto.
One kind of cryptocurrency isn’t based on anything real: it doesn’t represent any definite commodity that has value in itself. That makes it possible to create digital coins out of thin air. It’s impossible to make more Bitcoins than there already are; they’re limited by design. But you can decide what a Bitcoin is worth, by assigning it whatever value you like.
It’s also possible to use dollars, euros, yen, pesos, and other national currencies to buy goods and services online; payment is made in those currencies, which is just fine if you’re buying something from an online store in Japan or China or Brazil or wherever else. If you’re buying from someone in one country and paying with another currency, though (say, Euros for British pounds), then
Bitcoin is a unique thing. It is the first decentralised, open source currency. It allows people to transfer money around the world without needing a bank or clearing house. It has no country or government behind it. Its value is determined entirely by the market and how much people are willing to pay for it.
Bitcoin has already got a lot of attention, and it gives me a sense of pride that I can claim some small part in making Bitcoin what it is today. But there are so many more things I would like to do with other people’s Bitcoins.
I’m looking for ideas that will help people make money using bitcoin, and I thought it would be interesting to see if there was anything out there that could fill that need.
I had never really considered that the most important part of a currency is its name. I had been vaguely aware that it was, but hadn’t really thought about it. As I mentioned at the beginning of this essay, the more time you spend thinking about money, the less you like it.
And yet in an odd way, money is a very simple thing. You can’t get into a fight with it or make it run away from you. It is not shaped to please you or even to be pleasingly shaped; it exists to do its job and does it, and then it’s done with you and goes away. So what’s so bad about that?
Maybe the main problem is not money itself, but all the things we think money should do, things we don’t have any reason to expect money to do anyway. This is especially true when new money enters an old economy, where prices have already adjusted to reflect what people are willing and able to pay for things they want.
But this is not a problem with money as such; to find out whether your new currency has failed or succeeded at fulfilling these expectations, all you need to do is ask someone else—a very small number of people who care enough about your currency’s fate that they will